When you are offered additional or extended jobs, they usually show you a better salary package. However, there are times when your salary doesn’t reflect the value of your work.
If you don’t feel your education, skills, and strengths are being compensated well, you can negotiate your salary.
Importance of Negotiating Your Salary
Negotiating your salary is a typical part of your employment process. Getting better salary negotiations is also an advancement in your career.
Companies show their appreciation through their salary. It also supports your career development and work-life balance.
There are some perks that you can consider in your negotiations. This includes college tuition, training, health and fitness, and professional development.
Tips on Negotiating Your Salary
Negotiating your salary can be nerve-wracking. But with practice, you can get the salary you deserve. Here are tips on how you can negotiate your salary effectively.
1. Calculate Your Value
Before you start negotiating your salary, you should know how much work value you can offer. You have to emphasize why you are a valuable employee. There are factors to know your values.
First, you should know your years of experience. If you have leadership experience, you should also state the years of your experience.
Declare your education level, career level, and skills. If you have a license and certifications, present them.
2. Show What You are Capable of
Before you start talking about your word, what you’ve done, and talking numbers or what you can do.
Remember that brag sheet? Now, it is your chance to walk through your achievements with your manager. If possible, try to get a copy for your manager and show him a summary of what you’ve achieved this year.
You have to show the highlight times when you’ve gone above expectations and achieve more and beyond in your role, which will increase the chances to pay you what you deserve. Then, be prepared to share some thoughts on what you are excited to do about, once hired—whether that’s proposing a new idea for the company or cutting off some of your manager’s bandwidth to help an existing project.
3. Think About Others
When you are negotiating, get in the mindset of the opponent and try to think from their perspective.
Recent research by Columbia psychologist Adam Galinsky reveals that when we start thinking about the other person’s interests and thoughts, we are more likely to find better solutions that work for both of us.
4. Know the Market Average
Do your research before you engage with the negotiation. Know the national average salary for your position. You may also consider researching the salary appropriate for your geographical location. There are companies that offer a better salary based on your geographical location.
Another thing to research is other company’s salary offerings in your position. By doing your research, you will have your baseline for your salary request.
5. Practice Your Pitch
Before going to the actual negotiation, rehearse your pitch with a trusted friend. Practicing can help you point out your weak points and areas for improvement. Aside from that, it can also help boost your confidence.
Ask your friend to listen and critique your pitch. It can also help you be comfortable with your presentation. You can also try to record your conversation in a camera or face a mirror. This way, you can have a visual idea of what to improve.
6. Put Your Focus on the Future, Not the Past
While negotiating your salary for a new job, it is not uncommon for a recruiter or a company to ask about your current salary or your previous salary. It could be a tricky situation for some people, especially if you are being underpaid at your current job. But, with proper knowledge, you can take it over.
Instead, give your current or previous job number (including bonuses, benefits, perks, and the like) and then redirect the conversation along to explain the number you are looking for, focusing on explaining your responsibilities, your market value, tasks, new skills, and how you’re looking to grow more.
7. Be Gracious
If you are anxious about the negotiation, try as much as possible to be gracious. Whatever the result, be understanding and appreciative.
Your employer might mistake your proposal as demanding, so to avoid this situation, you have to show graciousness in your presentation.
8. Be Confident
It is exceptionally important to be confident in your delivery. If you show confidence in your presentation, your employers will also feel confident about considering your feedback.
If you think that your employer offers you a salary that is lower than your value, be confident. Then negotiate the salary you deserve. Give some basis on your proposed salary. Research about the reasonable salary for your skill and position.
9. Be Flexible
There are instances where your employee cannot give you what you need. This happens if it involves higher compensation. Some may offer other alternatives for a salary such as extra vacation days or additional work-from-home days.
You can be flexible by accepting their alternative offer. You can also ask them for other alternatives, but do not be shy about asking for them.
10. Don’t Use a Range
While negotiating, you should never use the word “between” when negotiating.
In simple words, never give a range. For example, “I’m looking for between $40K and $50K.” That shows you are willing to negotiate, and the company or recruiter you are negotiating with will quickly come to a smaller number.
11. Ask Higher than Your Goal
The bottom line for negotiation is to get a higher salary or goal. Make sure that you have a salary range based on other earnings in the same field.
Put in mind that the lower range should be fair enough for your skills. Most employees would settle at the lowest price on the range you have provided.
Also, offer a range that is slightly higher than your goal. By doing this, you will still get a fair salary even if your employees try to negotiate down.
12. Don’t Settle for the First Offer
There will be instances when you need to figure out an offer. Do not hesitate to tell your employee that you need more time to think about their offer. But make sure to come back in 24 or 48 hours after the first meeting. Also, prepare your counteroffer.
Some employees will not meet your standard salary requirement. They might even offer you other alternatives. Others may offer a higher salary but not as high as your proposed amount. In this situation, you have to think if it is worth accepting the offer.
13. Show Your Gratitude
Once you are done with the negotiation, whatever the result is, express your gratitude to the employer. Thank them for considering your offer and investing their time in you. Be sure to specify the reasons why you are thankful.
If ever the negotiation didn’t turn out the way you want it, it is important to remain professional. Be friendly and still show gratitude.
Those are some of the tips for negotiating your salary. Remember that your salary increase comes with a new job title. Be prepared for higher responsibilities. Prove to them that you are worth and deserving of higher compensation.
14. Positive Credit Score
Surprised? There are some companies, especially financial ones, who would check your credit score to know what type of person you are and how responsible you will be.
Having a high salary does not assure that you will be financially stable. There will be times that when your salary is not enough to cover the bills.
Once you get a loan, repay it on time, you will be able to increase your credit score and you can show that you are a responsible person. A lot of companies like in Singapore would first take a look at the employee’s credit record when they consider a promotion or an increase in salary.
Negotiating for a higher salary may not be as easy as it looks but there is nothing wrong with asking to get what you honestly think is worth your hard work.
Disclaimer. The views and opinions expressed here are those of the authors. They do not purport to reflect the opinions or views of IdeasPlusBusiness.com. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any organization, company, individual, or anyone or anything.
For questions, inquiries and advert placements on the blog, please send an email to the Editor at ideasplusbusiness[at]gmail[dot]com. You can also follow IdeasPlusBusiness.com on Twitter here and like our page on Facebook here. This website contains affiliate links to some products and services. We may receive a commission for purchases made through these links at no extra cost to you.
Anna Wattson is a graduate of San Diego State University, a freelance writer, and a blogger. She is currently working with Acclaim, a WordPress Agency. She loves to write about tech, business, social media, and marketing. In her free time, she listens to music or watches documentaries. Follow her on Twitter at @annawattson24.