When was the last time you negotiated your salary? Whether you’re seeking employment or in work and striving for a promotion, salary negotiation is something that we will have to do at some point. However recent statistics carried out by TA Recruitment and Consulting, estimate that over 40% of our candidates never negotiate their salary. There is a plethora of reasons why this occurs, the two top reasons being, lack of knowledge and fear.
The great news is that negotiating your salary, no longer has to be antagonizing experience. Instead it is a valuable life skill, that can be acquired to increase your earning potential in the long term. Below are some key tips on how you can get started and achieve optimum success;
Understand your Market Proposition Value
Before engaging in talks about your salary, it’s crucial to do extensive research and keep abreast of current industry trends. For example, are you aware of what the average rate is for your position in the market, based on your role, industry, geographical area, experience and skills? Having this at hand will allow you can speak confidently and steer the conversation in the right direction. Platforms such as Glassdoor offer a tailored personalised salary calculator, which can give you a salary estimate.
Build your case
Being able to justify why you deserve the money you are asking for, is another key component when negotiating your salary. Often, candidates want to negotiate a higher salary based on their how they feel, unfortunately this is not a solid ground for justification. Instead, come prepared with tangible examples of how your skills and experience have contributed to the advancement of the company or companies you have worked for before. Also come prepared with relevant qualifications, training, and technical skills that amplify your capabilities to execute your role.
Know your salary range
Most candidates have a specific figure in mind when asking for more money. Which is beneficial to some extent, however if this gets rejected, it gives you less bargaining power. Instead, have a salary range in mind, so you can navigate towards the higher end. This also displays your flexibility and your willingness to work collaboratively and compromise. Its also important to practice your pitch before the day, so you feel comfortable in the conversational setting.
Many candidates solely focus on an increased salary and completely leave out additional benefits. If an employer cannot offer you a higher salary, they may be open to offering additional perks instead. This may include working from home, higher bonus package and healthcare benefits. Bare in mind that additional perks will require more commitment and possibly additional workload.
Timing is key
A successful negotiation will also be determined by time. The worst time to ask for a salary raise, would be during financial uncertainty within a company, you’ve just started a company and when you haven’t consistently hit your performance targets. In addition, aim to be ahead of the competition by not asking for a raise when everyone else is.
Remember if you don’t negotiate your salary you are doing yourself a disservice and are literally leaving money on the table. For more information about salary negotiation and effective job search strategies, you can download a free copy of our Ebook via our website: