The Dos and Don'ts of Negotiating Your Salary
Shashank Tripathi
Assisting businesses in Risk Management and Securing Assets for unseen financial loss.
Salary negotiations are stressful enough, but they can be even more stressful if you don't know what to expect. That's why it's important to understand the dos and don'ts of negotiating your salary, so that when you sit down with your potential employer face-to-face, things go as smoothly as possible. Here are some tips for how to negotiate successfully:
Do:
- Research the typical salary range for your position and industry.
- Come prepared with data and examples of your qualifications and accomplishments.
- Show enthusiasm and excitement for the job opportunity (even if you're not sure if it's right for you).
- Be confident and assertive, but also be willing to compromise on some points if necessary—you never know what might come up later down the line when negotiating a new contract or deal!
Come prepared with data and examples of your qualifications and accomplishments.
When you’re negotiating your salary, it's important to have data and examples of your qualifications and accomplishments. This will help you show the employer how much they can expect in return for their investment in hiring you.
- Research the job title and industry before applying. Researching a job title or industry will help narrow down exactly what type of skills and experience are most valuable for that position, as well as how much money someone with those traits might command at another company within that field.*
- Do some research on typical salaries within your field: Compile figures from reputable sources like Glassdoor or Payscale.* Compare these figures against other jobs at similar companies by using either an online tool such as PayScale or one provided by TheLadders.* Identify which companies pay higher salaries than others based on past performance (e.g., if one company has been growing quickly over the last year while another hasn't), but also consider whether there may be some underlying factors that could affect this trend -- such as larger employee base affecting average starting salaries; different levels within certain departments which could lead them having more seniority than younger employees; etcetera!
Show enthusiasm and excitement for the job opportunity.
You'll want to show enthusiasm and excitement for the job opportunity. The first thing that you should do is be excited about the company, its mission, and its people. When you can convey this excitement in your answers to questions, it will come across as genuine and sincere.
It's also important that you are able to highlight why this particular job opportunity appeals so much to you (e.g., because it offers more responsibility than others). If a potential employer hears “I'm interested in this position because I have experience with X company” instead of “I'd like this position because Y company pays well enough for me not only survive but thrive financially," then there may be fewer of an impression made on them about how passionate or committed we really are towards our careers as employees (or freelancers).
Be confident and assertive, but also be willing to compromise.
- Be confident and assertive, but also be willing to compromise.
- Don't try to get a higher salary than what you are currently earning.
- If you're negotiating for your first job or career move, don't be greedy and ask for the moon; instead, focus on what's realistic for you in terms of pay and benefits. For example, if all employees at your company earn $100K per year base salary plus bonuses that can add up to another $10K-$20K annually (or more), then consider asking for more than that—but not so much more that it would make sense from an employer's perspective not to hire someone who isn't willing or able yet due some other factor such as age/ageism, etc., which I'll discuss later under "Things Not To Do When Negotiating Your Salary."
Be honest and direct about your salary requirements.
When negotiating your salary, it’s important to be clear about what you want. Don't be afraid to negotiate for more than you feel is fair or reasonable. If someone offers you $50k and your demands are $75k, don't apologize or make excuses for the discrepancy—just say yes! You can always talk with them again later if they lower their offer because they realize that their initial offer was too high (or vice versa).
If someone says no when you ask for more money than expected (and this happens often), don’t threaten to walk away from the job if your salary requirements aren't met—that will only make things worse than before! Instead, try saying something like "I would love working here" followed by some kind words about why this company would benefit from having someone like yourself on staff."
Don't:
- Don't: Apologize or make excuses for your salary requirements.
- Don't: Accept the first salary offer without discussing it.
- Don't: Threaten to walk away from the job if your salary requirements aren't met.
Be afraid to negotiate or ask for more money.
When you're negotiating your salary, it's important to be confident and assertive. It's not easy to ask for more money when you don't know if the company will be willing to pay what you want. The best way to make sure they understand how important this job is is by making them feel like there's no other option but yours. You can do this by asking questions about their business and telling them that their competition is offering more than what they offer in terms of compensation packages.
Don't be afraid of negotiating or asking for more money! If someone says "no," then try again until one of two things happens: Either your boss realizes how valuable his/her employee is and decides on an offer that meets both parties' needs (and maybe even exceeds expectations), OR the person refusing isn't actually able or willing...
Accept the first salary offer without discussing it.
When you first start negotiating your salary, it's a good idea to accept the first one without discussing it. This way, you're not caught off guard when they ask what your ideal salary is and can give them a number that will be reasonable for them in comparison to their own budget.
If they don't seem interested in negotiating with you and instead want a quick answer (or if they think that the minimum wage is enough), then let them know that this isn't acceptable and ask for more money if necessary. Don't let yourself get trapped into thinking that $X amount will be enough for both of us—make sure there are no areas where either party has room for improvement before agreeing on anything!
Apologize or make excuses for your salary requirements.
- Don't apologize for your salary requirements.
- Don't make excuses for why you want more money.
- Be confident in your abilities and qualifications, and be prepared to give examples of why you are worth more money.
- Negotiate!
Threaten to walk away from the job if your salary requirements aren't met.
Don't threaten to walk away from the job if your salary requirements aren't met.
This is a bad idea, and you should absolutely not do it. A hiring manager might think that you are being difficult or aggressive, which will make them feel threatened and want to lower their offer on the spot. If they do, be prepared for them to call back later with an even lower offer—so what was originally offered may never happen again!
Be vague or unclear about your salary requirements.
Be vague or unclear about your salary requirements.
If you're looking to negotiate, it's best not to be too specific about what you're looking for when it comes to your salary. While this may be an understandable position for a lot of people, there are some situations where being more specific will help make sure that both parties come out on top in the end. For example:
- If you have a difficult time requesting something in writing (like asking directly), try saying something like "I am interested in earning $X per year" instead of just giving a number without telling me why or how much. This way we can discuss what exactly those numbers mean and work together towards finding a mutually beneficial solution that meets both our needs while still being realistic within our budget constraints.*
Conclusion
If you follow the dos and don'ts of salary negotiation, you'll have a better chance of earning the pay and benefits you deserve. The bottom line is that if you're looking for a job, there's no reason not to negotiate.