Negotiating salary is countering the offer the company you are applying to has recommended. A company will usually offer thelowest amount of pay possible, known as low balling. One of the common reasons being that if the person applying wants to negotiate, they aren’t upping an already high salary. Companies often expect you to negotiate salaries for a few reasons. It shows that you have done your research about the position, that you know what you want, you know what you are worth, and your level of determination to get a job done.84% of employershave more respect for employees that have negotiated their salary.
Are you negotiating a job offer or an increase in pay in your current role? If so, a lot depends on what you do now, before you even begin salary negotiations. Do your homework, and you could wind up with more money in your pocket and maybe some life-changing perks and benefits.
Who Can Negotiate? Anyone and Everyone!
Often in the working environment when we see salary negotiations, it is men that do the negotiating. According to multiple publications,67% of womentend to avoid salary negotiations compared to33% of mendue to sheer nervousness. Women have reported that they often fear to ask to negotiate a payroll because of the glass ceiling effect, which is when women receive lower salaries than men for the same position. Employers often negotiate much harder with women for higher wages than with men, causing women to concede with their counteroffers.36%of men compared to26%of women negotiate their salaries. It is the best time to change this, and women need to negotiate for what they deserve.Negotiatingsalary.comoffers insightful advice to everyone especially women that are new to the negotiating game.
How Much Are You Worth?
Especially if you are negotiating with a prospective employer, you should find out how much your skills and experience are worth in today’s job market. You should take the time to research salaries long before you even begin discussing pay. That way you will be prepared to make your case and land a job offer that is practical and reasonable.
What Are Salary Negotiations?
Salary negotiations involve discussing a job offer with a possible employer to settle on a salary and benefits package that’s in line with the market.
The most fruitful salary negotiations occur between people who realize that they have a common goal: to get the employee paid appropriately for their skills and experience.
Negotiations needn’t be adversarial. And no one has to get aggressive. If you are a reluctant negotiator, it may help to keep in mind that you are on the same side.
Negotiations could include all aspects of compensation, including salary, rewards, stock options, benefits, perks, vacation time, and more.
Calculate Your Take-Home Pay
When you are considering a job offer, it is significant to know the bottom line. How much will you be bringing home after taxes, and contributions to health insurance and retirement benefits? That number is your net pay.
You should use free salary and paycheck calculators to estimate your net pay and figure out roughly how much you will bring home in your paycheck. It is necessary to get a ballpark figure before you negotiate or compare job offers.
Salary Negotiation Tips
- Wait for the Appropriate Time:When you know what youshouldbe earning, how do you go about getting it? Start by being patient. When interviewing for a new position, you do your best not to bring up compensation until the employer makes you an offer.
- Resist Throwing out the First Number:If you are asked what your salary requirements are, they are open based upon the position and the overall compensation package. Or tell the employer you would like to know more about the responsibilities and the challenges of the job before discussing salary.
- Base Your Salary Request on Data:If you are forced to give a number, provide a salary range based upon the research you’ve done up front. Use this research to inform your negotiating technique. Talk about what is appropriate for the role, based on your experience and what you have to offer. Resist the temptation to discuss your personal financial needs.
- Take Your Time:Once you have received the offer, you don’t need to accept or reject it right away. A simple “I should think it over” can get you an increase in the original offer.
- Consider Saying No:If you are ambivalent about the position, a “no” can bring you a better offer. Just be cautious not to decline the job you want. There is always a risk that the employer may accept your answer and move on to the next candidate.
- Negotiate Benefits:Consider whether many employee benefits and perks might be negotiable, even if the salary isn’t. For instance, the employer might be willing to offer you telecommuting privileges once a week or an alternate schedule. Depending on your preferences and situation, arrangements like that may be worth accepting a slightly lower paycheck.
Negotiating a Raise
- Prepare:If you are employed and want a raise, start by being prepared. Gather your salary research, average raise data, and recent performance appraisals that document your achievements, and any other relevant information. Be aware of company policy regarding compensation. Many employers are limited by budget constraints and can only give raises at certain times of the year, regardless of the circumstances.
- Have a Clear Idea of What You Want:Determine the wage range you are looking for and the support for the raise and have both ready to evaluate with your supervisor.
- Be Flexible:Would you consider an extra couple of weeks of vacation instead of an increase? I remember someone who has regularly taken time-off instead of money and now has six vacation weeks a year.
- Request a Meeting With Your Supervisor to Discuss Salary:Present your request, supported by documentation, easily and rationally. Don’t ask for an immediate answer.
Your boss is likely going to have to discuss it with Human Resources or other company managers.
What to Do If the Employer Won’t Budge
In spite of your best efforts, there might simply not be enough money in the budget to increase your salary or compensation package offer. The company may also not want to invest inequities by paying one person more than others in a similar position.
In that case, you could at least know you tried. Plus, if this is a job you think that you are going to love, consider whether the company culture, the benefits, and the job itself is worth it regardless of the salary.
Negotiating a payroll is never easy, but as you gain more experience in the workforce, you will understand that it is a common practice. And the process of negotiating is something you will become more confident in doing. While negotiating is a great skill, there are times when you shouldn’t. Some companies explicitly state that a salary is non-negotiable and in this case. If you try to negotiate, it will backfire. Make sure you remember three things: be confident about what you could offer the company, don’t be greedy, and know the limitations of the company you are applying to, and you will be fine!
Learning how to negotiate your salary is one of the many touchstones along your career path. The more prepared you are for the challenges, the better you will fare. Could you use extra help in this department? Join HowtoNc today. As a member, you can get career advice and job search tips emailed right to your inbox. From updating your resume to applying to jobs at top companies to getting promoted, we can help you navigate your way up the ladder.
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