How to negotiate a higher salary – While companies almost always build some bargaining room in their benefits packages, only a third of people actually negotiate it. This can be a costly mistake: if you can successfully negotiate your initial salary of over $ 10,000, not only will you earn $ 10,000 more than your first year with the company, and every year after that, but your future will rise, in proportion to your salary, it will be also higher.
This article features the best guide on how to negotiate a higher salary since by not negotiating your initial salary and benefits when you get a job offer – which simply requires opening your mouth for 30 seconds – you can leave a lot of money on the table in the coming years and decades.
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In some industries, a weak labor market has also left candidates with fewer options and less leverage, and employers are in a better position to dictate terms. Those who are unemployed, or whose current job appears to be shaky, saw a further decline in their bargaining power.
But the complexity of the labor market creates opportunities for people who can skillfully negotiate terms and conditions of employment. After all, negotiation is most important when there is a wide range of possible outcomes.
No matter when was the last time you negotiated a better salary, the time will come again when the value of the work you do is not reflected in the compensation you receive for that work. When the time comes, it is important to approach the issue objectively, build an evidence-based case for the salary you want and negotiate that salary.
Salary negotiations are discussions between you and a representative of your current or future company aimed at helping you get a higher salary. It doesn’t matter if you are a longtime employee or a new employee: if you feel that your salary is not enough, you should feel empowered to negotiate for what you deserve. It’s a natural progression for any job: Your salary or hourly wages should increase over time.
You become more valuable as an employee once you gain more experience and training, and your earnings must also be adjusted to reflect inflation. Your manager might start the process by giving you an annual bonus, but there are times when the onus is on your shoulders to initiate or direct that conversation to your advantage.
How to negotiate starting salary
Anything you do in a negotiation that makes you less liked reduces the chances that the other side will work to get you a better offer. This is about more than being polite; It’s about managing some of the inevitable tensions in negotiation, like asking what it deserves without looking greedy, pointing out the shortcomings of the show without looking trivial, and being persistent without being a nuisance. Negotiators can usually avoid these pitfalls by assessing (for example, in practical interviews with friends) how others are likely to perceive their approach.
The problem is that most job candidates do a poor job of negotiating a higher salary, and some don’t even realize that salary negotiation is an expected part of the interview process. If you’re not trying to negotiate for a higher salary, you might leave money on the table – so during your next interview (or annual review), try some of these tricks to increase the perceived value as well as what you get – the home pay.
How To Negotiate A Higher Salary
Do your research
Find out as much information as possible about the pay scale of the company that wants to hire you. Find out the industry average, too. You might aspire to land a scheduling job with a major airline, but if their practice is to hire from within, you may need to accept an entry-level position. There may be factors that limit flexibility in salary levels, regardless of how many college degrees you have.
As part of your research, you should have a clear idea of your minimum salary expectations. Do the math in advance and decide where to break the trade. There is no point in wasting your time – and their time – interviewing a low-paying job at a company or industry that may not be able to provide the wages you need.
Know your value to the company
Your value to the company exceeds the position you are applying to. A Senior Marketing Manager with 10 years experience, a pioneering background, and proficiency in both graphic design and basic programming will be more valuable than a Senior Marketing Manager with five years of experience and there is not much at the table.
All of those peripheral skills you’ve developed over time have objective value, so don’t neglect to include them in your calculations. Also, consider the fact that your value to the company should be based on more than one year of contributions – how can you improve this company in the future?
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Emphasize the benefits of your skills
When you talk about your last job, describe your accomplishments. Identify your successes in terms of saving costs, increasing productivity, and the overall contribution to the company. This will help interviewers learn about the benefits of joining their team, and it will help enhance your salary offer. If you win performance bonuses or motivational bonuses, list those bonuses so that you are seen as being accomplished and deserving of the highest dollar.
Share the expenses you incur
Another reason you might want to request a salary increase is to cover any costs that accrue through taking on the job. For example, if you are moving to a new city to get the job, you will have to pay moving expenses plus any costs associated with selling or renting your existing home. If you are taking a position away from home, you will have to consider transportation expenses such as train fare or fuel, wear and tear on your car. It is not unusual for candidates to ask employers to adjust their salary to calculate your expenses.
Ask for more
One of the basic rules for negotiating a salary is to give the employer a number slightly above your goal. That way, if they negotiate, you’ll end up with a salary offer that you feel comfortable accepting. If you provide a salary range, the employer is likely to err on the lower end, so make sure the lowest number you offer is still the amount you feel is fair.
Be specific with the (exact) number
It turns out that when employees use a more accurate number in their initial negotiation request, they are more likely to get a final offer that is closer to what they had been hoping for. This is because the business will assume that you have conducted more extensive research on your market value to reach this exact figure.
