Asking for increased compensation when you are being considered for a new position or during a performance appraisal can be a daunting task. Yet, it is a discussion that could bring a better salary and improved benefits to you and your colleagues. Entering the discussion with some basic negotiation tactics makes the process much more convenient. To achieve the aims of negotiation and feel content with the negotiated pay, follow these tips.
Do Your Research
Before entering into any salary negotiation, find out about the average pay and benefits associated with the rank, experience, and position like yours in your geographical location or sector. Some popular websites that offer free salary information include Glassdoor, PayScale, Salary, and LinkedIn. You will be in a better position to negotiate if you’re aware of the going market rate for what companies offer for the post.
Figure Out Your Worth
Define the lowest salary level and non-salary perks that you would agree to. What are your monthly household income and expenses, and what lifestyle are you willing to maintain? Compare yourself with other people holding similar jobs based on the salary data you gathered. Consider your skills acquired after your last promotion and the current market rates for a similar position. This means establishing your walk-away point, which helps you determine whether an offer is sufficient to meet your needs.
Practice Your Pitch
Gather evidence on what you do or accomplish that truly deserves a raise and align allies who will back you up. Were all the performance targets set during the last review achieved? Did you increase your role in terms of responsibilities? Do you have specialized skills that are currently in great demand? What have you done that you are proud of? Role-play the following scenario: Explain in detail how you have brought value. For instance, estimate how much value you create for your users and how much money you save them. Timing your case is easier if you prepare ahead in order to ask for more money.
Launch the Negotiation
Finally, when you are presented with the offer, be enthusiastic about the job. Say: “I appreciate your offer, and I am glad you want me on board.” “Considering how my background fits the [job requirements] and [achievements], my expectation of the pay is slightly higher than [reasonable higher amount with justification]. Is it within the approved salary range?” Wait for the response before accepting or rejecting the offer.
Discuss Benefits
Besides pay, be sure to discuss other incentives that can enhance the deal if the salary does not increase to the extent you desired. Some common topics that may come under negotiation are paid vacations, telecommuting schedules, personal development funds, flexible hours, and health-related incentives. Determine which of the benefits make the most difference to you. Clarify your health insurance options, life insurance plans, and whether you’ll be contributing to a retirement plan as well.
Writing a Thank You Note
Subsequently, compose an email expressing gratitude for the offer with an extended invitation to become a part of the organization. This positive gesture assures there are no grudges or bitterness arising from the negotiating process. After the employer and the employee have agreed on certain parameters of the contract, such as pay, this information is encapsulated in a legally signed employment contract to avoid misunderstandings.
Stay Prepared
Even after you have been hired by a company, do not relax since there are others out there competing with you. Document achievements, gain new knowledge on the best practices currently in use, and set challenging performance targets. So when the next time you stand a chance to be reviewed or promoted, you will have other reasons to bargain for a raise. It is the process of constant training that enables you to keep enhancing your job and remuneration.
Additional Tips
Companies are very sensitive about wages and remuneration; it is always advisable to know the right moves and the right time to make them. Memorizing the tricks and strategies allows you to get the offer you need for the particular job. Salary negotiation is not a game or a process of gaining extra dollars. The goal is to ensure you are compensated adequately to make the best of your abilities. If handled strategically, it has the potential to compound benefits. To get paid your value requires confidence and preparation. Be clear on how much you are willing to pay for the asset, be tactful when negotiating, and be prepared with your counteroffers. Get that right, and it will be the sweetest success ever in the history books.
