Salary negotiation is a discussion of payment adjustment between employee and employer. Furthermore, it is a natural phase of any job where the employee wages need to increase over time.
Regardless of how long you’ve been working, you become more valuable once you have more experience and training. Therefore, your salary increment reflects your self.
If you think that your salary doesn’t match the value you give, you have to be brave enough to negotiate to get what you deserve.
However, according to Salary.com’s survey, only 37% of workers say they always negotiate their salary.
Why is that? Because they are scared.
Starting salary negotiations can be uncomfortable, nerve-racking, and tricky if you’ve never done it before.
Thus, knowing how to negotiate salary offers is a valuable skill to know. Like any other skill, it requires practice and preparation to succeed.
This article will help you overcome these concerns to get the pay rise you deserve.
Here are four tips for smooth salary negotiations
Research The Market Average
Before talking about salary negotiations, You need to do some research. First, every employee needs to know the fair market value in their industry.
In this case, you can use this information to support the negotiations and respond to the counteroffer.
It helps you to evaluate the opportunities more effectively. Moreover, it makes your negotiation session more confident.
You can find the latest salary benchmarks and market averages by exploring the job sites like Indeed, Glassdoor, Payscale, etc.
In addition, you may choose to ask people that get paid in similar roles as you.
Remember that the average salary is not only related to your office’s country and geographic location. But also in other states or cities.
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Know Your Worth
Before starting the salary negotiation with your recruiter, it is critical to know your worth.
Besides, this is an excellent chance to showcase your skills, experience, and education to the company.
Moreover, sharing your accomplishments and contributions to your previous or current job(s) will help your case when you negotiate your salary.
However, when you do so, remember to project yourselves humbly.
Ask for a Salary Range
Another successful tactic of salary negotiation is to give a slightly higher range instead of an exact number. Thus, you don’t get stuck on one amount.
If a junior data scientist makes around $570 – $1400k in your region, you can ask for $600 – $1500k and aim for the higher end of that range.
Once you provide a salary range, the recruiter usually will negotiate down. So, you must ensure the correct and fair number.
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Consider Other Incentives
Though salary may be the most important factor for some, it’s just one element of most compensation packages.
For this reason, a company’s benefits package should be considered.
Depending on the situation, the company’s benefits might be higher than the salary. In this case, other benefits may include:
- Work flexibility
- Health and dental coverage
- Retirement plan matching
- Annual bonuses
- Attractive paid time off (PTO) policy
- Company-sponsored professional development opportunities
Hence, it is crucial to consider these benefits before negotiating your salary.
Pick The Right Time
Picking the right time before negotiating the salary is essential. While it´s acceptable to negotiate over email, a face-to-face conversation is highly recommended for this situation.
Speaking in person allows you to have a back-and-forth conversation and avoid misunderstanding by clearly communicating your goals and needs.
Once everything is laid out, you can schedule a time to talk with your hiring manager or employer.
Most employees prefer to wait until the performance review season to discuss the pay raise.
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In conclusion, salary negotiation is a normal phase of any job path. If you’re not ready, the salary negotiation can be a challenging experience.
Nonetheless, it is an important skill you must learn for your next career step.
Following the salary negotiation tips above can help you to be ready to maximize your chances of getting the salary you’re after.
Finally, it’s essential for job seekers to come to the negotiation table knowing what they deserve and how to demonstrate their worth.
During the process of negotiations, don’t be afraid to be assertive and confident, but try to balance it with being diplomatic.
While this is a mutual process, you’re in a great position. Arm yourself with research and confidence and negotiate your way into their hearts.
They’ll be lucky to have you.
Do you want to elevate your job search? Elabram is with you all the way. Check out our job portal page to submit your resume or browse our current job listings.
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