One of the most stressful parts of applying for a new job might just be when it’s time to talk money. When an employer extends a job offer, they usually present you with a compensation and benefits package verbally or in writing. If you don’t feel the proposed salary aligns with your experience, career level and skill set, you would want to negotiate for more money or in other form of compensation. The last thing you want to do is open a new chapter in your career only to think that you’re getting paid less than what you’re worth.
Knowing how to negotiate salary offers is a valuable skill to have, this is to ensure that you’re fairly compensated for the work you do. Like any skill, it takes preparation and practice to do it well. Here’s how to negotiate the salary you want with confidence:
1. Know your value
It is important that you go into a salary negotiation by familiarising yourself with salary levels in your sector/industry – your most powerful ally is data! Apart from searching online, talk to recruiters about your job nature and pay expectations. You will learn what the current rate is for your position and level of experience.
2. Build your case
Do not just counter with a higher number. Explain why you feel you deserve more than what you’re offered. Highlight your strengths and give examples on how your skills and experiences will benefit the company.
3. Factor in perks and benefits
Do consider what is valuable to you and what would make an offer more attractive. Apart from negotiating for more money, factor in other form of compensation such as professional development opportunities with your potential employer.
4. Be specific in your numbers
Do not give a range, be specific. Never use the word “between” when negotiating as this suggests that you are willing to concede. The person you’re negotiating with will immediately jump to the smaller number. Thus, it is important that you know your value.
5. Practice makes perfect
As the saying goes, practice makes perfect. Rehearse and write down what you want to say, practice to a mirror, or with a friend until you feel comfortable and confident.
You are just as valuable to your company, as they are to you. Salary negotiations are part and parcel of every employee’s career. As long as you stay prepared, confident, professional and sincere, you won’t go wrong. Good luck!