You’ve been on the hunt for that perfect job, and lo and behold, it’s finally landed in your lap. The company checks all the boxes – it’s a great fit, the work is as exciting, and the office culture feels like a second home. But there’s just one little hitch – the compensation package isn’t quite hitting the high notes.  

Let’s be honest, what really fuels your reason to work? It’s the cold, hard cash. It puts a roof over your head, food on the table, and funds your favourite life pleasures.  

In this article, we’ll delve into the fine art of salary negotiation, transforming a good job offer into something truly extraordinary. Let’s learn to take more control of our financial destiny by turning those salary talks into symphonies of success!  

What is Salary Negotiation? 

Salary negotiation is a strategic conversation that requires preparation and effective communication. Because of this, salary negotiation is often the most nerve-wracking phase in the job acquisition process for some, but with confidence and professionalism, you can learn to navigate this process to ensure you reach a fair and mutually beneficial agreement. It entails defining your worth, why you’re worth what you’re worth and securing a compensation package to reflect it. The outcome of this negotiation can have lasting effects on your career trajectory. Mastering the art of salary negotiation is a vital skill that can help you attain the compensation you deserve and desire.  

Are you afraid of bringing up the money talk, or are you wondering if you should? Most people don’t know this, but the hiring manager expects you to negotiate and may leave room for that. You’re not stepping on anyone’s toes by seeing if there is any legroom in the salary; they may already be anticipating it. Here are some tips to keep in mind before going in:  

Avoid Negotiating in the Initial Interview  

You can ask for an idea of what the salary looks like to know what you’re getting into, but save the heavy lifting for a later stage to keep your best foot forward.  

Know the Market Rate for Your Role 

Apply for jobs where your ideal salary would be 5-10% more. Doing so would increase your chances of getting your negotiation approved.  

Respect Limits

If an employer has made it clear to you that there is no room for negotiation, appreciate that and respond accordingly.  

Communicate Your WHY

An employer interested in hiring you would only want to bring you on if you are satisfied with the pay, as they may be wary of losing you shortly after. Communicate your financial needs and why that’s important to you; that way, the employer knows what to offer you to keep you onboard long term.  

Don’t Negotiate Out of Spite  

Sometimes, an offer is just what you need, and you find yourself shaking hands with the employer on what’s initially on the table. Negotiation isn’t mandatory with every offer; it is an excellent skill to have up your sleeve when seeking something more fair.  

Consider the Perks and Benefits  

The company may be offering you benefits that may compensate for the salary expectation you had in mind. When negotiating, learn and factor in the entire offer and assess how that changes your approach.  

Skip the Headache  

Consider dropping your resume at staffing agencies specific to your industry. For instance, for Finance and Tech industry-related jobs, drop your resume at Talentoasis. Staffing agencies have relationships with Employers, have already vetted their work environment, and know the compensation. They should be able to find the right match for you. Click here to learn more about how to navigate a career change.

Getting into the Negotiation Mindset 

Did you know that only 7% of women negotiate their salary, and almost 20% of people are too afraid to discuss the topic during an interview? Did you know that those who don’t negotiate their salary may have had room to make $7,500 more annually had they spoken about it? 

Be Likeable 

A company that likes you and wants you to work for them would try accommodating your financial demands. Invest in your confidence and likeability, and realize you’re asking to secure your economic well-being to invest your time in this company long-term.  

Value Yourself 

Don’t sell yourself short in front of an unsatisfactory salary. Instead, show the hiring manager why you are worth what you are negotiating for and what your added value is.  

Listen Actively

Pay attention to what the employer is saying and asking for. Address their concerns and be willing to engage in a constructive dialogue. Sometimes, a negotiation is about finding common ground.  

Be Positive 

Appreciate generosity where it’s due, and be thankful for the opportunity provided to you regardless. By being positive, you are more likely to have a smoother conversation as you reach a mutual agreement.  

Final Thoughts

After reaching a verbal agreement, ensure you receive a written offer outlining the agreed-upon terms, including salary, benefits, and any other negotiated items. Remember that negotiating your salary is an essential part of your career development. By developing a positive mindset and honing your negotiation skills, you can better advocate for your worth and achieve financial well-being professionally.