5 Tips To Keep In Mind When Negotiating Your Salary

As seen on Forbes.

You’ve received a job offer after successful interviews to land your next job, but you’re not 100% satisfied with the salary they are offering. So, should you negotiate? Yes, definitely. 

A survey in the U.S. showed that 85% of those who provided a counteroffer on salary or benefits got at least some of what they asked for. However, 58% of those surveyed accepted the initial offer without negotiating. When it comes to salary negotiation, most people say, “Ask and you shall receive.”

Here are five things to keep in mind for a successful salary negotiation process for a new role: 

Review If They Indicated The Salary On The Job Post

It is a green flag that a company posts its salary offer right in the description of its job listing, as it provides transparency in the hiring process. It also saves time for applicants and the company whether or not to invest their energy based on the salary range. 

However, even if the salary they offered you is within the range of what they initially disclosed, it never hurts to send a counteroffer. Negotiating the offer allows you to ensure that the package they’re offering reflects market rates for the role and the industry, so do your research before negotiating to get the most out of the deal you’re making. 

Ask For Their Budget

Some companies lowball their offer, so don’t sound desperate to land the role when doing the interviews. Make them feel that you know your worth. Others ask for your last salary and use that as a benchmark for what they offer. One report says employers do this to keep wages low for new talents and prevent them from ballooning for current employees. 

Don’t fall into that trap by telling them the exact figure, as doing so lets your past dictate your future, when in fact, you should be focusing on your market value – based on industry standards and the skills you have. 

Instead, ask them what budget they have in mind. And when you revert to them after they give you their budget, reply with a range. This shows that you’re open to discussion while still providing the employer or hiring manager with relevant information. 

Having Multiple Offers Gives You Better Leverage To Negotiate

Nothing makes you a more attractive hire than letting them know that you’re desired by other companies as well. Multiple job offers signal to the prospective employer that you are a good candidate, as it demonstrates your value and demand. It also makes the company more inclined to offer a competitive salary to have you on their team. So make sure to let them know that you have existing offers when negotiating your pay, and use these offers for better compensation from the company you prefer. 

Also, having multiple offers means you will have deadlines for when to accept or decline the offer, prompting the company you’re eyeing to make a competitive offer within a specified timeframe. 

Don’t Just Negotiate On Your Base Salary 

Some people forget that compensation goes beyond salary. Most companies offer different benefit packages to augment your pay, making them a more attractive employer. Indeed lists some benefits you can negotiate including hiring or signing bonuses, stock options, vacation time, and transportation allowances, among others. 

You can also discuss remote work opportunities if they’re important to you. With this, work schedules could also be negotiated, whether they’re open to having some flexible hours, compressed workweeks, or alternative schedules. You can always negotiate for accommodations that suit your personal preferences and lifestyle needs. 

Work With Them, Not Against Them

When negotiating different aspects of the job offer, it’s important to approach the conversation professionally and respectfully. Don’t be hostile toward your prospective employer, rather, take the opportunity to work together to get to a common agreed goal. 

Seek to understand the hiring manager’s priorities and constraints on the salary compensation and explore potential compromises that will satisfy both your and their interests. 

Regardless of the outcome of the negotiation, express gratitude to the hiring manager or prospective employer for the opportunity to discuss salary compensation and your excitement about joining their team. Good luck, and I hope your salary negotiation discussions go smoothly and successfully!