Negotiating Your Salary: Tips to arrive at the Compensation You Deserve

Imagine you’re at your favourite restaurant, browsing the menu. You spot your go-to dish, but this time, you’re considering adding a few extra toppings to elevate the experience—maybe some truffle oil or a side of perfectly crispy fries. Negotiating your salary is a lot like customizing your meal. It’s about ensuring you get the total value you bring to the table with all the toppings you deserve.

For some, the truffle oil could be insurance or benefits, and for some, purely money!

So, how do you think you could go about it? Let’s dive in.

Understanding Your Worth: The Ingredients Matter

Before you even think about negotiating, you need to know the value of your skills and experience in the current job market. This is like checking the price of truffle oil before adding it to your meal—you don’t want any surprises when the bill comes!

1. Research Market Data:

Start by researching salary benchmarks for your role, industry, and location. Use resources like Glassdoor or Payscale, speak to your colleagues in the same role, or reach out to your alum network to get a clear picture of the going rate. Think of this as scanning the menu for the best deals.

Also, while going through Glassdoor, note the number of respondents without it the data is not statistically relevant. Remember, people like to say they make more than their actual reality, so calm down the data.?

2. Assess Your Unique Value: Consider what sets you apart from others in similar roles. Do you have specialized skills, certifications, or years of experience that add extra value? Or were you just at the right place at the right time and got an experience that is hard to get for your experience level?

This is like knowing your dish will taste even better with those premium toppings because of your unique palate. But while doing this, always remember that self-evaluation is very similar to a cat thinking it is a lion; avoid that.

Do not underestimate yourself (https://hbr.org/2014/08/why-women-dont-apply-for-jobs-unless-theyre-100-qualified) or overestimate it

(Check out the above article and see why women underestimate themselves more often. Not directly related to compensation but gives you the thought).

3. Know Your Floor and Ceiling: Determine the minimum salary you’re willing to accept (your floor) and the highest REALISTIC amount you can ask for. This range will guide your negotiation (Remember the cat and lion?), as knowing your budget helps you choose the proper meal.

Timing and Approach: When and How to Place Your Order

Timing is everything in salary negotiation. As you wouldn’t ask for dessert before your main course, you must pick the right moment to discuss your compensation.

1. The Right Moment: The best time to negotiate is after you’ve received a job offer but before you’ve accepted it. At this stage, the employer has already decided they want you, giving you leverage. If you’re already employed, the time might be during a performance review or when taking on additional responsibilities.?

Or if you are one of the lucky ones with a human manager, do it without the prerequisites.

2. Approach with Confidence: You can start the conversation quickly but respectfully. You should express your enthusiasm for the role and the company, then pivot to discuss your compensation. This is like telling the restaurant you’re excited about your meal and then asking if adding those extra toppings is possible.

3. Use Data to Support Your Request: Back up your request with the research you’ve done. Mention the salary benchmarks and highlight how your unique skills and experience justify your request. Think of it as explaining why the truffle oil is worth the extra cost—because it enhances the overall experience.

Remember to interpret the data based on context and statistical viability!

Negotiation Tactics: Customizing Your Meal

Now comes the negotiation—the moment you fine-tune the details to get exactly what you want. Here’s how to make sure you walk away satisfied.

1. Start with a Higher Number: It’s often advised to start slightly higher than your target salary. This gives you room to negotiate down if needed, just like you might start with a higher budget and then adjust based on what’s available.

2. Consider the Whole Package(VERY IMPORTANT BUT MOSTLY IGNORED): Salary isn’t the only part of your compensation. Be open to negotiating other benefits, like bonuses, stock options, flexible working hours, or additional vacation days. This is akin to looking at the main dish and considering the sides, drinks, and desserts to complete your meal.

3. Practice the Art of Silence: After you’ve made your request, resist the urge to fill the silence. Give the employer time to consider your proposal. Sometimes, silence can be as powerful as the request itself—like savouring a bite of your meal before deciding on the next course.

Handling Counteroffers: Adjusting the Recipe

Only some negotiations will go precisely as planned. Sometimes, you’ll get a counteroffer that’s lower than expected. Here’s how to handle it.

1. Stay Flexible: Be open to compromise. If the salary offer isn’t exactly what you wanted, see if you can negotiate other aspects of the compensation package. It’s like realizing that maybe you don’t need the truffle oil, but an extra side of fries would still hit the spot. Other options, like more flexibility or handling a work-life situation, are very individualistic, so choose according to your needs.

2. Know When to Walk Away: If the offer doesn’t meet your minimum requirements, walking away is okay. Just like you wouldn’t settle for a meal you know you won’t enjoy, don’t settle for a job offer that doesn’t meet your needs.

3. Express Gratitude: Regardless of the outcome, thank the employer for their time and consideration. This keeps the door open for future opportunities, just as you’d thank the chef even if the meal weren’t exactly to your liking. Also, as a human being, there are more significant things governing compensation, and your managers and HR are doing their best. No one wants to lose a good resource.

Things to Avoid!

• Be realistic, and do not overestimate yourself.
• Be a human being: everyone tries their best, but sometimes, more significant things are at play.
• Be genuine and do not try to game it. The system has enough checks and balances to find the one crying wolf (if no one else catches it, your Rewards team will!).

Conclusion: Savor the Results, but be mindful

Negotiating your salary is an essential skill that can significantly impact your financial well-being and job satisfaction. By understanding your worth, timing your approach, using effective negotiation tactics and being human towards the organization, you can ensure that you get the compensation package you deserve.?

Think of it as crafting the perfect meal that satisfies all your cravings—because you’re worth it.