Start by evaluating what you have to offer
You must know exactly how much value you can offer an employer before you begin the process of negotiating a salary. Several factors can influence your compensation, such as:
- Years of industry experience: If the job description requires 3-5 years of experience and you meet the higher requirement, it might warrant a higher salary.
- Education level: Relevant bachelor’s, master’s, PhD or specialized degree programs can impact your compensation depending on the role or industry.
- Career level: In general, you might expect a higher pay range as you advance further in your career
- Licenses and certifications: An employer may require or prefer that you have specific licenses or certifications. If you already have them, you might be in a good position to request greater compensation.
Research and Prepare
You must have a good understanding of what the market average salary is for those in similar roles to yours before the salary negotiation begins. Speak with people in the industry, recruiters and investigate job ads online.
Think about the possible questions and objections you might face when negotiating your salary and prepare adequate responses. It’s worth practising these scenarios with a friend who’s experienced similar kinds of negotiations and can play the role of the employer.
Be Confident
Delivering your negotiation with confidence is as important as the words you say. The more confidence you convey, the more confident the employer will be in their consideration of your feedback. Confidence—an appreciation of our own abilities and qualities—should not be confused with arrogance—an exaggerated sense of our importance.
Over-Shoot
This sounds like a cliché but, one fundamental rule of salary negotiation is to offer your boss a slightly higher number than your goal. This way, if they negotiate down, you’ll still end up with a salary offer you feel comfortable accepting. If you provide a salary range, the employer will likely err on the lower end, so be sure the lowest number you provide is still an amount you feel is fair.
Be Flexible
Even if the employer is unable to provide the salary amount you want, they may be able to offer other forms of compensation. This could include more days working from home if your commute is long, or even a few extra days off a year. There may be things just as valuable as extra money.
Salary negotiation is an important step in the hiring process. By taking the time to talk through why you feel you need more compensation, you can help employers better understand the value you provide. By using the above tips to negotiate your salary, you can walk into the conversation confident, prepared and ready to secure the pay you deserve. For more advanced and in-depth strategies for salary negotiation, click here.
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