Earlier this month, we addressed the significance of women becoming adept negotiators. Today, we’re offering 5 practical tips on salary negotiation to maximize your starting wage once you land a job. Many individuals sidestep salary negotiation due to discomfort around discussing finances. However, branching out of your comfort zone can be financially rewarding, indeed!
Forbes succinctly shares, “Every salary negotiation is key, but your first negotiation holds profound significance. Your beginning wage determines the base for your future hikes. If you get a 3% increment each year, each of those increases will be greater if based on a higher starting salary. Over years, this difference could tally to a substantial amount.”
If you agree with the idea of negotiating but unsure how to approach it, here are some salary negotiation pointers to guide you.
1. AVOID DISCLOSING YOUR PREFERRED SALARY FIRST
Often, HR or your interviewer will inquire about your salary expectations or your previous compensation. Refrain from disclosing this first! By doing so, you unwittingly surrender your advantage, as both parties aim for the best deal. If you disclose your expectations first, HR comprehends what they can propose even before you learn about their intended offer.
Bottom line: Ensure you never disclose your expectations first.
2. ELUDE, ELUDE, ELUDE
Persistently deflect if HR or the hiring manager is trying to discover your salary expectations first. Redirect the question back at them. For instance:
Them: “What is your salary expectation for this role?”
You: “Without a comprehensive understanding of the responsibilities entailed, it’s challenging for me to ascertain a fair salary. Considering the job requirements, what salary has been set aside by the company for this role?”
Here’s an insightful article on how to sidestep questions when asked about your salary expectation first.
Are salary negotiations making you uneasy? Try these 5 tips!
3. INSIST ON MORE
If they propose a salary you perceive as equitable or even more than anticipated, demand more nonetheless! Never settle for the initial offer, as there’s always room for negotiation. Many fear proposing more, thinking the offer might be retracted. But remember, by the negotiation stage, the company has invested significant resources and simply desires to finalize the deal. They might even stretch their budget to accomplish this!
4. NEGOTIATE OTHER BENEFITS
If there’s no scope for a salary increase, discuss other benefits. Perhaps additional vacation time? Flexible work hours? Cell phone compensation? Travel allowance? When salary isn’t flexible, other benefits may be negotiated.
5. SEEK A SALARY REVIEW AFTER 6 MONTHS OR A YEAR
If the proposed package dissatisfies you but you’re keen on the job opportunity, request a salary review in six months or a year. If you prove your value through hard work, they may consider revising your salary appreciating your contribution to the company.
Any other salary negotiation strategies that have been effective for you? Have you attempted any of the above before?
