You’re almost to the finish line. You’ve gotten an offer for the job you really wanted; all that remains is to negotiate your salary. You are not alone in feeling hesitant to ask for more than what has been offered to you. According to a recent Fidelity survey, only 42% of young professionals negotiated their last job offer, but nearly 90% (87%) succeeded.
The time has come to go after what you want. However, exercise caution. Indeed recommends that you respond to the initial offer no more than twice. Furthermore, you should avoid attempting to renegotiate a previously agreed-upon salary offer because it will demonstrate that you have little regard for the employer.
To begin, do not enter into negotiations blindly. After all, your preparation could mean the difference between a bid that is thousands of dollars higher than the initial bid. Here are 10 ways to successfully negotiate a job offer to help you prepare for what could be a financial turning point.
87% of job offer negotiations succeed How to Get More
Don’t Let Fear Stop You
Negotiating a job offer can be intimidating because the outcome is unknown, but employers are likely to expect it.
“Many people are afraid that negotiating their salary will result in them losing their job offer,” SoFi career expert Ashley Stahl explained. “This is simply not the case. Because employers anticipate a counteroffer, negotiating is low-risk. Remember that you deserve the best salary possible, so don’t undervalue yourself or be afraid to ask for a salary that reflects your worth.”
Make It Non-Personal
Stahl advised remembering that salary negotiations are strictly business.
“I try to approach financial matters as if I were placing an order at a sandwich shop — neutral, factual, and, most importantly, impersonal,” Stahl said. “By accepting a job offer, you are exchanging your time and energy for a monetary value determined by the job market.” Regardless of the challenges you face, your salary should only be related to the responsibilities of your job, not your personal life.”
As an alternative, Stahl suggests the following:
“Instead, leverage your resume to obtain higher pay — if market compensation rates confirm it’s a valid request — and be honest with yourself: If you have a personal challenge for which you need more money and have the skill set to back it, remember the freedom you have to do better and find a job that pays more.”
Understand Your Worth
Sharlene Mohlman, a financial empowerment coach, bargained her previous salary with Sun Life Financial. “It’s critical that you research the going rate for your industry role.” Otherwise, you are unlikely to obtain the higher salary you seek. I researched the market rate for my position and negotiated a $5,000 raise over the initial offer. This is because I knew what the going rate was and was able to expand on what I had to offer, including my previous experience and connections.”
Prepare your talking points ahead of time.
Lisa Anne, owner of The Financial Cookbook, a site focusing on financial, career, and life coaching for women, suggests mentioning your value, worth, and what you will bring to the organisation and role. So, before you begin negotiating, think about what you will say.
“When you go to negotiate, make sure they understand the opportunity cost of you leaving your current job,” she adds. Other things you will have to navigate in order to leave your current job include starting a new company, learning a new job role, and building relationships with new people. Basically, you will have to go through things that are unrelated to your job. As a result, in order to justify the change, you must earn enough money to compensate for it.”
Anne also suggests creating a 30-60-90 day plan to demonstrate to the employer that you are serious about the job. Then, she says, you’ll need to inform the hiring manager that in order to implement those strategies, you’ll need adequate compensation.
Claudia T. Miller, a career coach, recommends setting aside at least two to three hours for practise after you’ve decided on your bottom line and prepared your talking points. This can help you present a smooth and convincing case for a raise.
Avoid Using a Range
A potential employee may give a salary range in order to appear humble, but this is a mistake.
When you say a range, you’re probably implying that you want the highest figure. However, the potential employer will see this as an opportunity to pay you the lowest salary in the range.
When it comes to your bottom line, be firm.
Bring your worth to the table and refuse to accept anything less than your bottom line. If the employer isn’t giving you what you want, be firm and confident in your ability to find another job. If a potential employer isn’t paying what you need, there’s no point in taking the job.
Plan the Appropriate Timing
“Timing is important — leave some time between the offer, the counter-offer, and the final acceptance,” said Donna Shannon, president of Personal Touch Career Services. “There’s a reason why car dealerships make you wait between rounds of bargaining.”
According to Indeed, hiring managers will give you at least one day — and sometimes up to one week — to consider salary offers. If you are considering more than one job offer, having more time will allow you to carefully consider each offer and make the best decision possible.
Consider the Advantages
If the offered salary is close but not quite what you were looking for, you may want to consider the value of the benefits. Consider benefits such as health insurance and additional vacation days.
Keep in mind, however, that a high salary may come with the expectation of working overtime or not having as much flexibility. Before making any decisions, it is critical to consider the big picture.
Prepare to walk away
If the prospective employer does not budge during negotiations, you should be prepared to walk away. Stick to your goals, even if it means passing up an opportunity. In the best-case scenario, the employer will reconsider your offer if they see you are serious about declining it.
Request a Written Offer Letter
Stahl advises that if you receive a salary offer that meets your criteria, you should request it in writing before saying yes. “And if they haven’t yet given you one, and you’re on the phone receiving the offer, the vibe is this: be grateful, excited, and comfortable asking when you’ll see it as a written offer letter,” Stahl said.
“While the offer may be a clear YES for you, don’t say yes over the phone because the truth is that you don’t know what the full offer is — benefits and all — until you read it.” This type of diligence speaks volumes about the self-love and respect you develop for yourself — and it also indicates that you are the type of detail-oriented employee that every company requires.”
