Five Tips For Negotiating A Higher Salary
Many job seekers leave the salary decision to employers, often under the mistaken assumption that they cannot negotiate their compensation. It is true that some employers don't encourage negotiation, but there are many others who would be very flexible for the right candidate.
Consider these five tips:
- Position effectively -
Unless you position yourself as a "must have" candidate, you will not have much negotiation power. From your resume to interview responses to your dressing style, everything you do during the job search campaign should demonstrate your value -- and the benefits you offer -- and position you as a prime candidate. Effective positioning will give you more leverage at the negotiation table.
- Establish a baseline -
You must absolutely know your minimum required salary based on your expenses, cost of living, saving needs, etc. Once this baseline number has been established, you will know the lowest point in your expected salary range.
- Research the market thoroughly -
Unless you know your market value, you will never be able to pitch for the right amount. Through salary surveys and online salary research tools, you must have a fair understanding of what your peers at competing organizations make? Cost of living in a particular geographic area must also be factored into your market value research.
- Prepare a solid negotiation strategy -
Your negotiation strategy must be powered with solid ammunition, such as negotiation scripts and responses to different scenarios (What if the employer finds my request to be too high? Too low?). Some experts are of the opinion that the party to give the first offer, loses. These experts recommend postponing salary talk until some progress has been made in the interview process and that you should allow the employer to go first. Although desirable, this may not always be possible so you must be prepared to offer a salary range, as opposed to a precise number.
- Try to generate multiple job offers -
If you have conducted an effective job search campaign, you should have multiple job offers. This is a great situation. Some job seekers practice their negotiation strategy with companies they may not be very keen to work with. Others go for the company offering the highest package (assuming all else is equal). Irrespective of what you decide to do with these offers, it is always good to have more options.
Take advantage of what you just learned and as a professional know what your market value is with informative Salary Reports.