How to negotiate salary
How to negotiate salary. It’s not unexpected that many people find it difficult to request higher pay once their job hunt is over and they are in possession of an offer. They don’t want to risk the opportunity now that they’ve made it this far, especially if the pay is fair.
However, as the 2023 Salary Guide From Robert Half notes, hiring in many markets has approached or even surpassed pre-pandemic levels. In addition, there is a lack of qualified professionals, which makes it more difficult to find top talent and raises wages.
If you don’t negotiate a compensation offer while having specific expertise and a strong resume, you can be passing up money.
Most recruiting managers will give you time to consider the offer and won’t demand a response right away. Do it, then! Here are eight pay negotiation techniques to help you politely and confidently request what you want.
How to negotiate salary
1. Become familiar with industry salary trends
You should go into a pay discussion as well-prepared as you can. Your best ally is information. Consult the Robert Half Salary Guide to gain a current, accurate picture of the compensation environment in your field. You can modify national values for your location by looking up the market rate for your position and experience level.
The Salary Guide’s sections on “hottest jobs” and “most in-demand talents” deserve special attention. If you discover that you are vying for one of those sought-after positions, you can answer more assuredly. If the company is having trouble locating someone with the necessary qualifications and experience, it may be possible to bargain for a higher salary.
2. Build your case
Don’t merely counter with a greater amount once you’ve received the pay offer. You’ll have greater success if you explain why you believe you deserve more, even if the study backs it up. Highlight your advantages and all the extras the company would receive from hiring you.
Write out specific instances of how your experience and skills will improve your new company’s bottom line before you negotiate your wage. Don’t forget to highlight any qualifications you may have, including certificates or particular technical abilities, that may improve your capacity to perform the job. Making a strong argument for why you should be paid more than the initial offer will be easier if you relate your talents to the role you’ll be taking on.
3. Tell the truth
When negotiating a pay, complete honesty is crucial. A recruiting manager learning that you created a rival job offer or exaggerated your prior earnings is the best method to have your offer retracted.
4. Factor in perks and benefits
Sometimes concessions on employee perks and benefits are made during salary negotiations. It could be less expensive for the employer to compromise on additional vacation days, flexible work schedules, or, especially in the modern workplace, a work-from-home schedule than a pay raise.
Think about what is important to you and what might enhance an offer.
Remember to directly compare health insurance coverage, retirement savings programs, and other benefits when weighing different offers in order to make an informed choice. Consider benefits like chances for professional growth with the desired workplace as well.
5. Practice your delivery
Asking a friend or mentor to practice the conversation you’ll likely have with the hiring manager with you may seem like overkill to some people, but it’s a wonderful idea. A business-savvy person who can train you on projecting confidence and responding to unexpected queries is the ideal companion, ideally from the corporate sector. It can help to practice your delivery numerous times before the salary talk so that you feel more confident.
6. How to negotiate salary: Know when to wrap it up
A fair employer won’t renege on an offer simply because you tried to bargain. However, dragging out the salary discussion can irritate the hiring manager and damage the beginning of your relationship. After several negotiations, if the organization is still unable to satisfy your needs, politely resign and concentrate on alternatives that more closely match your desired level of income.
7. Get everything in writing
Once the hiring manager and you agree on a remuneration plan, request formal confirmation. Along with the salary, it should also detail any unique agreements, like a signing bonus or allowance for moving costs, as well as a job description and a list of duties for your new position. Make sure the employer and you both sign the contract. If not, ask for some sort of informal documentation. Some employers may automatically include this as part of an employment contract.
8. How to negotiate salary: Stay positive
Keep in mind that most managers also dislike bargaining. Your potential employer is not your foe. You will be able to handle these discussions more skillfully if you keep your tone upbeat while negotiating compensation and benefits.
You must request a higher starting wage if you want to receive one. Too frequently, job seekers take the first offer that is made to them. Employers, however, are keen to add team members with the particular skills and expertise that can benefit them best, regardless of how strong or unpredictable the economy may be. Your success in a pay negotiation depends on your preparation, tact, and confidence.