As a job seeker in the current precarious atmosphere, it’s understandable why you might shy away from having the ‘money talk’ with your prospective employer. More so, after the excitement one gets from receiving a job offer after what feels like an eternity of job hunting.
However, you must know that negotiating a salary offer is a determinant of your career satisfaction and success – which is why in this article, we will be discussing the five most effective salary negotiation tips.
Understanding Salary Negotiations
Salary negotiations are discussions held between you and your prospective employer to work out a higher salary offer and possibly a better benefits package. Salary negotiations can be uncomfortable, especially if both parties don’t have a common goal. These discussions may cover the salary aspect and vacation time, flexible work, stock options, bonuses, and more.
Why & When Should You Negotiate a Salary Offer?
Similar to how it is with other career matters, timing is indeed everything. We recommend negotiating your salary only when you’ve received a job offer. Only then will it make sense because, at that stage, it is clear that you emerged as the ideal candidate, meaning you’ve got leverage. It would also be wise to stick to what you agreed on after the salary negotiations are complete.
There are several reasons why you would choose to negotiate your salary offer. These include:
- To help you cover school tuition loans
- To allow you to pursue professional development opportunities
- To help you cover personal expenses, including childcare and health care
- To receive significant perks and benefits
How to Negotiate Salary Offer
Once you deem it necessary to negotiate your salary offer, the next step would be to begin the negotiation process. Here’s how you should go about discussing your initial offer.
1. Do your research
Research prevents you from undervaluing yourself and also helps you be realistic when stating your terms. First, determine the market average to help you get a sense of and justify your salary request. To conduct proper market research, you should consider the following factors.
- Your geographic location. Analyze the living costs for your state. If these costs are high, this will justify your reasons for wanting a better salary.
- Professional experience. It’s all about knowing your worth. If you exceed the years of experience for the position, it makes sense to request a higher salary.
- Leadership and managerial experience
- Skills and education level. Your level of education, skills, and knowledge may warrant an increased salary, just like your professional experience. Also, having additional certifications that add value to the company may justify your salary request
If your position is a bit of a novelty and there’s little market data, consider justifying your salary offer based on the value you believe you’ll be affording the employer
2. Find out who will be in the salary negotiations room
We recommend knowing with whom you’ll be discussing your salary request. Remember, it is the people that you’ve been dealing with throughout the interview process that will make the final decision. For instance, if you will be negotiating with HR, you can gauge the amount of power they have in increasing your salary and other benefits. If it’s your prospective supervisor, again, you’ll determine which issues to bring up during the negotiation process.
Whoever it shall be, ensure you convey your salary request with confidence – which is why you must know your worth and the amount of leverage you hold. Don’t hesitate to ask questions and seek clarification. For instance, you should consider asking about the basis of the initial salary offer. Alternatively, you may request time to consider the employer’s final salary offer.
3. Know what you want
You need to know what you want to make your case effectively. By analyzing the entire package on offer and the considerations we mentioned on tip #1, decide the lowest offer you’ll be willing to accept. This figure will guide your expectations and your final decision. Usually, you’ll use your previous salary as a reference.
We should point out that employers use your previous salary as ammunition. Therefore, if the question on your previous salary comes up, refrain from giving the exact figure. Instead, it would be best to let the employer know about the valuable skills and experience you bring.
4. Be flexible
As we mentioned earlier, salaries are not the only offers that are negotiable. Therefore, if your potential employer can’t meet your salary request, consider the other range of incentives the company could provide.
For instance, you could negotiate for flexible work to allow remote and in-person work. Other perks include stock options or education support. These alternatives are just as beneficial as a better paycheck. Another option would be to negotiate a salary review once you’ve completed the probation period.
Remember, the employer chose you as their best candidate; therefore, don’t lose sight of the bigger picture. It’s okay to compromise as long as the employer addresses all other important aspects.
5. Be ready to walk away
Finally, your prospective employer might fail to meet your terms, leaving you at an impasse. They may have objected to your salary request or offered fewer benefits. If this is the case, you need to be willing and ready to walk away. It’s understandable how difficult it can be, particularly if this was your dream job. However, it’s important to stand your ground to avoid regrets. Remember to express your appreciation regardless of whether you decide to decline their final offer.
Takeaway
Salary negotiations are an intricate process that requires sufficient preparation. As a job seeker, knowing your worth should be the first thing to address before you begin negotiating a higher salary. The next step is knowing why and whether the timing is correct. You wouldn’t want to be having that discussion mid-interview and it ends up costing you the position. Also, you must go into the negotiations table with as much information as possible. Do your research, so you’ll know how and what to ask for. Be confident when making your case, and remember to maintain professionalism. Use these tips whenever you’re negotiating a salary offer to secure your well-earned pay.
About nexus IT group
nexus IT group is a specialized IT staffing agency who recruits top talent across the US. If you have an immediate opening, or are a tech job seeker looking to advance your career, you’ve come to the right IT staffing firm, contact nexus IT group. We have access to highly skilled, top talent most can’t easily get in front of, so let our recruiting team show you why so many firms trust and love our staffing agency.
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