If you think you deserve more than what you are being paid and don't know how to carry out salary negotiations then you have come to the right place.
Soon in your career, a time will come when you will need to step up and ask for a raise. Salary negotiations can be daunting but definitely necessary. To ensure that you are fully prepared to ask for a raise read our tips on how to do salary negotiations.
What is Salary negotiation?
Salary negotiations are discussions that are held between you and the Human Resource Manager of a company where your aim is to get higher pay than what the company is offering. This discussion can be also carried out by your direct manager.
These discussions are usually carried out when employees feel that they are not getting satisfactorily compensated for the work that they are doing for the company.
Salary negotiations can be carried out both by current employees or a new hire. Whatever be the case, salary negotiations should be carried out in an objective way and should be backed up with enough data.
How to find out your work's worth?
You want higher pay and so your company should raise your salary. It doesn't work that way. You will have to argue your case and present your manager with some facts and data on why they should give you a pay hike.
However, before going for the salary negotiation you have to first do some research. This research should include the average salary that people get who have the same job role as you. You should find out the salary of people who have the same experience and qualifications as yours.
If you want to check out different jobs and their salaries you can visit Lensa jobs.
While you are conducting this research do remember that salaries vary with the type of industry, geographical location, and seniority.
Lastly, remember to be realistic with your salary expectations.
Let's check out the best salary negotiation tips:
1) Wait for the right moment
When you find out how much more you should be getting, wait for the right time to bring it up. For example, if the salary negotiation comes up in an interview then wait until the employers select you and make you an offer.
2) Give them a salary range than a number
When you are asked about your expected salary provide a salary range rather than a number. This range should be based on your research on what others in your field are getting.
Dropping just a number seems a bit rigid on your part. However, when you give a range it leads to more smooth salary negotiation and offers recruiters to reach an acceptable compromise.
3) Back up your salary demand with data
If you are pressed to give out a number, then tell your expected salary range. You can also subtly mention the average salary that people who have similar jobs are getting. Only do this, if it helps with your case.
Discuss the responsibilities that you will have to undertake and how you are the best person to fulfill those responsibilities.
Do not discuss your personal financial needs when you are negotiating your salary.
4) Do not be in a hurry to say 'yes'
If you are not sure that you like the salary offer made by the company then do not be in a hurry to say 'yes.' You can take some time to think about it. You need to be clear if you are really willing to undertake the responsibilities with that pay. If you want them to make a better offer you can say it, but be very careful here as the employer may move on to the next candidate.
5) Negotiate the benefits
If an employer doesn't want to negotiate the salary then you can try to negotiate with them on the employee benefits. For example, if the employer is willing to give you a flexible working schedule or is willing to allow 'work from home' once in a week then it can be a good deal even with low pay.
6) Practice your salary negotiation pitch
You will need to practice your pitch before the actual negotiation with a friend. This is because it will allow you to put your point nicely in the meeting. Practicing your pitch will increase your confidence and will enable you to prepare for any counter questions that may come up in the real meeting.
7) Be gracious in your discussion
Salary negotiations are a time when you don't want to come across as demanding or even worse ungrateful. Therefore, you need to make sure that you highlight your issue, but in a gracious way.
Carryout out the conversation in a graceful manner and give all the logical reasons why you deserve a raise. Further, always try to communicate that you appreciate the opportunity to be able to work with the company.
8) Be confident
It's very important that you present your case with confidence during salary negotiations. You have to have your game face on. Practice your salary negotiation pitch before so that you are confident when you discuss it with your manager. Confidence is required if you want to convince the management that you deserve a pay raise.
9) Saying 'no' is an option
If you are going for a job interview and you later find out that the pay they are offering is very low then it is ok to say 'no.' You don't have to accept an offer where you have to work too hard but the salary doesn't justify the hard work.
However, you need to be in a good place or have a better offer from somewhere else if you are thinking about declining a job offer right away.
10) Get the salary offer in writing
Remember that discussions that end in your favor are good but it only matters when you have the agreement to salary raise in writing. Hence, request the employer to mention the salary offer in writing.
Final Thoughts
There is no doubt that salary negotiations are nerve-wracking but they are necessary. Hence being prepared and having enough data to back up your reasons for the raise are crucial.