Many fresh graduates enter the job market hoping to land the job of their dreams.
As a job seeker, you may ask the following questions during salary negotiations: Should I tell them my salary range? Will they think I'm asking for too much? What if that scares them away?
If you want to earn what you deserve, learning how to negotiate the right way is essential. Use these dos and don'ts of negotiating job offers and raises to get the best salary possible:
The Do's of salary negotiations
- Do your research
When you're preparing for an interview, it's essential to do your research on salaries. Look into the average starting salary for your position in your specific location and someone with your experience level. If possible, try to find out the range of salaries in that organization. This way, you'll better understand what to expect and how much you can realistically ask for. Remember that your bargaining power will be limited until you have more experience in your field.
- Highlight your value
In interviews or conversations about a salary increase, always emphasize what you can contribute to the company. What skills do you have, and how will they benefit the organization? You wouldn't buy a product or service without considering how it would improve your life; the same goes for the job market. It's a marketplace, an exchange of services for a fee. How much are you worth, and how much do you deserve? Knowing your value as an employee is essential to be confident in your negotiation for a fair salary. If you're discussing a job offer with a potential employer, be prepared to talk about what you will do to earn the compensation you're asking for. If you're asking for a raise from your current employer, use examples of your past accomplishments that have contributed to your employer's business growth. This will help strengthen your case when presenting it to them.
- Consider the whole compensation package.
When negotiating your salary, it is important to consider the whole compensation package. Does the company offer any other benefits that are worth taking into account? Salary is just one part of the equation, so don't get fixated on the number. Ask about paid training, bonuses, days off, expenses, etc. The things that make your life easier, increase your skill set, or save time are worth more in the long run.
- Give a salary range.
When negotiating for a new role, it's always best to give a salary range instead of just one figure. This leaves more room for negotiation. Before beginning, decide how much you are willing to compromise and what you will do if your employer or potential employer doesn't offer a salary acceptable to you. Perhaps you could request additional benefits, such as extra vacation time, data allowance, one day off a week, or early closure once a week. Be flexible in your negotiation.
- Always ask for advice.
It's always a great idea to ask for advice, especially regarding something as important as a salary review or interview. Talk to an older, more experienced colleague you trust and get their opinion on what you should ask for or how you should go about it. This way, you can get great insight into who to talk to and how to make your argument, as well as some background information on how negotiating has worked in the past for people in your position.
The 'Don't' of salary negotiation.
- Don't compare your salary expectations to that of others.
Comparing your salary to your friends or colleagues is unprofessional and will not help you get what you want when negotiating; the only justification you should use is your accomplishments. It's important to remember that many factors make it hard to compare salaries accurately between people, such as: Do they have the same job description? Do they work for the same company? Do they take on more work than you do? Do they have a more significant impact? Be honest with yourself when answering these questions.
- Don't be afraid to ask.
Know your worth, and don't be afraid to ask for what you deserve - within reason, of course. If you have the skills and experience the company is looking for, you shouldn't have to settle for less than what you're worth. Other benefits and perks are also negotiable, so don't hesitate to ask about those! If you don't get the salary you want, try asking for other concessions like a better title, shorter review time, or a better workspace. You might also successfully obtain other benefits like bonuses or vacation time.
- Don't be pressured to answer.
Don't feel pressured to answer immediately when an employer asks you about your salary expectations. It's perfectly normal to think about your response for a few seconds - or even minutes. When you give your answer, try prefacing it with something like "Considering the job description and workload," which will show that you're thinking critically about the offer and leave some room for negotiation. If you're given an offer on the spot, it's perfectly okay to thank the hiring manager and let them know you'll need some time to consider it. Make sure you respond within 24 hours, or you might lose the offer.
- Don't discuss your personal issues.
When discussing your salary with an employer, keep the conversation focused on your professional accomplishments and what you can do for the company. Personal concerns or expenses are irrelevant to the employer and will not help you negotiate a higher salary. Instead, focus on your skills, accomplishments, and plans for the future. Keeping the conversation focused on your professional achievements will make you more likely to get the salary you deserve.
- Don't be absolute or rigid while negotiating.
Don't be absolute when it comes to salary negotiations. It's important to remember that this is a conversation and not a one-sided decision. It would help if you never let a company fully control your worth - be confident and understanding when discussing your salary. Information is power, so make sure you know your facts and value before entering negotiations. It's also important to remain respectful, even if the offer isn't what you expect or hope for.
When it comes to salary negotiations, planning is critical. There's a lot of pressure that comes with salary negotiations, but with the proper planning, you can make this an easy part of the job search. Make sure to review some of the resources to make sure that you're prepared for salary negotiations when the time comes. Good luck with your job search, and be sure to contact us if you have any questions!