Whether you’re embarking on a brand-new position or pitching for advancement, negotiating your pay is crucial. The truth is, a mere 20% of individuals negotiate their salaries, while up to 40% never do. The predominant barrier to negotiation is fear; fear of appearing demanding or too assertive, or losing the offer entirely. Though negotiation may seem daunting, it’s more detrimental to refrain from it. Here are 6 strategies to mull over before arranging a meeting to discuss your salary.
UNDERSTANDING SALARY NEGOTIATIONS
Salary negotiations, encompassing counter-offers, are discussions between you and a delegate of your current or prospective employer designed to help you secure a better salary. Regardless of whether you’re a seasoned employee or newcomer, if you think your salary isn’t adequate, you must know how to negotiate a salary offer to earn what you merit.
THE NECESSITY OF NEGOTIATING YOUR SALARY
Despite the fact that the prospect of negotiating your pay can be daunting, it is vital for securing deserved compensation in your career. Factors such as growth potential of your company and economic trends can complicate further pay negotiations if you don’t begin at a decent salary level. Starting at a pay grade you’re at ease with can motivate you, allowing room for salary increments aligned with your expectations.
When you choose to negotiate for a higher salary, be ready to:
– Advocate for yourself: Document explicit instances of how you’ve set yourself apart professionally to employers.
– Expect resistance: Be ready to justify why you deserve the proposed salary.
– Maintain a balance: Ensuring reasonable compromises, rather than decisively refusing or accepting minimal salary increments, can lead to successful negotiations.
SIX-STEP STRATEGY TO NEGOTIATING SALARY
Being well-prepared for salary negotiations radiates confidence, even if you have to bluff a little. It’s beneficial to research your profession and industry prior to settling on an expected figure. Checking out the salary ranges offered for your profession in job postings can guide you. Public organizations usually disclose salary ranges, making it easier to set a benchmark.
PREPARING FOR NEGOTIATIONS
Do your research. Understanding the current market figures before plunging into salary talks is key. Prepare a list of justifiable reasons to back your proposed salary figure.
Your past experience can be a significant contributor. All your previous roles enrich your expertise. So rather than simply highlighting your recent accomplishments, consider your overall experience.
Focus on your accomplishments. Your unique strengths and experiences can make you more desirable to prospective employers. Reflecting on your career achievements can give you an extra confidence boost.
Choosing the right time for the negotiation can make a difference. Try scheduling a discussion at a time when your employer isn’t swamped with meetings. Also, be ready to consider and respond to counteroffers with grace, irrespective of your future decisions.
AVOID COMMON MISTAKES IN NEGOTIATIONS
Bear in mind to avoid some possible pitfalls during salary negotiations. The gravest mistake is refraining from negotiating the salary at all. As per a Salary.com survey, about 18% of applicants never negotiate their salaries, due to hesitation or fear of seeming unpleasant.
Don’t belittle your accomplishments. This isn’t the time to be modest. If you believe you deserve a better salary and have proof to substantiate it, it’s highly unlikely that your employer will resent you for initiating a negotiation, or that a company will retract an offer.
Last but not least, remember to do your homework. Knowing the industry standards, what peers in your field are earning, and the prevailing benefit packages can be invaluable. A quick online search can provide an idea of the average salary in your field.
How do you typically gear up for a salary negotiation? Share the ways that work best for you.
