We spend countless hours writing the perfect resume and rehearsing job interview questions, but most of us put less attention on how to negotiate the best salary. Whether you are negotiating a job offer, requesting a raise in your current role, or trying to level your salary to be at par with current industry standards, negotiating salary and benefits can create a huge difference in your professional career.
Learning the art of negotiation is like any form of art that takes practice, but it is a skill you can’t afford to disregard. Unfortunately, many are uncomfortable negotiating salary during the primary stages of the hiring process.
In a survey conducted by ZipRecruiter, they found out that 64% of individuals seeking employment accepted the initial salary offer they received the last time they got a job offer and only 36% negotiated their salary. You will surely miss putting more money in your pocket and probably some awesome perks if you don’t negotiate salary and benefits from the start.
Here are 6 useful tips to help you get the compensation you deserve.
Use Data to Come Up with Your Desired Salary
When negotiating salary, prepare by doing research on the average salary offers for similar job positions to make sure that your counteroffer is reasonable. Providing a number backed by industry and area related data will greatly reinforce your position in the negotiation.
Don’t Leave the Office Without Discussing Salary
People have divided opinions of whether you should bring up the discussion about salary or wait for the employer to make their first offer. There is a cultural aspect to this but we should get over the taboo of discussing salary.
Do your best to open the door for discussion and view it as a strategic conversation among two parties to collaborate on creating the most desirable outcome you can achieve. You will surely benefit to make your salary objectives clear upfront rather than complaining about being underpaid in the future.
Highlight Other Skills and Experience
Normally, the more experience and skills you possess, the higher the pay and benefits you get. You are after all compensated for the value you bring to the company. If you have other relevant experiences, special skills, and other professional training that exceed the requirements for the position, make sure to emphasize them.
Take note that your compensation is not limited to money. It can also cover other benefits such as paid vacation leaves, sick leaves, health insurance, transportation allowance, annual bonus, and more. It is worth discussing them in your negotiation.
Make Sure to Get Salary Details in Writing
Your salary and all compensation agreements should be stated in a written contract. Never accept an offer without getting the details on paper.
If the company is unable to produce such, then you can question the credibility and professionalism of the company. Don’t take your chances and insist on signing a benefits agreement or a contract to legally protect yourself.
The biggest and most common mistake an applicant could make is accepting the job offer straight away. Although, it’s understandable in some cases when we don’t have the luxury to wait because we have bills to pay and the responsibility to provide.
If you are not in that position, inform the hiring manager that you would like to think it over and then ask when they will be needing an answer.
Once you know the timeframe to provide your decision, you can start to plan your salary negotiation strategy and also at the same time keep your eyes open for better opportunities.