So you’ve got a new job offer, and you’re excited – but there’s one thing standing in your way of accepting it: the salary.
You’re unsure what to say in salary negotiation, and you don’t want to risk losing the opportunity altogether. Don’t worry – we’re here to help!
In this guide, we’ll walk you through everything you need to know about negotiating your salary, including tips on preparing for negotiations, what to say, and how to deal with objections. Let’s get started!
Become Familiar with Your Industry Salary Trends
Doing your research is the first step in the negotiation process. This is especially important for salary because you need to know the going rate for your position and experience level.
The best way to find out this information is to talk to people in your network who work in similar roles.
You can also consult salary reports from industry-specific organizations or online resources like Glassdoor.
Once you understand the average salary for your role, you can start to think about what you want to ask for.
Think About What You Want – and Need – to Earn
When deciding on a salary, it’s crucial to differentiate between what you want and what you need to earn.
Figure Out What You Need to Earn
Your next step is to figure out how much money you need to earn to live comfortably.
You can start by making a list of your monthly expenses, including things like rent, food, transportation, and insurance.
Then, factor in things like debt payments and savings goals. Finally, don’t forget to account for taxes!
After you have a clear understanding of your monthly expenses, you can start to think about what salary you’ll need to cover them.
Figure Out What You Want to Earn
Now it’s time to start thinking about what you want – not just what you need – to earn.
You might be living with family now, but what if you want to move out and own an apartment?
What if you want to save more or travel more often?
You also want to think about any long-term career goals. For instance, you might be a graphic designer but have the dream of becoming a senior designer after 5 to 7 years.
This is all-important to consider when thinking about your desired salary.
However, keep in mind that what you want and need are two different things – and it’s essential to be realistic in your expectations.
Build Your Case
Now that you know what you want and need to earn, it’s time to start preparing for salary negotiations.
You’ll need to build a strong case for why you deserve the salary you’re asking for. This means having a solid understanding of your skills, experience, and accomplishments.
Start by making a list of your key strengths and weaknesses. Then, think about specific examples of times when you’ve used your strengths to achieve success.
It’s also helpful to have a list of your accomplishments, whether they’re professional or personal.
For instance, maybe you led a team project that saved the company time and money. Or maybe you learned a new skill that helped you complete a project more efficiently.
These are the kinds of things you’ll want to highlight for a higher salary in your case.
Consider Perks and Benefits
In many cases, salary isn’t the only thing you can negotiate.
Perks and benefits are other areas where you might be able to get what you want – so don’t forget to ask about them!
Some examples of perks and benefits include:
- Health insurance
- Vacation days
- Flexible work hours
- Retirement benefits
- Bonuses
Remember, it never hurts to ask – so don’t be afraid to negotiate for what you want.
Practice Your Delivery
Once you’ve built your case and decided what you want to ask for, it’s time to start practicing your delivery.
Remember, the goal is to be confident and assertive – not aggressive.
For instance, if your potential boss asks why you deserve a higher salary than what was offered, be prepared to give specific examples of your recent successes and how you’ve contributed to your company.
You might say something like, “I led the team that saved the company time and money on the last project. I’m confident I can continue to deliver results like this in the future.”
Don’t forget to listen to what your potential boss has to say. They might have valid reasons for not giving you the salary you want.
However, if they’re open to negotiating, be prepared to discuss your case and reach a compromise that works for both of you.
Don’t Drag the Negotiation on for Too Long.
If you’ve made your case and the other person isn’t budging, it might be time to move on.
Remember that there are other factors to consider when accepting a job offer, such as the company’s culture, the work-life balance, and career growth potential.
A lower salary might be worth it if the job is a good fit in other ways.
If you’re not happy with the offer, it’s okay to say no and keep looking for something better.
The most important thing is to be confident in your decision and trust your gut.
Ask for Written Documentation
If you successfully reach an agreement, be sure to get everything in writing. This will help avoid any misunderstandings down the road.
Be sure to include the following:
- Your job title
- A detailed description of your responsibilities
- The salary or hourly wage you agreed upon
- Any perks or benefits you negotiated, such as vacation days or flexible work hours
Once you have this documentation, read it over carefully and make sure you’re happy with everything before you sign it.
Maintain a Positive Attitude
Throughout the entire negotiation process, it’s essential to maintain a positive attitude.
Getting defensive or angry will only make the other person less likely to give you what you want.
Instead, try to stay calm and confident and respect the other person’s position. If you want a better starting salary option, don’t be afraid to speak up and don’t immediately accept what’s put on the table.
If you have the necessary skills and expertise to back it up, then you should go for it!
What’s the Bottom Line?
Negotiating your salary might be a daunting task – but it doesn’t have to be.
By following the steps in this guide, you can be confident and prepared when it comes time to ask for the salary you deserve.
So don’t be afraid to negotiate – your wallet will thank you!