Salary negotiations can be daunting and complicated – but it is an important element in securing a new job. There can be a conflict when it comes to negotiating a fair compensation package. Prospective employees usually want more money than is being offered while employers want to keep within (or lower than) their budget.
As a potential worker, it is important to show the employer why your salary request is justified.
Here are a few tips you can follow to get the most out of your salary negotiations.
1. Do your homework.
How much are you worth? How much is the job worth? These two questions are fundamental. Spend adequate time researching the salaries of similar jobs in the market, that way, you will be prepared to negotiate a salary that is both realistic and reasonable for the task/s required based on your specialized skills and training.
2. Refine your negotiation with practice.
Practicing your negotiating skills beforehand may sound a bit funny but it can come in very handy during an interview. Ask a friend or family member to play the role of a hiring manager who has offered you a salary lower than what you want. Then practice what you are going to say to help you secure a better pay. Remember, most companies do a lot of research and analysis before job offers are made to potential employees, so arm yourself with all the confidence and information you can.
3. Be patient.
While the question, “How much are you paying?” may be at the tip of your tongue during an interview – don’t rush this question. Patience is a virtue when it comes to successful salary negotiations as you don’t want to appear desperate or money-hungry.
Wait for the employer to make you an offer. If you are asked what your salary requirements are, ask the employer about the responsibilities and challenges of the job before discussing compensation. Another option is to give the employer your salary range based upon the research you conducted prior to the interview. It’s also important to note that if you are ambivalent about the offer, you are allowed to say you will “think it over” which can work in your favour as the employer may increase the original proposal.
4. Is it worth it?
While everyone wants more money, sometimes it is wise to consider if you really want the job. If you do, think about the other benefits such as job security, good perks and career opportunities and whether the job can help improve your skills and expertise. If the job covers all of the above, then why not give it a try – regardless of the pay. You can chalk it up to experience and when you are ready to re-negotiate, your newfound knowledge and talents can very well get you the salary you desire and deserve.
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