You recently received a job offer, and you are feeling successful. However, the pay isn’t quite what you were hoping for. Do you want to take it? Should you request more, instead?
Many people find it unsettling to think of discussing money with their present or future boss. The mere thought of negotiating a job offer over your own wage criteria might feel like a risk not worth taking after a protracted job search and a protracted hiring procedure.
Negotiating your beginning wage or asking for a raise needn’t be a difficult undertaking, though. In reality, it is frequently a crucial step in achieving the financial, professional, and personal objectives of both new recruits and current workers.
This article will teach you how to prepare for pay negotiations and how to perform well when they occur. Make sure you don’t undersell yourself by leaving money on the table because you worked hard to reach where you are.
1. Be confident
You shouldn’t be paid less than other job hopefuls just because you don’t have a tonne of experience mentioned on your résumé. So keep an eye out for other qualities you have that others might not. Your young enthusiasm and energy may be preferred by potential employers over other “been there, done that” job candidates. You probably received training on the most recent information in the sector. Include any prior experiences that are relevant to the position you’re applying for, including any internships. Don’t undersell yourself just because your CV doesn’t yet list any paid employment experience.
2. Do some market research
Finding out the compensation range for your position and establishing your goal salary is the first step in successfully negotiating your pay. The compensation range represents your “market worth,” or the going rate for the sort of work you do.
Your geographic region, amount of expertise, and the market’s need for competent workers are just a few of the variables affecting your wage range.
3. Take a look at the whole deal
Uncertain about your expected wage may be disheartening, for sure. But a job is more than simply a paycheck. You must thus take into account the entirety of the employment offer, including the employer’s planned contributions to your retirement savings as well as work flexibility, PTO, tuition reimbursement, and medical and dental benefits. Consider how much money you could save by not having to go to an office every day if you are able to work remotely. Your pay may start to seem much sweeter than it did previously all of a sudden!
4. Don’t Provide a Number
Be careful not to provide a figure initially. You might lose money if you offer a number that is too low. You can lose your job if you aim too high. Inquire about the former employee’s salary or budget for the job. Give them a range rather than a single number if they insist.
5. Develop your pitch
You may start to prepare the presentation you will give to your current or prospective employer now that you have determined your goal pay and perks.
One of the most crucial steps in the procedure is this. Instead of going into your negotiation with only a few ideas in mind, it is advisable to give yourself some time to consider the strongest argument you can present to your company.
6. Be prepared to request more advantages
Even if you are given a wage that is deemed appropriate for the sort of work you are seeking, you should still be free to bargain for additional perks. Ask your employer whether you may have schedule flexibility, especially if you plan to commute to work every day. If you intend to further your education, you may even inquire as to whether the employer will pay for it, particularly if it pertains to your current line of work.
Your first negotiation success will give you the confidence to demand what you’re worth for the remainder of your career, even if it’s only a modest wage raise or the option to work from home one day per week.
7. Just be kind
You should be careful to have a sense of goodwill toward both your employer and yourself during the discussion. Despite the divergent objectives you two may have, the act of negotiating is about resolving conflict rather than causing it.
To demonstrate that you aren’t there to make irrational demands but rather to ensure that all parties are satisfied, you should make sure to maintain a cheerful attitude during the negotiation.
8. Have knowledge
As a first-time job applicant, it seems sensible that you would feel anxious about pay negotiations. However, information is power, so educate yourself on the fair market worth of the position you’re looking for. Even though it’s against the law for a potential employer to lower your pay because of your age, it’s crucial to be aware of compensation ranges before the interview. Salary ranges for your work level, professional area, and region may be found on websites like Salary.com and Glassdoor.
9. Be firm while remaining flexible
It’s imperative that you stick to your positions throughout the negotiation rather than give in immediately away. This will urge them to fulfill your goal by demonstrating to the other person that you are serious about what you are asking for. However, you should also be adaptable to come up with ideas that benefit both of you. Always keep in mind that you are aiming to diffuse, not escalate, a confrontation. This implies that you ought to be upfront about your readiness to make certain compromises.
10. Don’t accept the offer
Don’t feel pressured to accept the job offer right away unless it is exactly everything you could have asked for (it enables you to work remotely, has a terrific beginning pay, amazing perks, potential for growth, etc.). Even if this is your first job search, you have every right to consider the offer carefully before accepting it. This might give you some more time to consider if the job offer is a good fit for you or not. Therefore, do the math to determine whether it makes more sense to accept the offer as is or to start negotiating for a wage that you desire and deserve.