5 Salary negotiation tips

It is quite apparent that many people are hesitant to ask for more money until their job search is complete and they have an offer in hand. They do not want to jeopardize the opportunity when they have come far if the pay is fair. This is especially the case for job seekers who lost their jobs due to COVID-19. If you have advanced skills and a strong resume, you might be wasting money if you do not discuss a salary offer. 

Here are five salary negotiation tips that can benefit you.

1. BECOME FAMILIAR WITH SALARY LEVELS IN YOUR SECTOR/INDUSTRY

You need to go into a salary negotiation with as much information as possible. Your most powerful ally is data. Consult with the industry experts about your job nature and pay expectations. You will learn what the current rate is for your position and level of experience. You can search online as well.

Pay special attention to the Critical Roles. If you find yourself competing for one of today's hottest jobs, you will react to the job offer with more confidence. If the employer is having difficulty locating someone with the required qualifications and experience, it could be possible to negotiate a higher wage.

2. MAKE SURE YOU DEVELOP YOUR CASE

Do not just counter with a higher amount after you have received the salary offer. Even if your analysis backs you up, describing why you believe you deserve better will help you succeed. Highlight your strengths by listing all the values that a person with your background can bring to the company.

3. DO NOT OVERSTATE THE FACTS

When it comes to salary negotiations, complete transparency is crucial. There is no better way to get your work offer revoked than for a hiring manager to discover that you made up a competing job offer or inflated your previous salaries.

4. DO THINK ABOUT BENEFITS AND REWARDS

Employee incentives and benefits are often discussed as part of salary negotiations. Extra vacation days, flexible hours, or, particularly today, a work-from-home schedule can be less expensive to the employer than a pay rise.

5. DO NOT TRY TO MAKE IT UP AS YOU GO ALONG

Consider what you value and what will make an offer more appealing to you. If you are comparing several options, make sure to compare health care coverage, retirement savings accounts, and other benefits side by side before deciding. Consider benefits like career growth opportunities with the prospective employer.

Some people may think this is odd but asking a friend or mentor to prepare the conversation you will have with the hiring manager is a smart idea. Someone from the corporate world will be perfect as a partner — someone who can coach you on expressing confidence and reacting to unexpected questions. Running through the communication a few times will be helpful going into the salary negotiation.

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