Whether you’re the naturally shy or aggressive type, salary-negotiation is the same for everyone—it’s never a cakewalk. According to a research by Salary.com, around one-fifth of job-seekers don’t counter the first number tossed after they receive the offer. Another survey by the Society of Human Resource Management revealed that nearly 80 percent of employees surveyed said that they don’t like to discuss money or negotiate employment terms during interview.
This shouldn’t be the case because having the opportunity to express your terms is necessary for you and your finances. But you have to know how and when to do it appropriately.
To help you find success in your salary negotiation (and not lose the job offer), keep these tips in mind.
- Research on yourself.
Negotiating your salary is similar to presenting a report to a client. Like in any presentation, back your claims with facts. Research on the standard salary grade for the position you are offered. Then think about your previous job—how much were you receiving? Find out the company’s and the department’s profits. Knowing your salary range and other supplementary information regarding the job position and industry will give you confidence about the offer you’re putting on the table.
“By grounding the negotiation in objective measures, the employee will have a significant advantage,” says Fatimah Gilliam, CEO of the Azara Group.
- Make the first offer.
Don’t play coy. Put your figure on the table immediately. This rare piece of advice will take some guts to do. But contrary to popular belief of waiting for the employer to name a figure, making the first offer gives you the upper hand. In this case, whoever makes the offer first provides the range of possible variation. If you stick to your desired figure right off the bat, the hiring manager will tune it lower. But this is a stronger position to gain leverage from rather than starting low and negotiating up. Imagine how difficult it is to meet halfway if the offer came from the hiring manager and it’s below your expected salary.
Of course, back this salary request with all the research you did beforehand. Convince the hiring manager that you are worth your asking price, even if you need to haggle later on.
- Bargain smartly.
According to Forbes.com, both parties are more likely to be satisfied if they were able to bargain back and forth and then met halfway. By following this example, you can increase your chances of getting the deal you deserve while still keeping the other party happy as well.
Express your willingness to compromise so the employer would not get the idea that you are only interested in having your expectations met. Also, discuss benefits or other perks in lieu of a higher salary that will make both of you arrive at a good deal.
Don’t make the rookie mistake of settling on a salary rate set by your potential employer. According to Forbes, hiring managers are prepared to give higher salaries to candidates if they’re worth it. Their advice? You just have to ask.
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