It doesn't matter if you just received a job offer or are gunning for a promotion; salary negotiation is an essential step in anyone's career path.
However, according to a recent survey, only 37% of people negotiate their salaries, while a devastating 18% never do. Even worse, 44% of respondents claim not to have brought up the subject of a raise.
The reason? Fear.
And it's understandable – salary negotiation can feel like walking into a horror scene. But what's even more horrifying is not doing it.
Yes, there's a chance you might jeopardize the opportunity, but according to a 2022 Salary Guide by Robert Half, today, hiring has surpassed pre-pandemic levels in various industries. Moreover, there's a shortage of skilled professionals, increasing talent competition and driving up salaries.
Therefore, if you have an attention-grabbing resume and skills to match the job, you could be leaving money on the table if you choose not to negotiate a salary offer.
So, whether you're a newbie or veteran in the job market, male, female, or non-binary, keep scrolling to learn how to negotiate salary skillfully.
There are hundreds of reasons to negotiate salary other than getting more money in your account. For one, it shows your bosses that you're confident in yourself and asserts that you're a valuable addition to the firm. Moreover, since employers don't expect to negotiate, failing to do so leaves money on the table.
Negotiating after receiving a job offer reaps long-term financial benefits throughout your career. For instance, percentage-based bonuses and raises will be much higher if your starting salary is significant. Additionally, salaries tend to follow you from one job to another.
Tips to salary negotiation tips after a job offer
Now that you know the importance of negotiating, here are some tips to help become an expert salary negotiator:
When interviewing for a job, resist the temptation to inquire about compensation until the hiring manager broaches the topic first. If your potential future employer invites you to reveal your salary requirements, state that you're willing to negotiate based on the nature of the task ahead.
Assess the job offer
When you get the job offer, evaluate it carefully. There are significant factors that come into play other than the base salary. For instance, you might have to enquire about the probability of bonuses, commissions, and possible salary increments, as well as benefits, promotions, and growth opportunities.
All these affect your annual net income and available spending power. For example, the position might pay less than you'd wished for, but if the company provides generous health and dental benefits, that could save you thousands in medical bills.
Information is power. So, be sure to research salaries for the position you just landed. Once you've done your due diligence, you'll be better equipped to negotiate your desired salary.
Some excellent online resources might help with this research. Check out individual firms, assess the salaries that personnel in specific positions earn, and review current and past employee opinions about the firm and their roles. Find out your worth in the job market (based on your current position), find out if you're being compensated fairly, and figure out ways to double your salary.
Another way of conducting research? Picking calls from recruiters. These are industry experts and can help you develop a reasonable number.
Therefore, next time a hiring manager reaches out, engage in a conversation about the job's responsibilities and pay. You might not get a specific figure, but they'll help you come up with a substantial range.
Various career experts recommend preparing a 'brag sheet.' This one-page summary indicates how incredible you are as an employee. So be sure to list any accomplishments, awards, and consumer reviews you're received since your last performance reviews. It helps you demonstrate your value to your employer.
According to a study conducted by researchers at the Columbia Business School, you need to request a specific number – say $42,550 rather than $43,000.
It turns out that when candidates ask for a specific number in their initial negotiations, they're more likely to get a final offer closer to their salary expectations. That's because employers assume you've conducted extensive research into your market value to land on that specific figure.
When checking your numbers, you also need to consider a 'walk away point' – a final and definitive offer that's so low you have to turn it down. This might depend on financial requirements, market value, or simply what you need to feel appreciated for your skills.
Walking away from an offer might not be as easy, especially after struggling through the job application process, but it's vital to know when to do it – and be confident enough to say 'no.'
More on patience, don't quickly choose whether or not to accept it. Be sure to take the opportunity to ask follow-up questions, no matter how inconsequential they might seem.
Be sure to ask for more time to contemplate the offer, signaling that you're thoughtful and dignified in your dealings. The best way to get and use the additional time you need to make a definitive decision is to confirm the employer's deadline for a response, request more information regarding the compensation package and benefits, and enter negotiations about the offer and the start date your new position.
It might sound like overkill, but it's a brilliant idea to ask a friend, family, colleague, or mentor for feedback on the job offer you got. Ask them if they think it's fair based on what they receive. People are generally uncomfortable discussing their salaries, but you might be surprised how open some friends and even colleagues are.
If you're not comfortable asking directly, offer them an estimate, then ask if it's in line with the market standards for someone with your skills and expertise.
Yes, it might sound bizarre, but studies show that you are more likely to get a raise if you request it on a Thursday.
Most people tend to start their week more hard-nosed and disagreeable but become more accommodating as the week wears on.
Therefore, most employers are open to negotiation and compromise on Thursdays and Fridays because they want to clear pending projects before the weekend.
