Hiring managers often try to offer candidates as little as possible. Fortunately, there are techniques workers can use to get the most out of the negotiation process.
When applying for a job, there are lots of variables that impact your decision-making: the location, flexible working, and day-to-day responsibilities. But ultimately, salary is always one of the biggest deciding factors.
Too often, employers will dictate lower salaries in a bid to save money. This is one likely reason why employee turnover is so high today. According to Pew, 63% of workers who quit their jobs do so because of low pay.
But no one should be paid less than they’re worth.
Unfortunately, negotiating a good salary doesn’t come naturally to everyone and can feel uncomfortable. The good news is, practice makes perfect—and if you can refine your techniques, you’ll be able to maximize your salary now and for years to come. Here are five tips for negotiating a higher salary.
KNOW YOUR WORTH
Before entering into any salary negotiations it’s vital to know what you’re worth. Otherwise, how can you effectively negotiate the right figure? So do some research before the interview process even begins.
Find out the average salary for someone in your position, location, and with your level of experience. You can do this by looking at online job postings. Then, make a list and estimate the average salary for somebody in your position. This will give you a good starting point for your negotiations.
Next, you need to think about your own unique selling points and what it is that makes you valuable to employers—this is how you can justify asking for more than the average person in your field.
When you know your worth, you can go into a negotiation with a figure in mind and you can back up your request with data and confidence.
SHARE WHAT YOU CAN OFFER
During negotiations, you need to convince the hiring manager that you’re worth the money. You should be able to explain clearly and eloquently what you can bring to the table.
By clearly setting out what makes you unique and how you can drive the business forward, you demonstrate to employers how you can make a real difference—and, importantly, why you’re worth the salary you’re seeking. Just make sure that everything you’re saying is completely true. Don’t make up figures to seem impressive or embellish your achievements.
Make sure you have a few detailed examples you can relay, including figures wherever possible. This way, you’re offering proof and tangible achievements that will influence their salary decisions.
NEGOTIATE WITH FACTS, NOT EMOTIONS
Negotiating your salary can be an emotional process for a number of reasons. You might feel anxious about asserting yourself. Alternatively, you might feel frustrated that you were offered a lower number than expected in the first place and feel underappreciated. Despite how difficult it may be, try to set your emotions aside during the negotiation process and lead with facts instead.
If you lead with your emotions, no matter what they may be, this could cause tension or conflict, and may damage your chances of moving into a higher salary bracket.
I recommend going into any negotiation with memorized facts and figures in the forefront of your mind, ready to recite and prove you’re worth the money.
THINK ABOUT BENEFITS AND PERKS AS WELL
One thing many professionals forget is that salary is not the only part of your pay package. Benefits, savings, and discounts can all contribute to your financial well-being and satisfaction at work, so these should not be ignored.
If you’re struggling to push up the pay, consider other ways you can make the most of your money. For example, healthcare plans, life insurance, childcare benefits, and dental care are a few ways you can save your hard-earned cash and increase your overall earnings.
DON’T RUSH YOUR DECISION
It’s important not to rush a negotiation. You may need to practice your key talking points so that you’re confident in your delivery. You also may need to take your time bargaining for more money, benefits, and other perks to secure the best package.
And it’s vital that you take the time you need to prepare for negotiations.
Plus, if you’ve been given a job offer, you don’t have to rush to make your decision; tell the recruiter that you need time to consider the position. Sometimes asking for more time like this can encourage them to increase their original offer without much prompting.