How to negotiate a 1 figure salary
When you first enter the workforce, it’s natural to feel anxious about your compensation and benefits. As a result, many young professionals choose to remain silent or settle for sub-standard packages. Fortunately, there are several techniques that can help you secure a healthy salary from the get-go.
When it comes to negotiating a new salary, many job candidates are reluctant to bring up the topic. The unfortunate consequence is that most professionals settle for less than what they are worth in exchange for an expedient hiring process.
While this may seem like an easy tradeoff, it does not take long for these differences in earnings to add up over time. Below are several tips on how you can negotiate a higher salary from day one of your next career opportunity.
Know your worth before you enter the interview room
Before you even step foot into the interview room, you should have a detailed understanding of your current worth. Many job candidates base their salary expectations on their last salary, but this is rarely a good idea when negotiating a new salary.
Your last salary is often determined by three factors that are unlikely to be replicated in your next job: your previous salary, your experience level, and your previous employer’s salary demands.
Furthermore, there is no rule that says you have to earn a similar salary in your next job. It is completely reasonable for a new hire to expect a salary that is commensurate with their experience level and skill set.
Research the company and determine demand
If you know your experience and skills, but do not have a good grasp on the value of your skills in the marketplace, you are at a disadvantage when you go into the negotiation process with a prospective employer.
You can begin to prepare for your upcoming salary negotiation by researching the market rate for your skills and specialties in your region. You can often find data about salary rates in your field online.
If online resources do not provide sufficient information, you can also ask your human resources department for average salary rates in your field.
Don’t be afraid to ask for what you want
One of the biggest mistakes that new hires make is failing to ask for what they want. While you should not expect a 100K salary if that is not a reasonable request, you should definitely have a ballpark figure in mind.
A great way to start off the salary negotiation process is to ask your prospective employer what they are offering for your position. By asking the company what they are willing to pay you upfront, you will be able to base your counteroffer on the company’s stated salary for the position.
Estimate the highest amount you are willing to accept
While you should definitely ask for a salary that is higher than what the company is likely to offer, it is also important to have a figure in mind that you are willing to accept. The best way to do this is to conduct thorough research on average salaries for your position in your region and draw a line at the top of the appropriate range.
If you are serious about securing a position and have excellent credentials, you likely have the option to walk away from a few offers. If you do, be sure to keep the salary you are willing to accept in mind.
Because most hiring managers will not want to lose a candidate they have worked hard to hire, they will usually come up with a salary offer that is higher than what they originally planned to pay you.
Negotiate non-monetary elements of your compensation
While salary negotiations are often focused on base pay, you should also consider negotiating non-monetary elements of the compensation package.
With companies hiring quickly and slowly filling open positions, employers are often willing to offer above-average benefits in addition to a high salary. If you have a specific type of health insurance coverage you would prefer or a certain type of retirement plan, now is the time to ask for it.
Negotiating a higher salary can be a nerve-wracking experience, but by following these tips, you can increase your chances of securing a higher salary. There is no one-size-fits-all approach to salary negotiation, so be sure to use these tips as a guide when you enter the room and be willing to walk away if the offer is not what you are looking for.
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