5 Tips on How to Win Your Salary Negotiations and Get the Pay You Want

In the process of interviewing for a new job? The dreaded part is happening soon: salary negotiations. While it may be a bummer having to discuss figures, especially in a culture where you’re taught not to be so upfront about numbers, salary negotiation is an essential part of the job hunting process. It can define your lifelong earning potential, which can be lower or higher than the industry range depending on your negotiation skills.

Should I Negotiate My Salary?

Ever heard of the age-old wisdom “Never accept the first offer?” You don’tneedto negotiate your salary, especially if you think the first offer on the table is a figure you’re happy with, but as a general rule of thumb, there is no harm in trying.

Whatcanbe concerning, however, is when you have hesitations over the first offer, but you’re afraid to negotiate lest risk losing out on the job. In this hiring stage, remember that everything is up for negotiation at this point — and recruiters expect you to negotiate not just your salary but other perks and benefits, especially when the hirer did not disclose this to you upfront.

Gunning for a higher salary is not offensive to recruiters, especially when you haven't signed anything yet. Remember to maintain mutual respect while making your claims throughout the back and forth process.

Why Should I Negotiate My Salary?

Compromising in this hiring process stage is normal, especially when the hirer asks you about your pay expectations. Some hiring managers become even surprised when you don’t negotiate your salary.

While you’re notrequiredto negotiate your salary, it is a good idea even if you think the company’s initial offer is reasonable. After all, you’re likely not to get any more money if you don’t ask for it — and nearly no other company will insist on giving you more money. And even if your company informs you that you are entitled to a yearly raise based on a percentage of your salary, you could be earning more dollars if you negotiate early on.

Meanwhile, if you don’t negotiate your salary — especially when you believe you are getting the shorter end of the stick — you could be setting yourself up for a disadvantage. You might be unable to save up or make more responsible fiscal decisions, especially if the rising cost of goods impacts you.

You can also negotiate other benefits besides your salary that could affect your work-life balance and overall working conditions with the company. It especially applies to more senior career people making an industry switch. While you may have to adjust your salary or not receive the increase you want, you can compensate for this in other areas. Ask for more work-from-home days (or a completely remote arrangement), a transportation budget, health benefit packages, or an allowance for skill improvement.

How to Prepare for Salary Negotiations

Evaluate what you have to offer.

Before coming to the table with a figure in mind, you must know what you can offer your company. Hiring managers wouldn’t appreciate a number pulled out of thin air. Justify your requested amount by stating your background, qualifications, and experience. Study the following factors when you come up with a strategy.

• Years of industry or leadership experience: Generally, when a role calls for specific years of experience and you fall within the higher range, it can warrant you requesting a higher salary. It also works for positions requiring previous leadership experience you may have held.
• Education level: Having the relevant bachelor’s, master’s, or PhD degrees or holding a diploma in a specialised program may also determine your compensation depending on the role, industry, and technicalities required.
• Skills: Do you have a niche or technical skills? Specialised skills that have taken time to master may merit higher pay.
• Licenses and certifications: Certain licences or certifications may merit higher pay, especially if these are requirements an employee prefers or requires from their hires.

Research the market average.

When the company asks for your expected salary, this can put the ball in your court. You may want to research the market average for the role you are interviewing for within the industry — the JobStreet Salary Report 2022 has updated figures based on median salaries, or you can simply enter your details on the JobStreet Salary Guide.

Regarding remote work, finding an average salary can vary widely. Some companies pay based on where your company is; others pay depending onyourlocation. Find the most competitive offer based on the role, responsibilities, and skill set required, and select the number you feel good about.

Consider getting the opinion of those in the industry on whether the offer is within market averages. You can also opt to send the job description to a mentor and ask them what they believe that position should pay, especially when it comes to trickier job descriptions that may merge various responsibilities under one role.

Prepare your talking points.

It helps to prepare your talking points for negotiations. You can write down notes even. Briefly put yourself in your HR's shoes and ask yourself: What factors would make the strongest case for me receiving a higher salary than they are offering? Those could potentially include information such as:

• Years of industry experience, especially if you’ve held leadership roles in the past or if you have more experience than what the employer stated as a minimum requirement.
• Proof of driving excellent results, such as goals achieved, awards earned, or revenue met
• Specialised skills or certifications relevant to the role, especially if they are niche qualifications
• Average salaries being offered by other similar employers for similar roles, especially when your current offer falls below market average

Open with the highest salary range.

One negotiation tactic is to open with the highest salary range — the company will be bound to present a counter-offer, so even if they do, you will end up with a figure you’re happy with or even more than you may have bargained for.

Be confident yet respectful.

Simply state your requested salary with confidence — resist the temptation to over-explain, and simply make your case. That said, while it is necessary to do this with conviction, you must also do it respectfully and tactfully. Confidence is not the same as arrogance. Keep your line and stance open, and reiterate your gratitude for the opportunity.

While it can feel like a hassle to discuss salary, negotiating your salary is an important step in the hiring process. By confidently yet respectfully making your case on why you deserve higher pay, you can also help your future employers better understand the value you add to the company and establish working rapport.

Ready to negotiate the salary you deserve? Then # LetsGetToWork ! Update your JobStreet profile with your skills and experience — so you can find the job that’s the right fit for you, and rightfully pay for what you bring to the table.

For more expert insights on embarking on a fulfilling career and building your confidence in the workplace, visit the Career Resources Hub. You can also download the JobStreet app on Google Play and the App Store for easier access.