Salary negotiations are uncomfortable by nature. Often, hiring managers are looking to secure the best talent for the lowest price while candidates want to make sure they get every penny they are worth. This sense of opposition leaves many job seekers hesitant to push for a higher salary, fearing it will cost them the offer entirely. Nonetheless, when you manage the salary negotiation process properly, you can often secure better compensation without doing any harm to your reputation.
Here are some tactics for negotiating your salary like a pro, so you can get the best deal possible without burning any bridges along the way.
Know the Salary Range
Your first step in negotiating your salary is to know the typical range for similar positions. This means researching information about the company you are targeting as well as local competitors that hire similar skill sets. By knowing the going rate for someone with your skills, you have an idea of what you can expect to be paid and how far you can push during negotiations.
Negotiating is Normal
It is also important to understand that salary negotiations are simply part of the job offer process. Asking for more money isn’t going to necessarily surprise your potential employer as they don’t always offer top dollar right from the beginning.It is your responsibility to start the negotiation, though, as the only opening move a company is going to make is to provide you with an offer. They aren’t going to request your feedback directly, so you need to step forward if you feel you are worth more.
Be Precise
Many job seekers negotiating salaries fixate on rounded-up dollar amounts; however, you may have more success by going for something less expected. For example, asking for any $5,000 increment, such as $85,000 or $90,000, might seem as though you are shooting at a target without much additional thought. However, choosing an option that is more irregular, like $87,150 can appear as though you’ve truly evaluated your skills to determine their value.
Support Your Position
Simply asking for a higher salary without backing up your request won’t get you very far. Instead, you need to clearly explain how your skills and experiences provide value to the company and how you are uniquely positioned to help them achieve their goals. This includes exploring how you can either make the business more money or are able to save them money, both of which benefit their bottom line. Provide specific examples regarding how you have achieved similar feats in the past, and use those to support your request for more compensation.
Look Beyond the Wages
Some companies have limited room to negotiate pay, but may have more flexibility when it comes to other forms of compensation. If they can’t provide a higher salary, check into options like signing bonuses, increased paid time off or the ability to be reviewed for a raise sooner than the one year mark.
Often, businesses have a variety of benefits they can provide employees, so consider if something other than salary can provide you with additional compensation you are seeking without putting the company in a bind.
If you are interested in more tips for negotiating your salary or are looking for a new position, the professionals at The Squires Group are available to discuss your needs. Contact us today for more information.
