Ten Tips For Successful Salary Negotiation
If you find it difficult talking about money, you’re not alone. Salary negotiations are often dreaded, but it helps to remember that it’s a business interaction just like any other. So prepare well, keep calm and use these top tips to make sure you do yourself justice:
1. Keep your cards to your chest. Try to avoid sharing current and expected salary information unless directly asked. This will keep pre-conceptions out of the equation when negotiation begins.
2. Work out your USP. Make a list of the benefits you can bring to the company in terms of profitability, knowledge, quality and more. These should be central to your negotiations.
3. Be professional. Keep your personal circumstances out of it. Mentioning debt or dependants is unlikely to get you a higher salary and may make you seem desperate.
4. Be flexible. You should enter negotiations with a range in mind not a set figure. The range should be between your ideal salary and the minimum salary you’re willing to accept.
5. Do your research. Get an idea of the going rate by looking at similar jobs currently advertised in your geographic area. Check your ‘take home’ using an online ‘salary after tax’ calculator.
6. Put yourself in their shoes. How urgently do they need to fill the post? How profitable were they last year? Researching these questions could give you a clearer picture of your expectations.
7. Look at the full package. Make enquiries about other benefits that could sweeten a mediocre salary offer such as flexitime, bonuses and pensions.
8. Prepare, but delay. Be ready to discuss salary at any point, but if you can delay it until they’ve got their hearts set on you as the best candidate you’ll be in a much stronger position.
9. Don’t go for broke. If you’ve found your dream job, it’s worth making a competitive offer. But don’t go so low you can’t cover your living costs or you won’t keep that dream job for long.
10. Take your time. If you’re feeling uncertain about a salary offer, don’t feel pressured into making a split-second decision. It’s perfectly acceptable to ask for a day or two to think it over.