One of the most stressful aspects of applying for a new job is when it comes time to talk money. More specifically, what you will earn in your new job.
Negotiating your salary is a natural part of the employment process and obtaining the salary you deserve is an important component of advancing in your career and keeping you motivated in the long run. Salary is more than just a deposit into your bank account – it’s a sign that your company values you and your work.
Whenever it's time to negotiate your salary, be sure to follow these tips:
Research salary trends within your industry
Prior to engaging in a salary negotiation, you should objectively determine how much someone with your experience and in your location should earn. Knowledge is power!
Investigate similar roles in the industry, and review what other companies are offering for similar positions. You should compare the qualifications and experience required with your own to ensure that they are of equal level. Having knowledge of the market average will allow you to negotiate a salary that meets a fair expectation.
Be prepared to evidence your argument
As soon as you determine what you believe your salary should be, you can then approach the negotiation as part of a relaxed conversation.
However, you should be prepared to defend every reason you give for getting a higher salary. Provide detailed reasons and examples to support any claims you make. If you argue that you deserve a higher salary based on your success in the past with similar companies, be prepared to discuss the projects you worked on, why they were successful, and how you contributed to the success of the project. In other words, show that you’ll be worth the money!
Consider perks and benefits
There is often some exchange of information regarding employee perks and benefits when negotiating salaries. If an employer is willing to give ground on extra vacation days, flexible hours or a work-from-home schedule, it may be more valuable to you than an increase in salary.
Take into account what you require and what you desire. Consider directly comparing health insurance coverage, retirement savings plans, and other benefits before making a decision.
Rehearse your negotiation pitch
Even though it may seem like overkill to some, it is a good idea to ask a friend or mentor to practice with you the discussion you will have with the Hiring manager. A few practice runs of your delivery can help you feel more confident going into the salary negotiation and prepare you for whichever path the conversation may take.
Know when to walk away
As you consider your numbers, you should also consider a "walk away point" - a final offer that is so low that it can't be accepted. This may depend on your financial situation, the market value, or simply what is necessary to make you feel comfortable with your salary. Although it is not an easy decision to turn down an offer, it is important to know when to do so.
Once our teams have helped you secure a job offer, they are still on hand to support you through the acceptance process. From providing you with industry insight on salary averages, to detailed market expertise, we can ensure that your job offer is fair and that your acceptance of the job is mutually valuable. Reach out today to take the next steps in your career.