Negotiating your salary seems scary to most people, even those who are good negotiators. This is because you fear if the salary you quote would be too less, in which case you’d be facing a loss, and if you quote a higher figure, you may not be hired at all. Whether you’re a college graduate or an experienced executive looking for a job change, you may not be confident when it comes to negotiating your salary. Read on to find out 8 tips which can help you negotiate your salary to your benefit:
Doing some research to find out the current salary for positions similar to the one you’re applying for will give you an idea about a figure you may quote, when asked by the potential employer to do so. The job location also matters when negotiating salaries, as jobs situated in different cities may offer salaries which may be high or low depending on the cost of living of those places. Knowing the costs involved in living in a particular area would be a tool for you to negotiate a higher salary, when needed.
Try to get your employer to state the salary offer first
Almost all employers start the salary negotiations by asking what figure you are looking at. This is actually clever on their part because they know that people usually quote a figure which is less than what they want, under pressure. This is because most people don’t want to lose the job and therefore underestimate themselves. Employers know that they save thousands of dollars annually, if they can hire staff at less than market rate. So it’s a good strategy to ask the employer to state the salary first and negotiate on that figure to your advantage.
Always start with a high but realistic figure
If your potential employer does manage to pressure you into quoting a figure first, be sure to state a number which is slightly higher or equal to the market rate. Because you can’t negotiate up, but your employer can negotiate down! So if you quoted a low number, you can’t ask for more and would have to accept the lower than market rate salary, if your employer agrees to that low salary number.
So you’ve done great on the first round of interviews and have been asked to the second round. When you’re made an offer, instead of agreeing immediatetly, say “hmmm”. Pretend that you are thinking it over, or actually think it over, silently. Wait for a few seconds – you might be offered more! And if you’re not, then you might say yes to the initial offer, if it meets you expectations, and negotiate for more if it doesn’t.
Know your worth
It’s important to know the value you’re bringing to the company. Making a list of your accomplishments and contributions, and quantifying them would give you an idea of your financial worth to the organization. You should also be aware of how you would benefit the company with your efficiency and helping the business to increase revenue.
Multiple skills are valued
Having multiple skills will put you in a position of control, as the employer knows he’s getting one for the price of two! If you’re great at writing code and the position is for a UX/UI designer, then you are more valuable to the employer than other candidates who don’t write code. Thus, multiple skills in any field are valued and you can ask and get a higher salary.
Ask for the offer in writing
Asking to be sent the offer in writing and requesting 1-3 days time to make a decision is a good tactic, especially if you have applied to many companies. You can read offers carefully and select the one which suits you best, in terms of salary, skills and work culture.
Don’t ever lose your cool. Be calm and confident, knowing that companies want to hire you for their benefit, and you’re the one bringing something important to the table.
Negotiating salary to your advantage is a tricky affair, but if you stay in control, knowing what your value to the organization is, you can successfully negotiate an amount you would be happy with.