Did you know that 70% of managers expect a salary negotiation when they are making a job offer? At the same time, did you know that most of these managers don’t bother to state the flexibility of the offer?
While it can be incredibly intimidating and terrifying to enter salary negotiation, you might be leaving money on the table if you don’t.
Are you wondering how to negotiate a salary?
Let’s take a look at seven things you should know.
1. Familiarize Yourself With Salary Trends in the Industry
When you are researching how to ask for a higher salary, one of the most important things you will need to do is to gather as much information as possible. You will need to create a realistic perspective of the current rate of compensation in your industry before creating a salary negotiation strategy.
You can find salary calculators and other information online to help you understand the basic salary trends in your field.
2. Build Your Case
If you are looking for ways to negotiate a salary, you’re going to need to create and build a case for why you deserve a higher salary. Simply countering with a higher number likely won’t get you very far. Take this opportunity to explain what you could bring to the company and highlight all of your strengths.
Ahead of time, you’ll want to brainstorm concrete examples of how you can improve the company’s bottom line with your experience and your skills.
Did you receive a request for an interview but aren’t sure how to respond? Check out our helpful article here.
3. Tell the Truth
Salary negotiation is not the time to stretch the truth. While it can be tempting to exaggerate your experience or claim to have skills that you technically don’t have, this is one of the easiest ways to blow the whole thing for yourself. Honesty is important in business and in life, and starting a position on a pile of lies will end up coming back to bite you.
4. Factor in Perks and Benefits
When you are coming up with a salary negotiation strategy, it’s important to understand the value of perks and benefits as well. Companies might be more willing to give people a work from home schedule, extra vacation days, and flexible hours rather than an increased salary.
It’s important for you to think about which perks and benefits are most valuable to you. If you have multiple offers that you are considering, you’ll want to compare directly all of the benefits such as retirement savings plans and health insurance coverage.
5. Be Prepared
Confidence is essential during a salary negotiation and the best way to build confidence is to be prepared. This is not the time to wing it.
Know Your Worth
One of the first steps on the road of how to get a higher salary is understanding your own worth. You’ll need to take a look at the salary range for other people that have your skills and experience in your industry. This can help you understand what is reasonable during a salary negotiation.
Have a Bottom Line in Mind
A crucial part of preparation is coming up with your bottom line. If you enter a salary negotiation without a bottom line, you could end up agreeing to a deal that doesn’t actually work for you.
Practice Makes Perfect
If you are looking for bombproof ways to negotiate a salary, you’re going to need to practice, practice, practice. Have a family member or friend role-play with you so that you can be as prepared as possible.
Give a Range Not a Target
Don’t Disclose Your Current or Previous Salary
6. Know When to Call It Quits
Resist the temptation to drag out a salary negotiation indefinitely. This is an easy way to frustrate the hiring manager and ultimately likely start your business relationship off on the wrong foot.
You know your bottom line. If a company is unable to come up with an offer that works for you after a couple of discussions that it’s time for you to respectfully withdraw. You will then be able to refocus your attention on other opportunities that will likely suit you better and reward you with the compensation that you expect.
7. Get Everything in Writing
Now that you finally made it through your salary negotiation, don’t let your guard down yet. When the hiring manager has agreed to a compensation package, you’ll want to make sure that you get written documentation of the deal. This should include the salary amount along with any other agreed-upon arrangements such as an allowance for moving expenses or a signing bonus.
You’ll want this documentation to be signed by both the employer and yourself. You might find that a company provides this information automatically, but if they do not, you’ll want to request it.
Is It Time For You to Find a New Job?
Learning how to negotiate a salary is a critical skill for anyone actively engaging with the job market. However, before you employ all of these salary negotiation tips, you will first need to get a job offer.
Is it time for you to start the search for a new job? Working with a job agency can help you to find the positions and employers that will take your career to the next level. At Innovo Staffing, we specialize in pairing high-quality and qualified talent with finance and accounting jobs.
If it’s time for you to make a career change, you can start the next era of your career today. Check out our job search engine here.