Salary Negotiaion Stage: Things to keep in mind
You’ve already been through the hard part of the job search – you found the right job, applied, and received a job offer.
Congratulations!
Before you pop that champagne bottle open, though, there’s still one important task you need to do:
Negotiate your salary.
Consider following points:
#1. Know Your Worth
When negotiating your salary, don’t just suggest a random number. Do your research, understand how much you’re worth, and what the average salaries are in your region.
Salaries can vary depending on several factors, including:
- Experience level
- Exact skill-set
- Location
- Employer policies
So, it’s crucial to keep all these factors into consideration when deciding on your desired salary.
In order to get the right number, we recommend you do research on :
- Salary rates in your location
- Salary averages based on your years of experience
- Salary averages for your specific skill-set (e.g. if you’re in sales, a B2B salesman is likely going to make a lot more than a telemarketer)
- Salary averages for the specific employer you’re applying for
Alternatively, you can also use Glassdoor’s Know Your Worth tool that helps you figure out the right pay range specifically for you.
#2. Don’t Focus (Too Much) on Yourself
Negotiations are a two-way street.
Instead of focusing on yourself (i.e. here’s why I deserve a larger salary), focus on how you’d be more valuable for the company (i.e. here’s why I can contribute more than you’d think, and as such, deserve a better salary).
Explain to the recruiter how, exactly, you meet and excel at the requirements for the role. If you have any past achievements for a similar role, you can also bring them up.
#3. Factor in Perks & Benefits
A job offer is not all about the salary. In some cases, the salary itself might seem a tad low, but if you factor in all the perks and benefits you get from the company, it might turn out to be much better than at first sight.
Some employers, for example, offer:
- Better insurance plans
- Flexible days off
- Personal development budget
- Option to work from home
- Better retirement saving plan
#4. Back-Up Your Arguments
When submitting your counter-offer during a salary negotiation, don’t just give them a number. Instead, give them a rock-solid argument.
Build a strong case for a larger salary and back it up with your strengths, experiences, and skills.
#5. Leverage Your Situation
At the end of the day, your negotiation power really depends on your current situation.
If you’re unemployed, you most probably don’t want to lose a job offer just because they didn’t offer you a stellar salary.
#6. Practice!
You shouldn’t just wing your salary negotiations speech – too much depends on it.
Instead, find a friend or mentor (preferably someone in the business world) who’s willing to practice your speech with you.
#7. Know When to Stop or Walk Away
Salary negotiation is not supposed to be a long, two-sided argument.
If the employer is (clearly) not interested in negotiating the salary, don’t push the subject. This will simply come off as rude. In such cases, either accept the job offer (if it’s an offer that makes sense) or simply walk away gracefully.
#8. Pick a Range (And Pick the Higher Number)
When deciding on what sum of money to ask for, find a range that you’re OK with (and one the company is likely to pay for someone of your skill-set).
Then, during salary negotiations, pick the number that’s on the higher end of that range.