Top Salary Negotiation Tactics so You get What You Deserve
Salary negotiations can be tricky business. Unless you have the inside scoop on what an employer is willing to offer, you may come in too high and then pice yourself out of a job offer. Coming in a little bit high is one thing, but if you ask for a salary that is thousands of dollars more than the company has budgeted for, there's no room to negotiate.
On the other hand, it's important to get paid what you are worth and you don't want to be taken advantage of. You also don't want to end up resenting your boss for underpaying you and, of course, you need to earn enough to pay the bills.
What's the best way to negotiate salary? These salary negotiation tactics will help you negotiate a fair compensation package. Here are salary negotiation tactics including how to evaluate a job offer, negotiating salary and benefits, and how to make a counter offer if you want to get a higher salary when you receive a job offer from an employer.
Top 5 Salary Negotiation Tactics
1. Be Patient
When you are interviewing for a job and want to discuss salary, be patient. Try not to bring up compensation until the employer makes you an offer. If the employers ask you what your salary requirements are, say that you are open-minded based on the position and the responsibilities of the job.
2. Evaluate the Job Offer
Once you get a job offer, evaluate it carefully. There are more factors that come into play than just the base salary. For example, you might want to inquire about the possibility of a commission, bonuses, and projected salary increases, as well as benefits, hours, and promotion and growth opportunities. All of these factors affect your year-end net income and available spending power. For instance, the position may pay less than you'd hoped for but if the medical and dental benefits are generous, that could potentially save you thousands of dollars a year in medical bills.
For each potential position, record this information in an organized checklist and compare the pros and cons in order to make an informed decision.
3. Consider a Counter Offer
One of the best ways to open up discussions after you have received a job offer is to ask for a meeting to discuss the offer. Here is a counter offer letter and counter offer email message you can use to initiate the conversation if you plan to make a counteroffer.
4. Research What You're Worth
Take the time to research salaries for the particular job you're looking for. Information is power and once you've done your homework you'll be better equipped to get what you're worth in the marketplace.
5. Take Your Time
When you receive a job offer, take your time before you make a decision. Ask the employer any remaining questions you have, even if they seem inconsequential. It's perfectly acceptable to ask an employer for time to consider the offer. In fact, most employers will respect you for taking the job, and job offer, seriously.