The highly competitive job market is often difficult to break into, just as much as negotiating a salary is uncomfortable. Here are five ways to negotiate your worth without hurting your chances of getting a job.
So, you finally get called for a job interview at your dream company, and you are nailing every question thrown at you…until you hear the M word (money). No matter how confident you are, discussing a salary package can be seat shifting and nerve-wracking. So much so that a survey by Salary.com found that only 37% of people always negotiate their salaries—while a shocking 18% never do. 44% of respondents said they have never brought up the subject of a raise during their performance reviews. Other studies also find that few women are brave enough to negotiate a decent salary or raise, which also contributes to the wide gender pay gap. Uncomfortable as it is, you need to get into the habit of selling yourself and prove the worth you bring to the company. A great businessman once said that it’s not necessarily the number of hours you put at work, but it’s the value you bring to the table that counts. The next time you go to an interview or performance review, take some of these tips to help you negotiate your salary:
Do your homework: There are online platforms, such as www.payscale.com and www.salaryscale.com that estimate the salary your job title is worth. You can also find out from other recruiters how much your position is worth. Being equipped with this background information will help boost your confidence in negotiating a better salary.
READ MORE: How To Negotiate The Salary You Are Worth
Ask for a specific ‘higher’ number or use a higher salary range: Understand that recruiters will try to negotiate you down so mentioning a slightly higher salary is a good point to start negotiating. Substantiate why you are worth the salary you require, by mentioning the skills you have acquired over the years as well as the achievements relevant to the company. Please avoid mentioning personal reasons when you negotiate a salary, we all know that the cost of living is too high these days.
Don’t be afraid to ask: Every job position at every company has a budget, and when recruiters have a lower salary to offer ask them the reason [especially if their competitors offer a higher salary]. Financial constraints could be the reason but their added benefits could make up for it.
Make it about the company: The best way to do that is by asking for advice from recruiters. When you mention that you trust their expertise, before coming to a conclusion, you have flattered them and might encourage them to agree to a win-win offer.
Be ready for the answer: Negotiations are conversations, and sometimes they might not end the way you expect or hope they would. Be amicable in your approach and analyse whether you can work with the final offer they give. Sometimes, you need to look beyond the monetary value and see how your current job opportunity will help you reach your long-term career goals.
Have you negotiated a salary? Share with us your experience and other tips we can use?