The Art of Negotiating Salaries

"Let Us Never Negotiate Out Of Fear,

But Let Us Never Fear to Negotiate"

- John F. Kennedy

Let's get one thing straight from the off; Your value doesn't decrease based on someone's inability to see your worth!

Negotiating salaries is hard work! It's like building muscles in the gym, in that if you work at it, with repetition over time, it'll become easier, you'll develop better form and increase your gains! What's better than being rich AND ripped, broke and blubbery? No thanks, Sister!

A survey conducted by Robert Half found that, for some reason, just under half of all candidates don’t push for a better salary when they’re negotiating for a new job!

This raises a good question — WHY?

According to the research, “those who avoid it say they don’t attempt (to negotiate) because they don’t feel comfortable asking for more money (51%), are afraid the employer will decide not to hire them (47%), or, they don’t want to appear greedy (36%).”

By not negotiating, you could very well be leaving money on the table; after all, the poll also found that 70 per cent of hiring managers don't expect job candidates to accept their initial salary offer.

So..... How do you negotiate for the salary that you deserve?

Read on, and I'll share with you some helpful advice and nuggets of information:

Here are the main pillars you need to consider and the pre-work involved when negotiating salaries:

• RESEARCH THE MARKET VALUE OF YOUR SKILLS AND THE POSITION

When researching the role you’re applying for, you need to do your homework and weigh that up against what you value yourself. You could be the best Digital Marketing Manager the world has ever seen, but if you're pushing for a ￡95k salary when the average UK salary, according to Glassdoor is ￡46,459. You'll find it hard-pressed for any company that wants to get involved in a negotiation where you've got champagne salary requirements whilst the employer you're interviewing with, and the rest of the UK are paying prosecco or lemonade salaries. Check out websites like Glassdoor, Totaljobs and Reed, who offer a salary range vs most job titles.

• SET A TARGET SALARY RANGE

Once you've compiled your market research, set yourself a realistic salary range you're willing to work with and hold yourself to this. But don't disclose this just yet to any potential employer. Also, compare it to what you're currently receiving alongside any perks and benefits. It would help if you were clear about why you're looking to move. If one of the main factors is salary, make sure it's a number that's worth moving.

Settling for a lower salary than what your experience is worth has some negative financial consequences – you'll earn less, receive smaller raises (because most raises are based on a percentage of your salary), and have a smaller pension (since pension contributions are usually a percentage of your salary). But settling for an offer that you recognise is too low will not only set you back financially but also exasperate any job satisfaction you have.

• PRACTICE ASKING FOR THE SALARY YOU WANT

You've researched what the going market rate is for someone of your experience. You've seen the mid-range as well as the upper and lower salary bandings, you've written down the number you'd expect as a bare minimum. Now it's time to go to work and ask for that salary. If an employer is transparent with their salaries and this is nowhere near your self-valuation, this should be a red flag that if they can't pay market rate as a minimum for their employees does that mean they scrimp on the cost of materials or products for their business? Equally, most companies DON'T advertise salaries, so now is the part where you set out you stall early doors. Applying and interviewing with companies that don't advertise salaries is a risk, but sometimes the salaries on offer can be higher than you think. They don't always hide them out of shame, more to stop their competitors from seeing their rates, then raising theirs and getting into an employee bidding war or because they're not sure on the level of experience needed for the role, so they're open to what applicants come in. In some cases, it's a brand new role, and they want to gauge the desired salary based on conversations with applicants.

• LET THE EMPLOYER RAISE THE SUBJECT FIRST

Bringing up the conversation of salaries from the applicant's side can always look like that's their main motivator to join your business, which from a Recruiter and Hiring Manager point of view gives off the wrong impression. Almost mercenary like, the highest bidder gets your services. If 2020-2021 has taught us anything, it's that it's not all about money. You'll most probably have an initial/introductory call with the Recruiter. They must raise the conversation around compensation, but, as you feel the conversation drawing close, don’t feel embarrassed to approach the topic.

"Thank you for your time today, the opportunity you've presented ticks several boxes in regards to my next career move. One topic we haven't discussed and I had noticed that your company hadn't displayed on the advert was the salary range. Do you mind disclosing what the range is please?"

If the Recruiter doesn't know at this stage they really shouldn't be working this vacancy, so once again, I'd approach with extreme caution and decide if you want to progress to further stages unknowing what the salary range is.

Once you have this range, it's down to you to know where the sweet spot is. Right at the bottom, and they'll know it's a huge increase on your current salary, top of the range you're either being greedy or are on a competitive package where you are and you can't settle for anything less. I've always positioned myself towards the mid-top area of the salary range on offer. BUT DON'T TELL THE RECRUITER YOUR RANGE REQUIREMENTS JUST YET!

"Thank you for sharing the salary range with me. Based on my current experience and knowledge, teamed with the level this role is and it's responsibilities and importance to the business, that's a salary range that meets my requirements)

• DON'T SHARE YOUR SALARY HISTORY

I can't be any clearer about this next point. NEVER, EVER, EVER, EVER share your existing salary. This puts all the power of offers and negotiations into employers hands. It's none of mine or any other Recruiters business what you're being paid now. This is what your current employer values you and your experience at, which could and often is way below your true value. Remember what I said earlier - Your value doesn't decrease based on someone's inability to see your worth!?- case and point here! More often than not you're looking for another job because your salary doesn't match your value. You could be underpaid and on ￡40k, and this role is paying ￡60-75k (market rate), if they knew you were on ￡40k then when it comes to offer 99/100 they're offering you ￡60k. TRUST ME!

If asked by the Recruiter what you salary is, all you have to say is -

"My current salary isn't necessary nor important as that's what my current organisation value my skills and experience at. I'm here to see what you as an employer value them at."

OR

"I'd prefer to focus on the job responsibilities and my qualifications for the position,"

• REMEMBER TO ASK FOR BENEFITS

Salary pays your bills, rent/mortgage, and gives you a bit on the side for fun and hobbies, but if the perks such as health insurance, PTO, dental etc don’t support you outside of work, that should be a red flag.?While non-salary forms of compensation may not appear on your radar as clearly as salary, negotiating them can add real value – and cost savings – to your life. "Evaluate the entire package – don't just be hung up on base salary,"

Consider these options:

? An early salary review. Employers typically review your salary each year. If you can manage an earlier salary review, say, nine months into your new job, then you may be able to repair a lowball offer.

? Remote work or flexible working. If being able to work from home or working a non-traditional schedule appeals to you, try negotiating for this benefit. Note that your likelihood of receiving it depends on your role and the company's workplace culture.

? Professional development opportunities. You may be able to receive reimbursement for professional development courses, which benefits both you and your employer.

? Equipment or tech, such as a company phone or car. Consider asking for additional resources to you perform your job more efficiently. These can be especially useful if you travel frequently.

? Stock options. This can be a valuable benefit to negotiate, but before doing so, take stock of the financial health of your employer.

? Vacation time/PTO. Vacation time is sometimes negotiable if you're seeking additional days off.

YOU'VE GOT THE OFFER - GREAT - DOES IT MATCH YOUR REQUIREMENTS?

Do you accept it as it’s a massive increase on what you had or squeeze them for a bit more. You’ve gotten this far; it’s obvious they like you and want you. Are they going to really start the process and lose you again, all for the sake of a few thousand pounds? It doesn’t sound a lot to them, but to you, that’s technically your council tax, gas, water and electricity bills covered for the year.

FOCUS ON YOUR VALUE RATHER THAN YOUR NEED.

A very common salary negotiation error is focusing on what you feel you need or deserve rather than on your value and the value you bring to your existing or prospective employer. If you plan to negotiate a salary offer, do it based on research and clearly demonstrate your value to the organisation.

LEAVE IT AS LATE AS POSSIBLE TO MAKE A SALARY PITCH

The longer you wait, the more power you have is what multiple published authors on hiring practices reveal in their books. However, they add that many job-seekers jump in too early in the interview process.

The ideal time for talking salary is when you are the final candidate standing – and you get the job offer. It’s at that point when you can ask more specifics about salary, bonuses, commissions, health insurance, and other perks.

Matter experts view that asking at any point earlier in the hiring process can be perceived as being too focused on money – and can also lead to you having to reveal what you would be willing to accept.

ACCEPTING OR DECLINING A SALARY OFFER TO QUICKLY

While the interview process for a new job at times gets delayed, it's not unusual to want to accept the salary offer right when you eventually are offered one. Most employers are willing to give you some time to contemplate the job.

Hiring consultants also reiterate that it's when you get the job offer that you have the most negotiating power because the employer has selected you. So use that to be certain it's the job and salary offer for you – and consider negotiating for a better offer if you feel that it should be better.

Also, the experts add how studies show that many job-seekers reject job offers very quickly when the employer offers a salary much lower than expected. While in many cases you may be right in rejecting the offer, it's still best to ask for time to consider it before rejecting it outright.

If the money is far below the average, you may have no choice but to reject the offer. However, if the money is good, but just not as good as you would like, take a closer look at the benefits. A big mistake is declining a job offer too quickly without looking at the entire compensation package.

Some firms with lower salaries offer larger bonuses or options or pay the full expense of health insurance. Remember, too, that you should be able to negotiate one or two elements of the offer to make it even stronger.

NOW... GO GET THAT PAPER!!