The Do’s And Don’ts Of Salary Negotiation

There comes a point when you’ll be asking yourself the following questions: Should I tell them about my wage range? Will they think I am asking too much? What if this scares them away?

These are frequently the most popular questions that job seekers ask themselves during compensation negotiations, particularly for new positions. If you want to earn what you deserve, you must first understand how to do so properly.

Check this article to see how best to answer the question – ‘What’s your expected salary? in an interview’

These do’s and don’ts for negotiating job offers and raises can help you receive the greatest income possible.

So, what should you Do?

Do your research –

• Before attending an interview, conduct extensive research on pay for positions similar to yours. Prepare to understand the average starting wage for your position, in your specific location, and for someone with your skill level. If feasible, research the salary ranges in that organization; check online, read reviews, and ask questions. Be realistic, however. Your bargaining power will be restricted unless you develop experience in your field.

Do point forth your value –

• During interviews or pay negotiations, always discuss what you contribute to the table. What skills do you have, and how will they benefit the organization? Before you invest your hard-earned money on a product or service, you constantly consider the value it will provide to you; the same is true for the job market. It’s a marketplace where people exchange services for a charge. How important are you, and what do you deserve? If the company does not realize your worth, you may be undervalued and underpaid. When you know your worth, you can negotiate with confidence. If you’re negotiating a job offer with a possible employer, explain how you plan to earn the income you’re asking for, using examples from previous positions. When presenting your case for a raise from your existing employer, mention any successes that helped to increase your employer’s bottom line; this will help to reinforce your case.

Do consider the entire package –

• Does the company have any other benefits to offer you? Are they worth taking into consideration? Salary is just one factor in the total compensation package, so don’t just get caught up in the number. Inquire about paid training, bonuses, days off, extra expenses, and so on. When all is said and done, the things that make your life easier, increase your skillset or save you time actually translate into more money.

Do provide a range –

• When negotiating for a new position, it is best to provide a range of wage expectations. This allows for more bargaining than using a single figure. Before you begin, decide how much you are ready to compromise and what you will do if your company or possible employer does not provide a fully suitable pay. Perhaps request more advantages, such as more vacation time, data allowance, one day off every week, or even early closing once a week. Be flexible during your negotiating. Don’t be scared to seek guidance from older or more experienced coworkers. Before the interview or salary review, contact someone you trust and ask for guidance on what your range should be or how to approach the situation. This will provide you with vital guidance on who to approach and how to present your case, as well as possible historical precedents for bargaining in your role.”

Do ask for advice –

• Don’t be afraid to ask for advice from older or more experienced colleagues. Reach out to someone you trust before the interview or salary review and ask for advice on what your range should be or how you should go about it. Doing this will allow you to gain some valuable advice about who to approach and how to make your case, as well as some possible history on precedents for negotiating in your role.”

What are the DON’Ts?

Don’t look at how much your friends are making –

• It is very wrong and unprofessional to compare your salary with that of your friends or colleagues when negotiating. Make your case for yourself and only use YOUR accomplishments as justification for your salary request. You may be envious of your friends and acquaintances who have higher salaries, but many factors make it hard to compare. Do they work in the same company? Do you have the same job description? Do they take up more work than you do? Do they have more impact? These are questions you should ask yourself before comparing and answer honestly.

Don’t be afraid –

• Be confident when negotiating, as long as you know what you’re bringing to the table then why not? Don’t be afraid to ask about other benefits the company can provide, as well as future raises and bonuses. Do try to obtain other concessions (shorter review time, better title, better workspace) or benefits (bonuses, vacation time) if you aren’t successful at negotiating a salary you want.

Do not rush the conversation –

• You are not compelled to accept, reject, or challenge a job offer on the moment. When asked: “What is your salary expectation?” Take a few seconds or perhaps minutes to consider it. When responding, mention “Considering the job description and workload…” This will improve your offer and leave room for bargaining. If you’re offered an offer on the spot, don’t rush to accept. Instead, thank the hiring manager and let him/her know you’d like some time (no more than 24 hours) to review the offer before responding with your acceptance or negotiating requests. Just make sure to react in a timely manner or you may lose the deal.

Don’t talk about your expenses –

• When negotiating salary with a potential employer or current employer, don’t tell the story of your life, don’t list out personal expenses as justification for your request – this doesn’t cut it. While these concerns are all valid reasons for needing more money and may have even been the motivation for trying to negotiate your salary in the first place, it is irrelevant to the employer. Focus on points that actually matter – your skills, your accomplishments, your plans and projections.

Don’t be a dictator –

• It’s a conversation/negotiation, don’t drop a figure and say “that’s that”. Money is a sensitive subject, but you should never let a company have full control over your worth. Be both knowledgeable and understanding when discussing a salary negotiation. Information is power, once you have all your facts right and your value in check, you can then easily navigate through the negotiation process.

It is also important to remain respectful, even if the offer is well below what you think you deserve or are willing to accept. Don’t make threats during a salary negotiation. Threatening to quit your job will never get you the raise you want, and is extremely unprofessional.