Finances, Financial Planning

How to Negotiate a Better Salary

The one thing employees find the most stressful, when landing a job, is negotiating their salary. Most of the time employees feel that they won’t be able to negotiate a better salary. Or that they don’t deserve a higher salary. So why try?

I’ll let you in onto a secret. Employers and recruiters are actually surprised when you don’t negotiate your salary. They usually have a little wiggling space in their original salary figures for negotiation. In fact, it improves their confidence in you, as an employee.  

If you are at a point where you are entering negotiations with your prospective employer, here are some tips to help you negotiate the higher salary you deserve:

Take A Confidence Pill

Put on your best suit. Dress up. Listen to some motivational speeches. Do everything that boosts your confidence.

You want to go into the meeting with your employer thinking they want you on their team. They already are aware of your qualification. Now they need to be awed by your personality and confidence. Show them how excited you are about the job and how your unique skill sets will help the company.

Practice Your Speech

Practice Your Speech on your spouse or family. Ask them for their input and suggestions. Sometimes the words in our minds aren’t completely formed. Talking about them will help you improve your speech. Back up your speech with research. Highlight your achievements.

Once you put down your offer, stop talking. If you continue talking, chances are you might start empathizing with your employer. You might end up saying, ‘I know you are on a tight budget’ or something on the lines.

This will give your employer wiggle room to bring down your offer. Don’t offer them that. Wait how they respond. Their first response will tell you exactly where you stand. After their response, paint a positive picture of their business once you enter their team. This is time to show them what value you will bring to the organization.

Don’t Feel Guilty

Believe it or not, your potential employer can feel your guilt. He has probably been interviewing thousands of candidates for the same job. He’s becoming a pro at this. One mistake that many new employees make is that they become apologetic, or even defensive. This happens more with women or marginalized people. Before negotiating your salary, convince yourself first. 

Sound like you deserve the salary. If your employer feels that you don’t think you deserve the salary, then he will think you probably don’t. 

Make Your Decision First

Before you start negotiating salary, you should know that negotiations won’t always go in your favor. Your employer’s first offer might be his last. Before you start negotiating, ask yourself whether you really want this job. If you are willing to walk away, consider saying ‘no’ to up your salary offer. You will be surprised of your worth when you say no. 

If you really want the job, learn how to retrace your demand the right way. Don’t entirely say no to the first offer. Offer your own expectations, while keeping their offer on the table.

Know How Much You Can Ask For

Even if you’re new in the industry, you would know how much your counterparts are being paid. Your university or college mates’ salary is a good estimate of yours. If you are close to them, ask them for a figure. Research the internet and find the right figure. Websites like Glassdoor and Payscale will help you here. Increase your asking price to cushion for further negotiations.

Consider your expenses in the equation also. Consider office commute and other costs. It’s also never early to think about your retirement plans. Read up on what is a 401k? and factor that in your salary figure.

Negotiate Benefits

Sometimes employers aren’t willing to negotiate on salary, but they might be willing to negotiate benefits. Benefits include days off, bonus, educational support, and even an earlier review for a salary raise.

Timing is Important

We all know that salary is the deciding factor for every job. It’s probably the first question on your mind when you give your first interview. But you should never talk salary with your employer in the first interview. Or any other interview, until they talk about it.

Wait for your potential employer or recruiter to make you an offer. Negotiate up from there. Enter every interview with an expected salary figure in your mind.  

Set The Meeting On Thursday

Perhaps it’s the weekend vibes, but most recruiters and managers are flexible on Thursdays. Mondays are no-negotiation day. They come to the office with the intention of getting things done with little flexibility. This changes at the end of the week and office workers are less stressful by the end of the week.