We all know that we should be negotiating our salaries, whether we’re starting a new job or trying to get a promotion at an existing one.
About half of the males polled indicated they took the salary they were given without negotiating. In addition, two out of every three women do not discuss salary when they are offered a job.
What is the most important reason for not asking for more? Fear.
We understand that salary negotiations can be nerve-wracking. What’s more terrifying is not doing it.
How to Negotiate for Salary
Not everyone is born with the ability to negotiate. Salary negotiating, like price bargaining, is an acquired talent that necessitates a fundamentally different mindset. When it comes to bargaining for a better wage, the majority of candidates do a poor job.
Instead of accepting the first wage offer that comes your way, consider some of the following strategies and methods of How to Negotiate for Salary :
1. Know Your Worth
It’s critical to know the market rate for your position in your specific sector and geographic location if you want to earn the salary you deserve.
You can find this information by conducting an online search on sites like Linkedin or Glassdoor, or by asking people in your field (ideally both men and women, to avoid falling victim to the gender pay gap).
Read Also: How to be Happy?
2. Complete your Homework
Just because the pay offered appears to be sufficient to cover your expenses does not mean it is the industry standard. As a result, it’s vital to do your homework and figure out how much your job is worth before going into an interview and negotiating a higher compensation.
You can conduct your research by simply speaking with a recruitment expert who can provide you with the most recent information. Even if you don’t receive an exact number, a range is useful. With all of the hard statistics to back you up, you’ll be able to start a pay negotiation with a lot more confidence.
3. Ignore your Former Wage
If you are not a new hire, you should disregard your previous salary. It’s not quite correct to call it ‘salary negotiation,’ because you’re negotiating based on your last drawn salary. Ignore your former wage unless you believe you have gained no skill since your last employment.
4. Remember that practice makes Perfect
Practice, Practice. Practice. Write down what you want to say, then rehearse in front of a mirror, on camera, or in front of a mirror, or with a buddy until you feel completely at ease.
5. Remain Seated at the Table
Keep in mind that what isn’t negotiable now can be negotiable tomorrow. Interests and limits shift over time. “No—given how I view the world today,” someone says when they say no. A month later, that same person might be able to do something he couldn’t before, like extend an offer deadline or raise your wage.
Be open to continuing the discussion and encouraging others to revisit problems that have been left unsolved.
6. Take a look at Everything
Unfortunately, many people confuse “negotiating a job offer” with “negotiating a pay.” However, other aspects of the job that you can negotiate—perhaps even more easily than salary—will account for a large part of your job happiness. Don’t become obsessed with money. Focus on the total worth of the deal: duties, location, travel, work hours flexibility, prospects for advancement and promotion, perks, and assistance for continuing education, among other things. Consider not only how to negotiate for salary but also when you’re willing to get rewarded.
7. Be Willing to Walk Away
You should also come up with a “walk-away point” when considering your numbers—the last offer that is so low that you have to reject it. This could be based on financial need, market worth, or simply what you require to be satisfied with your current wage.
Walking away from an offer is never easy, but knowing when to do so is crucial—and being able to say “no” is powerful.
At the end of the day, salary talks offer no genuine guarantees. Aside from the potential value, you can offer to the organization, there are several factors to consider from the employer’s and HR’s perspectives, such as tight budgets and even tighter competition. With that stated, if you don’t try to negotiate your compensation, you’re doing yourself a disservice in the long run. So do your homework, enter a negotiation, and then continue the conversation.