NEGOTIATING YOUR SALARY WITHOUT BLOWING THE OFFER
What amount do you think is the right salary for you?
For every employee or prospective employee, this is a period of being transferred to the hot seat. At this point, anything you say wrongly can be used against you or may affect your earnings throughout your career.
According to a recent study in the Journal of Organizational Behavior, failing to negotiate an initial job offer could mean missing out on over $600,000 in salary during a typical career. It is quite shocking that a lot of young college graduates, prospective employees, and employees are failing to find the answer and solution to the question above. A lot of prospective employees fail to equate their experience and value with the right basic salary. While certain groups lose out on the job offer due to quoting an unreasonable amount, others are underpaid due to their lack of information regarding the industry and paycheck.
- Be Prepared by Engaging in Research
When it comes to negotiating your salary whether at the point of entry or during a promotion, researching about the job, employer, and the industry gives you an upper hand during negotiation. For a young graduate or prospective employee going in for an interview, it is important that you have a minimum salary in mind. With the introduction of the internet, researching about salary structure has become super easy. Websites such as salary.com, and payscale.com are some of the online platforms individuals can get ideas regarding a company or profession salary structure.
- Understand Your Value and Worth
It is pertinent to understand that companies and organizations around the world are looking for people who can add value to their businesses. Most college graduates fail to take advantage of this aspect. Always know your worth and the value you are bringing to the organization. Take, for instance, if you are interviewing for a business-related position, an MBA degree holder with several certifications will receive higher pay than an individual with just a college degree. When negotiating your salary, learn to appraise the value of your experience, certifications, and educational degrees. Also, take into consideration your expenses and needs such as distance to your residence and transportation-related issues.
- Be Patient and Play Your Cards Right
While finding the right answer to the above question, being calm and composed may not be possible except you engage in several rehearsals and self-control. That is why it is important to have a minimum salary and alternative in mind before going in for the interview. Most times, HR managers tend to ask questions such as, “What salary range are you expecting for the position?” One secret to being on top of this situation is by following this response method. “I would like to be offered a fair compensation that is consistent with my experience and the budget you have set for this role. Without an idea of what the offer is, I am unable to discuss salary requirements at this time.” Responding in a confident and polished manner requires a lot of practice. This is to avoid hiring managers or interviewers for not taking your response lightly or continue to press the issue. Usually, when the offer arrives, do not lose your composure but rather plan your speech which will encompass the experience, values, and any other important reason why your employer should pay more. Always end this speech by stating your desired salary in mind.