When it comes to money, it’s fair to say that many of us prefer not to talk about it. Whether it’s how much you’re being paid, or negotiating a better wage, it’s common to feel a little uncomfortable.
What you might not realise is that a lot of companies expect some sort of salary negotiations, and they will often leave themselves a little room for manoeuvre.
Salary negotiations can occur at any point during your career. They could happen during an interview, once you’ve been offered a position or even whilst under contract with your employer. Just because you have a particular salary now, it doesn’t mean that you can’t negotiate if market forces change, or if your responsibilities change.
Here are some tips to help you when considering salary negotiations.
Research your market value
Research other vacancies for your skill set, to see what the market is currently paying. If possible talk to other people in similar roles, to get an idea of what is being offered. This will put you in a stronger position, once negotiations are under way.
Salary negotiations are best done once you’ve built a good relationship with the employer. Remember, not all negotiations have to be done at an interview. In fact, they often work best once you’ve been offered a position or when your contract is coming up for review. If an employer or recruiter is offering you the position, they have already invested in you. If you’re currently under contract, and the employer needs you, even better!
Don’t price yourself out of the market
The key here is to be realistic. There’s no point asking for a figure that is way over the offered salary, if the market doesn’t pay that much, or you can’t prove why you should be paid that amount.
If you’re asked what salary you’re looking for, the danger of giving a range is that you will be offered the lowest value. As long as you’ve researched your market value, you should be able to give a specific amount that you’d like. If they are unhappy with that amount, you can start the negotiations from there.
Show your worth
A big part of salary negotiations involves proving your worth. Showing how you can improve the company’s bottom line, bring in more business or streamline processes, can show to an employer why they should give you a little more. The important thing is to be able to back up any of your claims. If you can show how your actions have done this for your previous employer, they may be more inclined to meet your salary requests.
Making a counter offer
When making the counter offer, share the findings of your research with them. A few facts and figures thrown in about the current pay rates for other employers will show that you have done thorough research, and could even help them to attract talent in the future.
Negotiations aren’t just about money
One final thing that people often forget is to look at the whole package. It’s often possible to bolster your pay packet through other means. The employer may be able to sweeten the deal by paying for educational courses, offering additional annual leave, or travel allowances. Be sure you know exactly what’s on the table before making any decisions.