In the career world, the term “negotiate a salary” is so common that it can determine whether or not employees remain fixed at their base salary even after they’ve worked a number of years.
However, many employees find applying this term impossible and may not be able to negotiate their salary even if they want to. Additionally, they find negotiation challenging, especially because they don’t know how to approach it.
But hey, it shouldn’t be a daunting task because there are tips that you can know and apply that will help you effectively negotiate your salary.
In this article, we’ll discuss 15 tips for effectively negotiating your salary. These tips are practical and step-ward, and must be applied to achieve desired results.
What does it mean to Negotiate a Salary?
Negotiating a salary means discussing the compensation package offered by an employer for a particular job position to reach a mutually acceptable agreement between the employer and the job candidate.
During salary negotiations, the job candidate may ask for a higher salary, additional benefits or perks, or more vacation time. The employer may make a counteroffer, and the two parties may continue to negotiate until they reach a satisfactory agreement.
Salary negotiations are often a standard part of the hiring process. They are an opportunity for both the employer and the job candidate to ensure that the compensation package aligns with the candidate’s value to the job.
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15 Tips on How to Prepare for Your Salary Negotiation
Negotiating a salary can be a nerve-wracking experience; however, it’s also an important part of advancing your career and earning what you’re worth. Here are the top 15 tips for negotiating a salary effectively:
1. Do your Research on your Market Value
The first tip to consider as you prepare to negotiate your salary is to research the salary range for the position you’re currently in, the industry, and your geographical location.
This will inform you about what to expect from your employer for that position and what to demand.
2. Know the Value you’re bringing to the Company
You must know the exact value you’re bringing to the company. You need to be clear on what you bring to the table, including your skills, years of industry experience, achievements, etc. This will give you a better understanding of your value in the job market.
3. Be Confident
You need to meet your employer wearing the “confidence” outfit. In addition, you have to believe in yourself, what you can do, and the value you bring to the company.
Moreover, the reason for your negotiation in the first place is because you believe you’re worth more than what you’re being offered. Hence, you want to approach an important occasion like this with a confident posture rather than a timid look.
4. Practice your Delivery
You are about to engage in a discussion that’ll be a major leap for you in your workplace. Hence, you should practice your delivery with close friends, family, or colleagues.
They could play your employer’s role and make the scenario less tense. Moreover, practicing your delivery can help you feel more comfortable during the actual negotiation.
5. Know the Best Time to Negotiate
When you want to negotiate a salary increase, timing matters, whether you just got the job or you’ve been working for some years. In addition, you need to seek the best time to negotiate that is comfortable for you and your employer.
Research shows that the best time to negotiate with your employer is on Thursdays and Fridays. These days are good for negotiation because it’s almost the weekend, and most workloads have been completed as everyone prepares to end their week’s work schedule.
6. Start your Negotiation on the High Range
You’re at this point because you need a higher salary than your current one or the one your employer is offering you. Therefore, you must begin the negotiation by asking for a higher salary than expected to ace this.
According to Chris Voss, a former FBI hostage negotiator,
Start high. Studies show that the result of a negotiation is often closer to the first number mentioned than to the actual value of the item being negotiated. So, start with an aggressive but reasonable opening number that is on the high end of what you’d be happy with.
In agreement with Chris Voss, starting with a high range eventually leads to a close figure you will actually be happy to settle for.
7. Be Flexible
While its important to have a salary range in mind, it’s also important to be flexible and willing to compromise. Additionally, you need to be prepared to listen to your employer’s offer and come to a compromise.
Moreover, flexibility is needed in your negotiation process, as it shows you’re willing to work with the employer to find a mutually beneficial solution.
8. Present Useful Data
When you get to the negotiation table, it’s important to know exactly what to use as a reference to give you an advantage. Present meaningful and useful data and facts to back up your negotiation points and make this happen.
For instance, you could point out your work history and achievements that make you worthy of the expected salary. In addition, gather information about salary ranges from people who work in the same position at other companies in the industry.
9. Maintain a Positive Attitude
Stay positive in the negotiation process as many employers do not like negotiation scenarios. In addition, do not get too involved in the process; just take a breather and take it one step at a time.
Just as it’s important to go in confidently, having a positive attitude will further help you. Moreover, not knowing the outcome of the negotiation process is even the best reason you need to remain positive rather than negative.
10. Get Ready for Questions
As you prepare for the negotiation process, one useful tip you should know is that there is a high possibility of questions.
Your employer would want to ask you some questions as to why you want a salary increase. These questions could be tough, and you’ll need to provide detailed answers if you want the intended results.
So get prepared for them and make sure the answers you provide are convincing enough to earn you that salary increment.
11. Be Patient with your Employer
During your negotiation with your employer, the tendency for you to want to hasten the process may arise. You should not rush the process to get the most out of the negotiation.
Furthermore, take the time to listen to what your employer has to say and the offer they are making you. Moreover, be willing to ask questions and listen to your employer’s perspective.
12. Consider Non-salary Benefits
In addition to the salary increase you’re seeking, you should consider some other benefits of the salary you’re being offered.
Some of the other benefits, such as bonuses, stock options, and vacation time, could be worth considering before making a decision. These non-salary benefits could add significant value to your overall compensation package.
13. Don’t be Scared to Walk Away
Knowing when to walk away from a negotiation table is an important tip when preparing for a negotiation. Sometimes, when you negotiate your salary for an increase, it doesn’t go as planned.
So, while it’s important to negotiate, it’s also important to know your limits. Also, if your employer isn’t willing to meet your salary expectations, you should be prepared to walk away.
Hence, do not be scared to “take that walk” as walking away is often more beneficial than just staying there.
14. Show Gratitude
Many times, the salary negotiation process may fail to be successful. So, regardless of the negotiation process, be sure to express gratitude to your employer for their time and consideration.
Doing this shows that you’re a professional and respectful individual. Moreover, when your employer sees how you express gratitude, it may lead to rescheduling another negotiation.
15. Get the Agreement in Writing
Ask for written evidence of the remuneration package once you and your employer have agreed.
It should include the job description for your new position, salary amount, and any unique arrangements, like a signing bonus or allowance for moving expenses.
Furthermore, ensure that your signature and your employer are on the document. In some cases, employers may automatically include this in an employment contract; in the absence of such, they may require some kind of informal documentation.
Conclusion
It’s important to know how to negotiate your salary effectively after you’ve been offered a job or after you’ve worked for the company for a while. Additionally, being prepared to negotiate is as important as the negotiation process itself.
More specifically, you should not be scared to begin the negotiation process because until you make the move, you may not have that salary increase anytime soon. Hence, take the chance and expect a positive outcome at the end.
