5 Negotiating Skills To Get The Salary You Want
Salary negotiation is a scary process, but a worthwhile one for those who dare.
Salary.com revealed that 27 percent of job candidates negotiate their salaries while 18 percent never do, whereas 44 percent of respondents said they had never brought up a salary increase during their performance reviews.
Statistics show that mainly men rather than women negotiate. Linda Babcock's "Women Don't Ask" revealed that only 7 percent of women tried to negotiate their first salary as opposed to 57 percent of men. Those who did were rewarded with salary increases which her higher than 7 percent. This in itself shows that salary negotiating skills are well worth developing.
Here's how you can go about it:
Research
Research is among the most important of negotiating skills you can master. Look at other salaries in your industry, in the company you are interested in and your location to see how yours compares.
To have leverage during the negotiation process you should know the going rate and your own value on the job market.
Your research will probably indicate a salary range that represents the market value for your role. While it is tempting to ask for something in the middle of the range, it is best to go for the top. The reason for this is that your employer will want to negotiate downwards, and for this reason it is important to give yourself room to wiggle as you go through the offers and counter-offers.
Use your creativity
If more money is not an option, it may be a good idea to negotiate perks in lieu of pay. You can look into including moving expenses, a company car, medical insurance and other health benefits and even money for education and training.
You may not be able to negotiate a greater salary at the moment, however you can use your negotiating skills to upgrade in the future. Ask if there is future potential for a raise or promotion later down the track. Set a structure for a salary revision, and ask what metrics will be used to evaluate success so that you can use this information to help the next time you're at the negotiating table.
Perhaps you can incorporate a bonus into your contract which will increase your money based on performance.
Practice your pitch
When pitching a salary proposal it is important to be confident in your delivery. Find someone to listen to your pitch and practice your negotiating skills before discussing your salary with your employer. Much of the art of successful bargaining has to do with feeling comfortable, assertive and believing in yourself and there's no better way to increase your talents in persuasion than by practicing with friends.
During the negotiations it is important to be gracious and put forth your points with composure rather than in an angry and anxious manner. Make sure to thank your employer for all their offers, even if you feel these are insulting and well below market value.
When practicing your pitch make sure you are professional rather than making an emotional plea for a salary increase. Focus on the value you bring to the company rather than your own needs.
Don't accept the first offer
Avoid accepting the first offer when negotiating your salary. Tell your employer you will think about it and take your time to consider. Reschedule a meeting within 24 hours to come back with a counter offer. During this time really consider your leverage, the employer's expectations and don't succumb to a small increase if you feel you deserve more.
Explain the value of the skills you bring to the role while also be encouraging to your employer to revise the salary upwards. Highlight your achievements and skills to convince them that you are worth the salary adjustment you are asking for.
Get it in writing
A verbal agreement is fine but the offer needs to be in writing in order to be binding.
Once a salary is negotiated it is important to make it official by getting the agreement in writing. Doing so will ensure both parties have no doubts as to the salary, perks and all other inclusions within the offer.
