Do you know that you can always negotiate salary with your employer? If you have specialized skills and an impressive resume, you could be leaving money on the table if you don’t negotiate a salary offer.
Many people are often uncomfortable asking for more money once their job search has ended and have an offer. If the salary is reasonable, they don’t want to jeopardize the opportunity now that they’ve gotten this far.
Your salary is not just about boosting your paycheck; it’s about valuing your skills, experience, and the unique contributions to the company. Negotiating you salary can greatly influence both your financial growth and career satisfaction.
It doesn’t matter if you are getting into the entry position, already employed or even seeking a raise. You can always negotiate your salary at any time in your career journey.
Here are some of the tips to check when planning to negotiate your salary pay.
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Know Your Value
What are some of your specialized skills that you are bringing to the company if you are just getting started? Highlight your strengths, detailing all the extras the company would get from someone with your skills.
If you’re already in the company, note down your contributions and why it warrants a salary increase. Remember, if your employer knows your value, they’re more likely to take steps to avoid losing you.
Also, if negotiating a pay with a job offer, consider your contributions in prior roles. Tying your contributions to the role you’ll be taking on, you’ll make a solid case for salary inrease.
Do your research
Before talking numbers, explore the standard pay for someone with your education, skills, and experience level. A colleague in the same role as you may be getting a higher salary than yours. Know how much others in your industry with similar experience make.
From your research you can find an average value to use during your salary negotiations.
Set a Baseline
Use the data you’ve gathered through research to establish a baseline compensation salary you’d be willing to accept. Afterwards, identify your priorities and consider where you could make trade-offs.
Setting a baseline can be a guide to limit how far you’re willing to compromise. The baseline can be a range of the least salary expected that can easily make you achieve your goals. This baseline is often different from the expected but acts as a start.
Take Time to Respond
Once you receive any salary offer, never be in a hurry to accept it regardless of how desperate you might need it. You can always request the hiring manager for time to consider it. Ask if there’s a deadline to answer so you know how long you have to respond.
In some situations, taking time to respond can open the door for further discussions and improvements to the offer. Use the time granted to determine whether the salary offered meets your expectations. If it doesn’t, adjust from your research to come up with an offer that better suits your needs.
Consider employee benefits
Salary negotiations often include some employee benefits. For instance, a work-from-home schedule, health insurance coverage, extra vacation days, retirement benefits among others.
Consider what’s valuable to you and what would make an offer more attractive. Also factor in perks such as professional development opportunities with the potential employer. Sometimes a lower salary with excellent benefits can be more valuable.
Get everything in writing
Once you and the hiring manager settle on a compensation package, ask for written documentation. Besides the salary amount, it should include any special arrangements, expected bonus or allowances, and a list of responsibilities for your new role.
Ensure the document is signed by both you and the employer. Some companies may provide this automatically as part of an employment contract. If not, request some type of formal documentation.
Timing is Key
The best time to discuss salary is after you’ve demonstrated your fit for the role and before you accept the offer.
If you’re already employed, wait for performance reviews or after you’ve completed a significant project can be a good time. Also, use the timing to align with everything you’ve researched on.
Be Ready to Walk Away
Sometimes during salary negotiations, you can also decline the offer. If the offer doesn’t meet your minimum requirements and there’s no room for negotiation, be prepared to walk away.
This shows that you value your worth and are willing to seek better opportunities. Who knows, maybe better offers will come afterwards.
Stay Professional
Approach the negotiation with confidence, but remain professional. Professionalism enhances your chance to be heard and for easy compromises during salary negotiations.
Remember, a positive attitude can leave the door open for future opportunities within the same company.
