Do you want to know how to negotiate your salary like a boss? Read our guide to stay up to date.
When a company offers you a position, they will typically outline the salary and benefits they intend to provide you with either orally or in writing. It’s acceptable to ask for a raise if you don’t think your current salary is commensurate with your degree of schooling, professional experience, and skill set. You could also propose supplementary benefits like extra leave time or ownership or stock options in addition to the base salary.
How to Negotiate Your Salary Like a Boss: FAQs & Answers
What if my first offer is made over the phone?
Ask for time to analyze your initial offer if you make it over the phone or via video chat. If required, let the company know you’re excited about the offer. Ask if you can assess it and respond within 48 hours. Negotiating by phone, video, or in person reduces misunderstanding. If you prefer, negotiate via email.
When should I negotiate my salary?
Salary negotiation typically happens after you’ve received a job offer. However, it’s important to begin preparing for negotiation well in advance. Research the market rate for your position and be prepared to articulate your value during the interview process.
How much should I ask for during salary negotiations?
The amount you should ask for depends on your industry, position, experience, and the company you’re negotiating with. Research the market rate for your position and use that as a starting point. Be prepared to articulate why you’re worth the amount you’re asking for.
How to Negotiate Your Salary Like a Boss
This essay answers common concerns about salary negotiations and provides a detailed, 12-step plan for getting the salary you want.
Conduct a study on the market’s average
Possessing this information can aid in facilitating a more effective negotiation. Familiarity with the prevailing market average can serve as a useful point of reference for determining one’s salary requisites and may also serve as a basis for justification. The tool utilizes remuneration figures extracted from prior and current job advertisements on Indeed, in addition to data furnished by anonymous users of the platform. As one initiates market research, certain inquiries may be taken into account:
- What is the mean salary for the position at the national level?
- What is the mean value of the relevant variable in your geographical region and adjacent urban areas?
- What is the compensation range offered by comparable companies in your locality for this particular job role?
Prepare your key points for discussion.
When crafting negotiation notes, it could prove advantageous to utilize the subsequent inquiry as a structural basis for your discourse: What are the reasons that justify your claim for a salary increase beyond the initial offer made by the employer? It is advisable to prepare a set of talking points prior to initiating contact with the employer. It is recommended to be as precise and detailed as possible while formulating these points. The aforementioned particulars may comprise facts such as:
- The outcomes attained in prior positions, including objectives accomplished, generated revenue, and accolades received. If feasible, employ numerical values.
- A considerable duration of professional involvement, specifically in cases where the amount of experience surpasses the minimum requirement specified by the employer.
- Proficiencies or credentials, particularly those that are highly sought-after within your field.
- The mean compensation packages provided by comparable organizations for analogous positions.
Please arrange a meeting time for further discussion
Initiate contact with the recruiter or hiring manager to arrange a mutually convenient time for a telephone conversation. Although negotiating via email is deemed acceptable, it is strongly recommended that the discussion takes place via telephone. Engaging in verbal communication through various mediums, such as phone calls, video conferencing, or face-to-face interactions, facilitates a reciprocal exchange of ideas, enables the expression of appreciation, and promotes the effective transmission of one’s needs and expectations. It is advisable to maintain a professional and articulate demeanor, as the recruiter or hiring manager will serve as the intermediary for salary negotiations with the relevant authorities.
It is advisable to practice with a reliable companion
Engaging in the rehearsal of your key messages can enhance your self-assurance and enable you to pinpoint areas that require refinement. The optimal approach to honing one’s skills would entail performing in the presence of a reliable confidant or associate who can furnish constructive criticism. An alternative approach would be to utilize a camera to record the conversation or to practice speaking in front of a mirror.
This particular step holds significant importance as discussing financial matters may elicit discomfort. However, with consistent practice, one can gradually develop ease and confidence in engaging in such conversations.
Exhibit a strong sense of self-assurance
The act of confidently delivering a negotiation is deemed equally significant as the verbal content articulated. The level of confidence that you exhibit has a direct correlation with the degree of confidence that the employer will have in their evaluation of your input.
It is important to distinguish between confidence, which entails a positive perception of one’s own abilities and attributes, and arrogance, which involves an inflated sense of self-importance. Insufficient self-assurance may lead to excessive elaboration or expressing regret for one’s request, both of which are unproductive in a negotiation context. It is recommended to assertively and concisely communicate your desired salary, accompanied by a brief rationale.
Lead with gratitude
Upon reaching the job offer stage of the recruitment process, it is likely that a substantial amount of effort and resources have been dedicated to submitting applications and participating in interviews for the prospective role. It is imperative to acknowledge and express gratitude towards the employer for considering one for the opportunity, given the significant investment of time they have made in the process. Ensure to articulate any particular reasons for your enthusiasm towards the job, such as the organizational culture or the product.
It is imperative to decline an offer in a cordial and proficient manner, regardless of the outcome. It is prudent to consider that potential opportunities may arise in the future, and therefore it is advisable to keep an open mind toward them.
Kindly request for the upper limit of your range
A cardinal principle of negotiating salary is to propose a figure slightly above your intended target to the employer. By adopting this approach, in the event of a negotiation, you will ultimately receive a salary proposal that meets your expectations and is acceptable to you. In the event that a salary range is provided, it is probable that the employer will opt for the lower end of the spectrum. It is, therefore, imperative to ensure that the minimum figure quoted is still deemed reasonable and equitable.
Please provide a breakdown of the expenses you are incurring related to your job
One additional rationale for requesting a higher salary could be to offset any expenses incurred as a result of accepting the position. In the event of a job relocation to a different city, the individual will incur expenses related to the transportation of their belongings, in addition to any fees associated with the sale or rental of their present residence. When an individual assumes a position that is situated at a considerable distance from their place of residence, it becomes necessary to take into account the expenses associated with commuting, including train fare or fuel costs, as well as the depreciation of their vehicle. It is a common practice for job seekers to negotiate with employers for a salary adjustment that takes into consideration the expenses associated with accepting the job offer.
It is advisable to be prepared for challenging questions
Recruiters and hiring managers engage in frequent negotiations, and as such, they are apt to pose significant and occasionally daunting inquiries to ascertain your underlying motivations. Maintaining composure and honesty is crucial when faced with such inquiries. Anticipate inquiries that may arise, such as:
- Is our organization the primary preference for you?
- In the event of a salary increase, would you be willing to promptly accept the position?
- May I inquire if you have any additional offers available?
Demonstrate adaptability and openness to change
In the event that the employer is unable to furnish the desired salary amount, alternative forms of remuneration may be available for consideration. As an illustration, it could be feasible to engage in discussions for the purpose of obtaining additional stock options, supplementary vacation days, or a signing bonus.
One possible solution to address the challenge of a long commute is to consider incorporating extra work-from-home days. It is advisable to be prepared to inquire about substitute options in a scenario where the employer promptly communicates their inability to augment the remuneration proposal. In certain instances, non-monetary rewards may hold equivalent or greater significance than a salary.
In the event that the individual with whom you are engaged in negotiation exhibits a response of surprise, negativity, or outright rejection of your counteroffer, it is advisable to maintain a demeanor of confidence and composure. Engage the individual’s response by utilizing open-ended inquiries to elicit additional details and sustain the dialogue.
One should not hesitate to walk away
In certain instances, it is possible that an employer may not be capable of fulfilling the minimum salary prerequisite or providing supplementary perks.
That renders it valuable. Alternatively, the employer may present a counter-offer that exceeds their initial proposal but falls short of your stated salary expectation. In this scenario, it is imperative to make a determination as to whether the employment opportunity is of sufficient value despite the reduced remuneration.
Individuals may consider accepting a lower salary if the prospective job entails reduced stress levels compared to their current position, is in closer proximity to their residence, or provides greater flexibility or leisure time. In the event that the job offer does not meet your expectations, it may be prudent to opt out and decline the offer, should you prefer to continue your job search.
After the conclusion of the negotiation, it is important to send a thank-you letter or email to the other party. This demonstrates your commitment to professionalism and contributes to the development of a good working relationship with the workplace.
In conclusion, negotiating your salary like a boss requires preparation, confidence, and a willingness to advocate for your worth. By doing research, knowing your value, and being open-minded, you can make a strong case for fair compensation. Remember, negotiation is a two-way conversation, and it’s okay to walk away if the employer can’t meet your expectations. By following up with professionalism and gratitude, you can leave a positive impression regardless of the outcome.