Traditionally, salary negotiations are easier when the economy is booming, and employers feel less inclined to buckle down on spending. However, even though the economy has seen better days, experts agree that employees can still leverage their experience and knowledge to negotiate a higher salary.
If you’ve just been hired but are looking for a little more than the offer provides, or if you’ve been waiting to make your move and push for a raise, now is the time. At One Tech Staffing, our technical and engineering recruiters can help you achieve your goals.
In this post, we’re covering everything you need to make the most of salary negotiations and start making the salary that you deserve. To connect with our technical and engineering recruiters and get started on your path to professional success, call us today!
Challenges in Salary Negotiations
Have you ever wondered why other people seem to be able to negotiate better salaries, but you never have the opportunity? It’s possible that you’ve had that opportunity plenty of times and simply not realized it.
Although opportunities to negotiate salaries arise during key periods, like performance reviews, many employees are timid about asking or don’t know how to initiate these discussions.
While this process can seem daunting or even intimidating, the truth is that while it can’t hurt to ask, not asking will inevitably result in no salary increase. And women are even less likely to negotiate their salaries than men despite the pay disparity between genders.
In reality, hiring managers often expect candidates and new hires to negotiate their salaries, and employers anticipate their employees requesting salary re-negotiations occasionally.
So, take a deep breath, know what you’re worth, and prepare to negotiate!
How to Prepare for the Salary Negotiation
“Be prepared” is not just a Boy Scout motto but a good rule of thumb for everyone seeking to negotiate their salary. Here’s what you should know and practice before setting up a meeting with the HR manager or accepting the job offer.
Research Your Position’s Market Average
Start by researching the market average for your role within your industry and geographical location. This information can be obtained from salary surveys, job postings, and professional associations. It will allow you to set a realistic salary range that reflects your experience and the value you bring to the organization without potentially offending the company.
Evaluate What You Offer
Next, evaluate your skill set and accomplishments. Make a list of your key strengths and contributions, highlighting any quantifiable successes that demonstrate your value. Look at your exceptional resume and start from there. Include relevant skills, your education level, and years of experience in your field.
This self-assessment will equip you to articulate your worth during the negotiation. By showcasing a comprehensive picture of your background, you can confidently present your qualifications and align them with the needs of your potential or current employer.
Prepare Your Talking Points & Rehearse
Outline the key reasons you believe a higher salary is justified, keeping your points concise and focused. Practice your negotiation with a friend or family member.
Engaging in a mock discussion can help you refine your delivery, build your confidence, and anticipate objections or counterarguments. With thorough preparation, you'll be in a strong position to approach the negotiation confidently and effectively.
Anticipate Tough Questions
If you’re negotiating your salary for a position you’ve had for a while, your tough questions will likely be based on your performance and what you’ve delivered for the company. Be prepared to answer questions on areas of improvement and focus on how much you’re providing the company in this case.
For those seeking employment, your tough questions will likely be related to their competition. They may ask questions like if you have offers elsewhere, if they are your top choice, or if they increase your salary figure, would you start immediately. Stay calm, even if it feels intimidating, and be honest.
Tips to Negotiating an Advantageous Salary
On the day of the salary meeting, it’s time to get past your fears and make the most of salary negotiations. Follow this advice.
Channel Confidence
Think about someone you know who seems to get what they want every time or channel someone you highly respect who exudes a higher level of confidence in negotiations. You’d be surprised at how often simply asking with confidence can get someone further in life.
Speaking with confidence is just as crucial as the message itself. Exuding confidence reassures the employer about the validity of your assessment of yourself and your request for a higher salary. Lacking confidence may lead you to over-explain or apologize for your request, which is unproductive in a negotiation.
Of course, over-confidence comes across as arrogance, so clearly and calmly state your desired salary, supported by a concise summary of your key points.
Lead With Gratitude But Don’t Hold Back
Whether you’ve been offered this position or have had it for a while, remember that you and this company have invested a lot of time in the process. Sharing what you enjoy about the job or what you’re excited about and showing gratitude are crucial as you begin negotiating.
However, humility is not your friend during salary negotiations. Women, in particular, tend to worry about coming across as overconfident or bragging. But when it comes to salary negotiations, you want to demonstrate that you know your worth, and you need your employer to acknowledge it financially.
Aim High (But Not Too High)
As a rule, ask your employer for an amount just a little higher than your goal. That way, if they negotiate down, you’re likely to still end up with a number you’re comfortable with.
You can also provide a salary range, but again, anticipate the employer selecting the lower end. Ensure that amount is one you can be happy with, too.
Stay Flexible & Ask Questions
There is always the chance that your employer can’t or won’t meet your salary request. If that happens, plan for some alternative forms of compensation or other benefits. For example, ask about stock options or a sign-on bonus. Consider time as another form of payment, and ask for extra vacation days, the ability to work remotely, flexible hours, or other benefits.
If your employer or hiring manager seems completely unwilling to negotiate or reacts negatively, stay calm and confident and ask a few questions, like if there is a budget limitation on the position or if there is anything the hiring manager needs from you to make a decision on salary.
You Can Always Walk Away
If the negotiation doesn’t go as you would like, with no option for a salary increase or no additional benefits, you always have the choice to walk away.
Consider if the job is less stressful than your current one, closer to home, has training that will further your career, or gives you more flexibility or time with family. These factors may make a job still worthwhile, even at a lower salary than you originally wanted. If they don’t, then it’s okay to seek options elsewhere.
Find a Job That Pays You What You’re Worth
Are you tired of making less than you’re worth? Connect with our technical and engineering recruiters at One Tech in Minnesota to get the salary you deserve with benefits.
To get started, call and speak with our recruiters at 952.884.9199, or contact us to discuss your salary goals today.