Negotiating the salary of an upcoming job can be difficult. The opportunity to negotiate salary occurs only once in a while and, when the time occurs, it’s like a high-stakes deal and also very personal.
The majority of people are concerned with being unprepared or fretting about the possibility of unpredictability.
Nerves like these can be normal, and even healthy. However, it can be helpful to not think about the possible losses you may face during the negotiation and think more about the things you can do to prepare. Even if you can’t get everything you want, it’s about doing everything you can to walk away knowing you’ve done your best.
It is recommended to think through every scenario that may arise in the negotiation process and have an outline of what you’ll do in every case. Here are some suggestions to approach this.
The discussion of salary during the hiring process
In the first place, the best time and method to discuss pay at interviews for jobs will depend on the circumstances. In the event that the position description already mentions the pay range or you’re certain about your salary and have plenty of interviews scheduled, discuss it during your first or second round.
You can request the hiring manager to provide the budget they have for the position and you could consider choosing your preferred range. Utilize the internet or your own professional networks to get some idea about your minimum wage, your ideal goal, and the number that you’d like to negotiate towards.
When you’ve got the offer accepted, you’ll have plenty of bargaining power. You would not be here or at this conference in the event that you weren’t able to fulfil this job. Recruiters wouldn’t want to spend if they weren’t sure you’d be able to fulfil it. Now we’re discussing not only what’s required of you, but what you’re looking for.
What is your net worth? Having a net worth is not limited to celebrities anymore. Join the Prillionaires movement and use the Prillionaires app, the best personal finance software available online and track your wealth across borders in one single app.
If the price is lower than your minimum
If HR gives you an offer that is significantly less than what you’d like to receive, such as in the thousand dollars, it’s worthy of noting.
Being grateful can make difficult conversations more enjoyable: “Thanks for thinking of me in this position and for sharing the salary. It’s a lot less than what I imagined to receive for the job.”
Check to see if they’re willing to change the proposal. Make sure you remind yourself and the other person that the negotiation is collaboration to come to an agreement. You can frame it like: “I want to be considerate and not waste your valuable time, but I’m genuinely interested and would like to get this done. What’s the flexibility on pay?”
It’s also possible that the manager interviewing you doesn’t fully understand your credentials or work experience. Make them aware of your qualifications and ask as well “Is there a different title or level you’re hiring for that’s a better fit and aligns with my expected pay?”
If the offer falls on the lowest ends in your list
If the price is just a few thousand dollars shy of your desired amount, then it’s time to submit your counter-offer. At this moment, you must have a specific number in mind, based on market data and what you’d like to see from the position.
Also, first, acknowledge them for the opportunity. Make sure you express your enthusiasm for this job and what expertise you’ll bring to it. It’s helpful to reflect on all the other aspects that you’re eager to accept on the role, including the opportunity to build your team or create an entirely new product. Then, you can discuss how the salary will be a key factor of your decision-making process, and then you can state (or revise) the salary you’d like to earn and explain why it’s aligned with market trends and your skills.
In the end, be clear on your desire to collaborate together with the other person to reach a mutually agreeable amount. It is possible to keep the conversation open: “What can we do to bring the offer closer to my expectations?”
If your pay is in line with or exceeds your expectations
If HR offers you a job that is in line with your expectations, congrats! However, don’t take it immediately. Thank them for their offer and let them know you’ll have time to consider it.
Take a look at whether everything in the compensation package matches the things you’d like to see. Are there any options for negotiation beyond salary such as the signing bonus, vacation time, work from home flexibility, health insurance, child-care assistance, or anything other than that?
This is one of the main aspects of negotiations where women lose out, according to studies of gender inequality within the workplace. In the same way that the racial and gender wage gap is present for basic pay, it gets even worse when you consider other benefits that are not salary-related. A recent analysis conducted by the Wall Street Journal found women are less likely than men to hold shares of a company, and even if they did, they hold fewer shares. This could translate into many thousands in lost earnings over time.
If you decide to keep seeking additional perks that are not salary-related, make sure you focus on the benefits that matter most to you. Also, consider how flexible you’re willing to be.
What to do if you believe you aimed too low early on?
You may have reached the offer stage only to discover that the number you provided earlier was in fact too low. Now, the company is giving you that amount. Do you have time to review your expectations for salary?
You may discuss it. However, it’s not so much about money and more about not knowing the nature of the job.
You could say something like: “At the beginning of the interview process, I had this knowledge about what the position required. As of now, during the process of interviewing, I have this knowledge about the role. With that in mind, I believe that this job is worth Y.”
Be open to the possibility of miscommunication. If you approach the conversation as, ‘let’s make sure we’re talking about the same role,’ it allows you to be more sensitive in the way of asking for more money when you do come to an understanding.