Salary negotiation is always challenging, but it’s especially intimidating for young grads starting their careers. Many of us dislike negotiating because we are afraid of being taken advantage of, especially when we believe that we are in a weak position. The way you present your requests during salary negotiations has a dramatic impact on whether you get what you want from an employer.
Let us give you few salary negotiation strategies that will help you get your best package with all necessary tangible and intangible befits:
1. Do your research
Research the value of your talent in the employment marketplace. Find sources that guide you what companies pay for the job you’re considering. The sources should take into account the size of the company you work for and its industry and region. It is even more helpful if you can use a source that helps you calculate the potential value of your personal skills and background such as education, length of experience, certifications, and management responsibility.
2. Always prepared with relevant information
Too many people rely on the potential employer to determine the fair compensation for the job. Spending a little time learning how the relevant labour market values a particular job and how your unique skills may further increase those values can have a dramatic impact on your ability to maximize your total compensation. Knowing the facts and being able to speak intelligently about them can support and justify your desired pay.
3. Be Enthusiastic, Polite & Professional
Let the employer know by your tone of voice and your conduct that your goal is a win-win solution. Don’t be extrovert and overconfident, if you continuously push the employer to get agree with your point the employer may get the impression that you’re not that interested in the job and withdraw the offer.
4. Don’t be the first to disclose a number
If possible, try to get the employer to disclose the pay for the job before you tell your requirements. If you find this too difficult or awkward, and say you expect “a fair total pay package for the job and my unique set of skills.
5. Be Creative
Be creative in negotiating over all package offered by employer. Look beyond base salary for ways to boost your income. For example:
- Holiday days. If new employees must work for 6 to 12 months before receiving paid holidays, ask that this restriction be waived,
- Early salary review,
- Bonuses. In addition to requesting a sign-on bonus, you may be able to negotiate a performance bonus.
6. Continue Selling Yourself
An organization’s talent is one of its biggest assets and can be a major competitive differentiator. Make sure you know — and can demonstrate with tangible examples — exactly what your value is to your company.
“The bottom line is, be realistic about your worth — try to take as objective a viewpoint as possible,” Joseph says.
7. Determine all the differences in the total rewards packages including pay, schedule, benefits, and intangibles
There may be differences other than just the base pay—this is particularly likely if there’s a vast difference in the base pay but not a major difference in the job responsibilities. You may find differences in bonus opportunity, profit sharing, stock options, benefit plans, and vacation time.
Appreciate feedback from all readers.