Negotiating your salary is an important part of starting with an organization. Failing to do might result in us being paid less than we’re worth.
Just by negotiating your salary, you can gain at least $5,000 in a year. For most people, that won’t sound like much, but it actually makes a huge difference during our career span, amounting to as much as $600,000.
There’s no reason why you should be uncomfortable when it comes to negotiating your salary, but I can completely sympathize, having gone through it myself. You’ve successfully managed to sell yourself, so there should be nothing wrong with negotiating yourself a better income.
Sadly, many people find it tormenting, especially if you’re shy. You don’t feel comfortable and you certainly do not want your employer to think you’re arrogant and all you care about are your wages.
Hopefully, after going through this article, you can learn the basics of how to get yourself a better income.
1. Know Your Self-Worth
You should know exactly how much you are worth, according to your field, expertise, geographical area, and experience. Research the market value and the appropriate salary range you should expect. Understand your job requirements carefully and properly. Never settle for less than you are worth because then you’ll be taken full advantage of. You’ll be expected to work more for less pay, as you have already shown yourself as “easy” and perhaps a little desperate.
2. Selling Yourself
Go about selling yourself like you market any product; conduct a suitable SWOT analysis. Know your strengths, weaknesses, the opportunities you’ll have and the threats you might face. Be completely honest with yourself and never be overconfident. After that, place a price on your head, estimating your worth. This way, you’ll already know how much you can give to a company and what to expect.
3. Generating Just the Right Amount of Passion
If you have less to no experience, then you won’t have the numbers to brag about in the interview. You’ll be clueless as to what to expect and how to get your managers to choose you over other, more experienced candidates. Show just the right mixture of eagerness and practicality. You’ll be offered a lesser amount because of your lack of experience, but try to at least land ten percent more than what you’re being offered. Don’t let your company think that you don’t understand your self-worth; it’ll just delay your promotion in the future.
4. Never Come Across as Greedy
This is an important one. You’re normally expected to state your salary expectation initially. Try to evade the topic of salary altogether in the beginning. Show that you’re interested more in the work and the company instead of the wages. When asked to fill a form, leave the option for the expected salary range blank. Let your hiring manager think that she has a better standing in designing your worth than yourself, at least at first. You want to be called the next time.
Do not propose your expected salary when asked to either. Try to stall for as long as you can by saying things like, “I’m more interested in acquiring the job first and to prove my worth.” Make them name the first figure. Be polite, professional, and don’t forget to smile.
5. Secure Your Job
Do not even mention the salary as long as you’re not sure that you’ve got the job. That way, you’ll at least be relieved of the tension that you’ve got it and be more comfortable in negotiating.
Once a company names its figure, pretend to think about it. Repeat the figure out loud and go silent and wait for your employer to speak up first, but don’t let the silence stretch too long and make things awkward. Often, your contemplation puts pressure on the employer and it’s likely that she will offer a higher pay herself.
6. Cover the Difference With Added Benefits
If you failed to negotiate or the employer wasn’t in a compromising position, then accept the offer. But do it only if it matches your worth and the market value. Move on to talk about other benefits, like paid leaves, a company offered car or transport compensation to match the difference you had in your head. It’s likely that your employer will listen to you.
Do not hesitate to drop the process if you are being paid far less than you’re worth. Try to negotiate effectively by adding your knowledge on the subject and your experiences. State how you can benefit your company and calculate your requirements and divide them according to the hours you’ll have to undertake.