Whether you’re about to start a new job or you’re about to renew your contract at your current job, you know the necessity of salary negotiation. But many people, despite their awareness of this matter, remain silent and do not demand any increase!
In fact, a survey conducted by Salary.com showed that only 37% of employees negotiate their salaries, while 18% do not, and worse than that, 44% of them do not openly discuss the issue of promotion or salary increase throughout their careers. The main reason behind this is fear, but what is really scary is not taking this step that may contribute greatly to the development of your career in financial terms.
Whether you are a young man or a young woman, and whether this is your first or tenth job, it is time to learn salary negotiation skills and start applying them immediately, as we have collected for you in today’s article the most important tips that will put you on the right path in this field.
First: the preparation stage.
1- Know your worth.
If you want to get the salary you deserve, you must first know the average salaries that are paid in your field of specialization, in the position in which you work, and in the geographical area in which you live. If you walk into a meeting room without a set salary figure you want, you are at the mercy of an experienced hiring manager who can control the course of the interview. Be sure to do an online search using sites like Payscale or Glassdoor, or by asking people in your industry.
2- Choose the highest value.
When you research the salaries of people in your position, you end up with an average between two values that represent the minimum and maximum salaries. You may think that the most appropriate thing to do is to demand an average salary that falls between the two values, but the best is undoubtedly to demand the higher value! Why? Firstly, because you must have enough confidence to believe that you deserve the best, and secondly, because you must realize that the employer will undoubtedly negotiate a lower value for you, so you must ensure that you get a suitable salary even if your manager decides to give you a lower salary than what you asked for.
3- Choose an accurate number.
Based on research conducted at Columbia Business School, you must be very precise about the salary you are asking for, as the research shows that instead of claiming a salary of, say, $65,000, you should be asking for $64,750!
It turns out that when employees ask for an exact amount during their initial negotiations, they’re more likely to get a salary that’s closer to what they want. The reason behind this is that when employers see an exact number like the one above, they assume you’ve done some thorough research on it. Your value in the market allows you to reach such a number, which makes them more willing to pay such an amount.
4- Make sure you are ready.
Before you ask for a salary increase, make sure that you are fully prepared for this step by asking yourself the following questions:
- Has it been more than a year since you started working at this place?
- Have you taken on new assignments since you started working at this place?
- Have you ever had successes that went above and beyond simply completing the tasks assigned to you?
If your answer to all of the above questions is “yes,” then you are all set to negotiate a higher salary.
5- Choose the right time
Timing is an important factor in this process; if you don’t make the right choice, you will lose the opportunity to get a better salary. Don’t wait until the annual employee reviews to start negotiating salary, as your manager will have made crucial decisions. Rather, make sure to approach him about the matter at least three months in advance. Not only that, try to arrange a meeting with your manager to negotiate the salary at the end of the week, as many psychology studies indicate that the vast majority of people are less receptive to discussion at the beginning of the week, but with the passage of days they become more flexible and subject to negotiation because everyone has more time. Try to complete their work before the end of the week.
Second: the negotiation stage
1- Be confident in yourself.
How you enter the meeting room will determine how it all goes, so make sure you’re confident in yourself. Hold your head up high, put a smile on your face, and don’t forget to sit in a position of strength, as positive beginnings often lead to a positive ending as well.
2- Talk about what you can offer the company.
Before you start talking about numbers, be sure to mention what you have achieved and, most importantly, what you can achieve in the future. You can print out a list of the most important successes you have achieved during your past employment period and present it to your manager, and you can indicate the times when you have surpassed yourself and achieved above expectations. Also, do not forget to talk about the most important tasks that you would like to do during the coming period or the distinctive ideas that you are excited to achieve in the future.
3- Focus on the future rather than the past.
If you are applying for a new job, do not be surprised if the new employer asks you about the salary you were previously paid, which may be a bit difficult, especially if your previous salary was less than what you deserve. In such situations, avoid lying and explain honestly the value of the salary you were getting, but move quickly to talk about the future and what you look forward to in terms of growth and development in a new job, whether financially or professionally, in addition to clarifying your value in the market.
4- Avoid talking about your own circumstances.
During the salary negotiation, avoid focusing on your personal circumstances and needs, such as telling your manager to raise housing rents, increase gasoline prices, or double your expenses on your children or others, because such conditions apply to all of your colleagues, so why should your manager raise your salary only for you?
Instead, focus on convincing your manager that your performance is better than others’ by talking more about your achievements and successes that contributed to the development and advancement of the company.
5- Stay away from the threat.
The worst thing you can do during a salary negotiation is threaten the other party. Whether you are in a job interview for a job opportunity or in a meeting to renew your work contract again, in both cases you want to be part of this place, so stay away completely from using sentences in which you threaten to leave your job if you do not get a salary increase. Or statements that show you’ve had other, higher-paying job offers, where, at best, your manager’s response would be, “Then take one of those offers!”
It may seem difficult and impossible to do at first, but with training and repetition, it will become easier, and the more you negotiate your salary, the greater the possibility that your income will increase over time, so do not hesitate to start applying these steps and do not be afraid of rejection, because in the worst case scenario, you will receive a raise. Under all circumstances, your offer will be rejected, but if you do not ask and try, you will not get anything in return. Are there any other ideas you can use in the salary negotiation process? Please share your thoughts in the comments section.
Read also: What are the skills and elements of employee evaluation?
