If you have a job offer from a company, it is essential that you are clear about how much you are willing to negotiate on your salary. Once you define your objective, you can evaluate the market and thus be effective when speaking with your new employers. A candidate must appear for the interview with clear and realistic expectations to negotiate the salary with recruiters and secure a position. To assertively pursue salary negotiation, you must know the jobs market, the offers, and the remuneration for your professional level.
Job offers come in two ways: traditional or integral salary. The best way to negotiate a salary is by taking it annually. You must add up everything that a traditional or integral salary gives you in a year. This way, you will be able to compare how much money you will earn annually since it is usual to believe that an increase in the integral salary is good, but it can be dodgy if it is seen in annual terms.
What Do Recruiters Suggest?
According to recruiters, you must also investigate the context. Study the monetary flash in the company you want to work for, the most recent personnel movements, and the market situation. Furthermore, discover the gender pay gap. Similarly, it is vital to balance the results of your research and your personal needs to determine a realistic salary range and thus be able to establish a decent figure.
What Is Successful Salary Negotiation?
Successful salary negotiation for a position requires careful preparation and analysis. It is a good idea to wait for the prospective employer to bring it up to make sure they want to hire you. If asked about your salary expectations, avoid mentioning your last salary. You can tell the interviewer that you prefer to know more about the position.
Also, consider other options. If your salary negotiation is limited, consider other alternatives not directly related to remuneration, such as emotional benefits, types of promotion and development, and offers for your family.
Therefore, we want to mention 15 tips you should consider before and during the salary negotiation or a pay raise.
Know The Numbers Of The Sector
Set an amount to negotiate, but before doing so, find out how much they pay in the industry at the equivalent position. Find out how much other companies are paying for the offered jobs or the position you seek. You can search for public compensation studies, and we also recommend visiting sites like Glassdoor to compare the salaries that a sector or industry is paying.
2. Not Everything Is About Salary
The most obvious thing is negotiating on an economic remuneration in monetary terms. But remember that remuneration also considers benefits, performance bonuses, more vacation days, or simply reducing working hours. If the salary negotiation does not progress when speaking in monetary terms, move the conversation to include these concepts.
3. Start The Salary Negotiation Above Your Ideal Wage
You are indeed taking a risk, but you have to have a margin to give in when you start the negotiation. Not only to be able to develop a more friendly process with the other party, in which the goodwill of both is seen but also at the end of the process it will generate greater satisfaction than getting the same salary in the first attempt without having to negotiate it. Has it ever happened to you that you got what you were looking for on the first try, and you were left with the feeling that you could do something more?
4. Set A Future Date
If you don’t accomplish anything, set a future salary review date, and be sure to document and justify your progress during this time. At the time of the review, they will be virtually indebted to you because you will have demonstrated that the return on investment that your contribution represents is real.
5. When You Reach A Point, Stop Negotiating
When requesting a raise, you must demonstrate the return on investment you suppose for them. In other words, if you are going to charge more, you must assure an increase in revenue or a profit for the company. If you have already made progress in the negotiation and suspect that it will not go further, stop! Stop negotiating and evaluate if both parties are satisfied. Remember, the initial idea in a negotiation is that all parties must win.
6. Prepare Yourself Before Starting A Salary Conversation
Researching the salaries paid in the market for the position you seek is part of preparing for a job interview. Use tools like Glassdoor. Study the company where you are applying and adjust the desired amount accordingly. For example, a small business or start-up may not offer the same salary for a position as an established large company.
7. Recognize Your Value To The Company
Before the interview, consider your skills and contribution to the company. Do you bring with you a unique knowledge or a differentiating experience? Is the company offering you a new or existing position? Do you have the minimum qualifications required for the position? Are there other candidates in the process? Once you have all these answers, take the next step.
8. Memorize Your Arguments And Stay Calm
Base your arguments about salary on reasons that make sense to the company and in which they can see the value. Do not use personal reasons (for example, the need to pay mortgages, outstanding debts, or children’s education) to defend your position. Also, don’t go overboard on your application compared to your current salary. An increasing percentage of between 10% and 15% in the current state of the economy is adequate. But be flexible in the event of a negotiation.
9. Consider The Entire Package
Do not stop considering the entire compensation package, broadly and not solely based on salary. Even if the salary offered to you is not what you expected, there may be other non-financial benefits that could compensate you, and that could be more relevant—for example, a health plan, training, or flexible hours, among others.
10. Analyze Your Situation And That Of The Company
When carrying out a salary negotiation, you must understand the needs, objectives, motivations, and risks associated with you while working for the company. Identify what they agree on and what they don’t. Analyze the priorities of each part. Ask what is necessary throughout the process to get the information you need.
11. Define And Focus On Your Ideal Salary
You have to know how much you want to earn. If you cannot answer this question, not only are you going to look bad when it comes to negotiating, but you are also going to lose consideration when it comes to getting the job. Keep your expectations high with an excellent scale in mind.
12. Asking For A Low Salary Doesn’t Help
No more, no less. Your work is worth a raise, so it is fair to claim that amount. One of the great myths about salary negotiation is that accepting a low salary will increase your chances of landing the position you want. It is essential to advocate. Let your employer know what value you will bring to the organization and be compensated accordingly.
13. What Makes You Have That Value?
>It is essential to define your company’s price and understand what knowledge, characteristics, and tools make you have that value. Because another company or the market is paying something similar is not a sufficient reason. You must know the reasons, and even more, be able to communicate, explain, defend and justify them.
14. How To Answer The Question Of Your Current Salary?
Does the company ask you what your current salary is? If the difference between your ideal and required salary is not vast, sharing it is not a problem. If the difference is more significant, you have to be prepared to handle the answer. In the first case, you could answer your desired salary directly. If the company insists, answer with the current salary and how you justify that difference. But don’t get defensive. Justify what characteristics you have and your value in the market, and why the previous company could not pay.
15. Request The Formalization Of The Proposal In Writing
Avoid taking the initiative to talk about it. In general, recruiters prefer to discuss salary after the first contact with the candidate. Control your anxiety and prepare for the moment when the conversation comes. Once you and the recruiter reach an agreement, ask for a written document formalizing the agreement, along with a job description and a list of responsibilities related to your new role. Make sure the document is signed by both you and the employer to ensure that they agree.
Knowing how to play the cards right in a job interview is essential. These 15 tips will help you do better in the salary negotiation phase. Keep in mind that the best route is patience, tranquility, and professionalism. Good luck in your next negotiation! Are you looking for new job opportunities that will help you develop your full potential? Join our os4w community. Apply Now!