You’re getting closer to securing a job with your dream company. But now it’s time to talk about your salary. Thinking about negotiating may make you anxious, which is completely normal!
If you’re afraid to talk about your salary, you’re not alone. Salary.com did several surveys that revealed a lot about salary negotiations. They found out that 59% of American professionals were apprehensive about talking about their salary.
They also revealed that only around 35% of professionals negotiate their salaries. Plus, 20% of American workers don’t negotiate at all!
On the flip side, 84% of companies said they expect you to negotiate your salary before accepting the position. It’s good news that employers aren’t offended by salary negotiations! The same is true for both when a worker gets hired and later after getting hired.
We can all agree that negotiating a salary is nerve-wracking. But that shouldn’t prevent you from getting your desired salary.
Here are some tips to keep in mind as you work hard to secure the salary you deserve.
1. Know Your Value
Before negotiating with the company, first, you must recognize your value. To determine the appropriate salary, check what other professionals are getting paid in your industry. Then, check a few sources to compare. It’s wise to make sure the latest findings are recent and not outdated since salaries change all the time.
For example, say you’re an anesthesiologist. Then, find out what the average anesthesiologist’s salary is. Understanding what the going rate is will ensure you’re prepared ahead of the meeting.
Keep in mind that your geographic location also plays a part, so include that in part of your research.
2. Get Coaching Along the Way
Be ready to tackle whatever comes your way by having a professional coach. A job coach can be a friend or, if you prefer, someone you hire to give you tips and prep you.
A coach can role play with you and offer suggestions on how to improve. For instance, it may be that you need to act more confident while discussing your salary.
Have a plan set in place and remember how to respond to conversation stumbling blocks that may come your way. By communicating effectively, it’ll set the stage for salary success.
3. Get the Know the People Interviewing You
What have you identified about the person interviewing you? Learning more about them during your conversations is essential. How well your meetings go may very well result in you getting closer to your desired salary.
Take note that negotiating with an HR representative is different than dealing with a potential boss.
You need to word things more carefully with a potential boss. If you end up getting the job, you don’t want them to be annoyed with you before starting to work there. But if you jive well, there’s no harm if you feel comfortable being candid about your salary.
Regardless, being well acquainted with the person across the table may increase your salary. Plus, there’s also the advantage that you’ll get to know the company better through its employees.
Be genuine as you gain insight into the person, but at the same time, use it to your advantage. For example, if you connect with a manager, they may be more willing to work with your salary or benefit request.
4. Ask the Company What Their Budget Is
You’ll be more successful getting the salary you prefer by finding out what their budget is. When negotiating begins, it’d be helpful if you were upfront. Asking them what their budget is for the position will save you both a lot of negotiation heartache.
From there, you can negotiate a salary that would be agreeable to you both. Or, walk away from the offer if the company’s compensation is nowhere near what you wish to get paid.
5. Ask for Other Benefits if Your Salary Isn’t Realistic
It’s important to take note that your salary goes beyond what you make every year. If the company can’t meet the base salary you wish to have, they may be willing to offer other benefits.
For example, they could do a sign-on bonus. And, if you’re relocating, the company may be willing to pay for your moving costs. You can also inquire about other benefits, such as more paid time off and life and medical insurance.
Having other benefits will make up the difference between the salary you want and their lower base salary offer.
Conclusion
Unfortunately, negotiating your salary is an essential step in the hiring process. You can’t ignore it! While it may give you anxiety, it doesn’t have to if you’re prepared.
Throughout the process, remember how valuable you are and voice your preferred salary with confidence. Getting coached and doing salary research are two things that can pay off big time. Literally!
So, don’t let fear hold you back from achieving your salary goals. If you have the skillset and understand your worth, don’t underestimate your value.
You deserve to achieve your ideal salary and thrive in your new position!