How To Negotiate Your New Salary!
People do not like salary negotiations because they are either a) not good at it or b) are too scared. After all, every agreement involves some risk. However, this risky action of negotiation can also be very adventurous. If you are prepared before you finally begin, it is more probable that you will succeed. Prior to any sort of conversation, you need to understand what you want and what you are fine with losing. Therefore, it is crucial that you make a self-assessment.
Keep in mind that when it comes to the matter of negotiation, anything can be addressed during the discussion, such as job title, salary, commissions, the timing of performance reviews, vacation time, working at home, possible relocation, and travel reimbursement. Study these factors and learn what each one is worth to you. Then, rank them in order of most important aspect to have to least important aspect to have.
Whether you are seeking a new job position or a promotion, salary should be the first component that you should negotiate. Salary sets a guideline for other benefits; therefore, figure out your salary range first and then decide what you want/need in respects to other benefits.
Here are some tips to improve your control over negotiations:
- Your first impression – According to Staci Collins, the reality is that you begin negotiating from your first contact with a hiring manager/prospective boss. That impression that you leave will have a great influence on how successful you are when having a discussion about a job offer and its compensation. It is critical that you have a professional manner right away, whether it is through the first email or cover letter. Your presentation of yourself lays the groundwork for higher offers in the future.
- Remember, having a discussion about benefits with a potential employer starts after an offer, but before you accept your offer.
- When you are filling out job applications, attempt to state “Negotiable” or “TBD,” when the form asks you for your anticipated salary. This is very difficult to do nowadays as many online job forms require a number. Moreover, some hiring managers will not look at applications that are missing the number component. You should know the risk you are putting yourself through if you do not write down a set amount and be aware of your emotions for each application that you complete. If you do fill in a number, it must be a salary that you will be willing to take.
- The person who brings up a number first during a negotiation is the one that loses. After all, the first numbers set the standard for all negotiation. The “anchoring effect,” causes people to focus on a certain value or number and then compare that to a set range. In short, once a number has been stated, you will have limited room to change your benefits. Further, the person who copies the first mover’s method usually ends up winning. Thus, before you start the negotiation, take a moment to think about the future: how long do you want to wait for your preferred compensation and how long can you wait for another job offer from a different organization?
- Recall that you do not want to be the first one to state a number. Thus, when asked what compensation you feel that you deserve, politely inform the employer that he or she is the one who is aware of the salary amount budgeted for the job post. If that does not work, do not try too hard. Give the potential boss your expected range and check that the lowest number is the lowest amount that you are able to receive for this particular job. If you tell the prospective employer that you are fine with a value lower than the one you initially named, your negotiation power will go down; especially in the context of compensation package, benefits and/or perks.
- Timing is key. If you reach agreement rapidly before taking into account other aspects of the job, you will end up being less successful in what you ultimately want. Go through your list with careful consideration and know ahead of time what you are willing to give up and what you will accept instead.
- Furthermore, make your agreement more sound by not making it only focused on you, Collins says. Pointing out that something you want has the ability to help the whole team or organization can be very persuasive. This approach indicates that you have a strong comprehension of what is necessary for you to excel in your role. Evaluate the manager’s presence- what is necessary for success- and the company’s work atmosphere to offer the excellent win-win choices during negotiations. According to Collins, this tactic is more vital when you are discussing an instance other than the standard package.
- Lastly, close the talk with agreement on how much time it will take you to think matters over. Do not feel obligated to accept right away. Also, if you are meeting other institutions, inform them about your offer and how long you have before you have to pick. If you are in a position where you are waiting for another offer, it is best to be clear about it. But, do not be too aggressive. You do not want to make the people you are negotiating with to feel uncomfortable.
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Do your interview skills pass the test? Do you need some assistance in improving your interview persona? If so, contact a Career Counselor with Lexacount Search’s Career Consulting Services. If you are interested in learning more about finance and accounting industry opportunities, contact a Search Consultant from Lexacount Search’s Finance Group. Or, if you are interested in attorney or other roles in the legal industry, contact a Search Consultant from Lexacount Search’s Legal Group.