What You’re Worth

If you don’t ask, you don’t get. It sounds simple enough but when times are hard, many of us won’t ask for a pay rise for fear of how our boss may react. Once you’ve received an offer for a job however, you are in a strong bargaining position. The employer obviously thinks you are the right person for the job and presumably they need to fill the position quickly. It is also easier to negotiate a higher salary before you join a company as, once there, even if you are really good at what you do it is difficult to get the same increase.

So what should you do to make sure that you get a salary appropriate to your experience, skills and credentials? Take a look at our tips for successful negotiations:

Reaction to Offer:

Remember, you don’t have to accept this immediately, even if it is in line with your expectations. Hesitate and say you are thinking about it. When you do get back to them, ask if it’s the best they can do. Don’t worry – the fact that they want you means that you can take your time deciding (as long as there isn’t a reserve candidate waiting in the side-lines). Try and avoid haggling – the natural reaction to an offer might be to respond with a salary on the high side. Just state exactly what you want and why.

Style:

Be persuasive rather than aggressive. You will have to work with these people if you do accept the offer, and you don’t want to start off on the wrong foot.

Research:

Research salary data early on. Look at salary scales for similar jobs and experience in similar companies in your area, and use this to back up your position in the negotiations.

Objectives:

Be certain about your objectives before starting to negotiate your salary, and stay focused. Have a minimum salary in mind before starting, but don’t reveal it to the company until you have to. Your current salary is often used by the company as an indicator of what you might accept, and this could undervalue you.

Other income:

If you think additional salary will be difficult, then consider how to supplement your income with other types of compensation, e.g. profit share, stock options, additional annual leave, bonus, etc.

And remember to keep in mind…

Whether it’s at the job offer stage or further down the line, always approach a pay conversation with the aim to keep your job.

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Posted on July 13, 2017