Should You Negotiate Your Salary? How To Do It
In a recent survey by Salary.com, it was discovered that only 37% of people negotiate their salaries, while 44% of people admitted to never bringing it up. Nearly 48% of people admitted that they were apprehensive when it came to salary negotiations. Why? “Fear.”
Keep in mind that most employers are often expecting you to ask questions and negotiate the details of your employment.
When is it a good time to Negotiate?
While you should almost always negotiate, there are certain cases in which it may be unlikely to succeed. These are usually very structured jobs, such as the military or an entry-level job. To be able to discover whether negotiating is a good idea, the first step is to research.
Find out the general salary ranges for your position within the city that you will be working in. Some of the best websites to look at this information are; Glassdoor.com, Salary.com, and Payscale.com. Reach out to others within your network who may be open to discussing salary and benefit information.
Preparing for your First Interview
Nearly 80% of the work of negotiation should be done prior to your first interview. It is crucial for you to know your value based upon your experience, and the rate of pay for the position in your specific industry and geographic area. This will enable you to relate your potential value as a future employee.
Prior to your interview, you should already have an idea of what it will cost to live within that geographic location and the cost of a possible relocation.
Knowing your walk away point is important. Entering an interview with an idea of the minimum salary that you would accept, the average yearly salary for the position, and a slightly inflated starting point will empower you to lead the interview in a manner which will enable you to achieve a possible higher wage.
According to Columbia Business School, they recommend using a more precise number such as; $64,750 versus $65,000. This study discovered that when using a more precise number, employers will assume that you have done your research to reach that value; and ultimately, one is more likely to receive a salary offer closer to your expectation.
Most importantly, request some time to examine what is being offered. No matter how good the initial offer, I always recommend asking for a short consideration period. Typically, when an offer is tendered, employers do not expect to receive an immediate response from the candidate.
Beyond Salary Negotiation
In some circumstances, benefits can be negotiated depending on the company or line of business. Listed below are a sample of benefits that could be discussed and negotiated:
- Vacation Time
- Health Insurance Benefits
- Expectation of Work Hours
- Overtime Pay
- Ability to Work From Home
- Paid Equipment
- Days of Paid Sick leave
- Pregnancy Leave or Family Medical Leave
Be strong and good luck!
By: Daniela Carrion