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THE ART OF SALARY NEGOTIATION

Salary negotiation is an art that can be mastered over time, yet many people take it lightly. Many questions come to our minds when we think of salary negotiation. A few of them are: What should I say? Am I asking for too much? Will it threaten my position? How to convince my employer that I deserve higher pay? If you get into the room with your boss for a meeting without having clear and concise answers to these questions, it is very likely you will not come out happy after the meeting. But don’t worry, you haven’t scheduled a meeting yet, it was just a scenario. In this article, we will explore the art of salary negotiation and will share some proven tactics to get the desired compensation in this competitive job market.

Know your worth

If you don’t know what you bring to the table, there are chances that people around you may underestimate your value. This applies to every corner of our life. When it comes to salary, knowing our worth is crucial. Check on Glassdoor, and Indeed about the compensation for a role like yours in a region where you are employed. You should also know how your skills and experience can impact company positively. During negotiation, talk about your achievements at companies before or in the same company if you are asking for a raise. It’s better if you show some data in the form of a presentation.

Research the market

Market analysis is another important factor that can put you in a stronger position while doing salary negotiation. We all know that not every company has the same bandwidth for competitive compensation. Different things impact company’s ability to pay competitive wages like the size of the company, the nature of the business, annual revenue, etc. We should always check what our competitors are paying for the same role. If you are negotiating salary in a company whose competitive is Google, you will aim for bigger numbers. But when it comes to smaller companies, overall compensation may not be as high. But still, gather some data in the form of numbers, and try to be rational while negotiating your salary.

Timing is everything

Asking for a raise at the right time is also important. If you want to negotiate your salary in a new company, ensure you are doing this after receiving a job offer. This approach ensures that the company is genuinely interested in hiring you. If you are looking for a raise or promotion in a company where you are already employed, you should do it when circumstances are more favorable for you. Don’t get into a salary negotiation conversation if it’s peak season and the company is struggling to meet deadlines. Patience and strategic timing can significantly impact your negotiation position.

Create a strong pitch

Create a great elevator pitch that showcases your experience, successes, and how you can advance the business. Prepare responses for any potential objections or worries the employer could express.

Think beyond financial compensation

Don’t limit your salary negotiation to base pay. There are other perks that one shouldn’t ignore like stock-sharing options, remote work, tuition reimbursement, child benefits, etc. A well-rounded total compensation package may result in more job satisfaction and work-life balance. So always look for perks that may enhance your total compensation package.

Set clear expectations 

Before getting into the talks, determine a clear and precise salary figure you think you are worthy of and the lowest you are willing to accept. This will avoid any confusion during the conversations. Prepare facts and examples to support your request.

Be polite and professional

Negotiations take time and you may need to wait before you reach a final agreement with your employer. It’s important that you maintain patience throughout the process and always be polite and professional.

Be ready for a “no”

There is a possibility that your request may get denied. It’s therefore important to be prepared for rejection. If the employer is unable to meet your expectations, look for alternatives. Consider negotiating for additional benefits like performance-based salary review, stock sharing options, etc. If the employer’s offer falls significantly below your expectations, it’s important to reassess whether it aligns with your long-term growth or not.

Take a Long-Term View

Consider the effects of your remuneration package over the long run. Will it aid you in achieving your financial and professional goals? Don’t just concentrate on immediate advantages. If you are earning well, you may put more money in your savings and can retire early. Our salary determines a lot of things in our life. Don’t leave money on the table, which may be yours if you are confident enough to negotiate.

Get everything in writing

If your employer agrees to offer you a raise, or any other perks, ensure that all the negotiated terms are in writing. This will help you to prevent any misunderstanding in the future.

Don’t share good news with your colleagues

If you succeed at getting a raise, avoid sharing this news with your colleagues as it may create a conflict and they will also start asking for a raise. You can simply avoid this by saying that you are not allowed to share this with anyone in the office.

Seek External help

If you are unsure about the negotiation process and are not confident enough to win the agreement, it’s better to seek external help from a career coach or a mentor.

In the end, we can say that one can be an excellent negotiator with practice and planning. By mastering your salary negotiation skills, you can increase your earning potential which will obviously impact your lifestyle positively. To ensure that you are paid appropriately, you should know how to ask for it. So, start negotiating! For more, visit Appoint Staffing.

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