When an employer offers you the job with a job offer, it will include a proposed salary package. But if you feel that the proposed salary does not match your expectations in terms of the experience you have, education, career, skillset, strength etc. you should negotiate the salary. Apart from the salary, you can also suggest compensation like stocks, equity, and additional perks.
Negotiating the salary is an essential skill that can increase your chances of getting higher pay. Like any other skill, you should prepare and practice the negotiation skill. Let’s have a look at some tips on how to negotiate the salary.
- CALCULATE YOUR VALUE
Factors that can influence your salary are geographic location, education, career experience, skills, certifications, leadership experience and industry experience. You should calculate this and then negotiate the salary. While discussing this with the employer, explain how you will be a valuable employee and justify the salary that you are asking for.
- CHECK THE AVERAGE SALARY FOR THIS ROLE IN THE MARKET
If you have this data, it will be easier for you to do a negotiation successfully. Knowing the average salary of this role in the market will give you the base for salary negotiation. There are many websites that tell the average salary. Questions that will help you get your research going are What is the average salary for this role nationwide? What is the average salary for this role in your geographical area? How much does a similar level of organizations pay their employees for this position?
- PREPARE YOUR SPEECH
Make sure you make a note of the points with quantitative data of why you deserve a higher salary. Try to be as specific as possible. Your speech should include things like years of experience in that role especially if you have more years of experience than the employer requires, relevant skills, certifications or courses studied and quantitative data of results that you have achieved, revenue that you earned, and try using actual numbers.
- REHEARSE
Rehearsing can make you feel confident and you will see where you need improvement. You should practice in front of a friend or a family member who can give you constructive feedback. And on the basis of that you can try changing your speech. You can also look in the mirror and rehearse or record in camera and see for yourself.
- ASK FOR MORE THAN YOU WANT
This is the thumbnail that always ask for more than you want. If you ask the employer a certain amount, they will even negotiate and bring you down slightly to a lower and common number. So always quote higher. If they negotiate down, you will still be comfortable in accepting the offer. So always keep that gap.
- STAY FLEXIBLE
If the employer is unable to pay you the salary you want, take the other forms of compensation he offers. Example, he might offer you stocks or equity or work from home days or extra vacation. These options may be more valuable than a paycheck.
- DON’T BE AFRAID TO WALK AWAY
There are times when the employer won’t let you negotiate or accept your offer that is your worth. The employer might offer a salary that is higher than a first offer but still lower than what you require. Decide if the job or this role is worth settling for in a lesser salary. If not, consider backing off from the offer and search for a new job opportunity.
FINAL THOUGHTS
Negotiation is a critical step in the hiring process. But you can always talk and keep your point. By having the right skills and experience, it will be easier to negotiate. If you think the job is not worth your time, you can walk away.
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