During a time when there is so much talk of unemployment and job cuts, those looking for work can often feel they have to jump at the first job that comes their way, and possibly even worse than that, accept the first salary offer given too.
Believe it or not, whatever the state of the wider economy, any job or salary offer you receive should be open to some form of negotiation. Let us give you some useful pointers to ensure you have the best chance possible of netting the type of salary you want, and deserve.
Do Your Research
Before you go all guns blazing demanding more money, you need to have done your research, and have full understanding of the situation. You need to know:
How much are people normally paid for the position you are going for industry wide? – Is the offer much higher or lower than the market norm? Without knowing what people are generally paid for the type of work you would be doing you cannot really judge whether the salary offer is high or low.
What are other people within the company earning?- Ideally you want to find out what other people within the department are earning so you can see whether you would be starting out on a much lower wage then them, or whether you would be starting on more of an even keel. You need this information as if you are offered more money than other people within the department, you may be pushing your luck asking for much more. If however you are particularly qualified for the job it may be more acceptable.
How qualified are you? – The amount of experience or qualifications you hold will be a key in how much negotiating power you have. If you have a ton of previous experience you will be in a much stronger position than someone who is just starting out. Be sure you are clear on what value you bring to the table so you can use this in your discussions.
How interested are they? – This is a bit of a judgement call. The more interested a company is in employing you the more scope you may have to negotiate a higher wage. How many interviews have you been on with them? Are you a long way into the interview process? Has there been a firm job offer? Try to get a feel for how much the business wants you on board and try to use this as a barometer for negotiations.
Next you need to have a clear understanding of….
How Much Do You Want To Earn?
Without being clear about how much you want or need to earn you will never be in a position to negotiate one way or the other. Make sure that ahead of any salary discussion you have budgeted and know the figure you are aiming at.
This will also give you a marker so you can consider strategies such as pitching your offer slightly higher than what you would be happy with, in the hope of hitting your target figure as a compromise.
What Are The Benefits?
On top of a financial element, often your salary package will also be made up of other benefits such as health insurance, company pensions, and flexible hours. Would you be prepared to take a slightly lower wage in return for some of these extra benefits?
These extra features can often be very useful in salary negotiations, and should certainly be considered as part of your battle plan.
Be Confident
When you are discussing finances you must always remain confident. You are trying to prove how effective and valuable you are to the business so shuffling around and looking at the floor whilst asking for more is probably not a great idea.
With this in mind you should also make sure you pick the right time to discuss the subject of money. If you are in an interview wait until the subject is brought up, or until the panel ask if you have any questions. Make sure there is time to converse about the situation, as waiting until you are half way out of the door at the end of the meeting is also not going to give you the results you require.
Talk About Them And Not You
An employer wants to know what you can offer them, and why paying you more money will be a wise investment for their business. Hearing that you have a wife and a baby on the way is not going to persuade them as much as hearing you have 10 years experience, and a world class track record in your area of expertise.
Make a note of everything you can bring to the table as an employee and use it during salary discussions. The more value you off the more you can justify higher wage demands.
Just Do It
Many people hold back from asking for more money because they are afraid they will upset the bosses, or that they will not offer you the job based on your demands. The truth is that many employers will be impressed by the fact you have used your initiative and that you value your time and talent highly.
Yes there may be some occasions where you salary requirements will not be met, or times when companies may revoke job offers based on your standing. What you need to think about is this. If they did not value you enough to pay you what you’re worth, are they really a company you want to work for anyway?
As long as you do your research, put forward a strong and defined reason for your wage requirements, and present yourself in an eloquent, efficient, and respectful way, no business is going to resent you asking for a little more money than what is first offered. In fact many businesses will actually expect you to.
To read other articles by Timothy Ng visit Your Balance at Lifestyle Careers.
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