How to Negotiate For The Salary You Want Like A Boss

Knowing how to negotiate your salary in a job offer is one of the competencies every jobseeker needs. It is necessary to brush up regularly on your negotiation skills, even if you are a long-time employee. Whether it's a new job or a promotion, there will always come a time in your career that it will help you confidently ask for the raise you deserve.

It is a given, though, that salary negotiations can be intimidating. However, instead of giving in to the fear of asking for a fair salary and being rejected, assess yourself internally. Asking for proper compensation determines how much you see your worth. Decide the monetary value of your hard work and look at what they are offering you. Now, check what they are paying you. Do you think it is too low? Line up your reasons, back these up with data, be objective, and ask for what you want. Use the following winning tips as a guide on negotiating your salary in a job offer.

Calculate the Salary You Should Be Earning

Come prepared. Know your field's and position's average pay based on the market, so you do not agree to an offer that underpays you. This is one instance where comparing yourself with others is a good idea.

In 2014, the salaries of more than 6,000 employees of Sony Pictures were leaked to the public. The leak also revealed that only one of the 17 executives who received USD 1 million per year was a woman. This revelation inspired actress Charlize Theron to negotiate for a higher paycheck in her movieThe Huntsman. She had realised her male costar, Chris Hemsworth, was being paid more. So, then, Theron asked the producers for a raise. She eventually received USD 10 million more than her original salary – receiving the same amount as Hemsworth.

Thankfully, you do not have to rely on a company hack to reveal standard industry salaries. You can simply check JobStreet ’s 2022 salary guide. Input your job details to discover how much employers are paying. If you are a fresh graduate, just put in the specialisation you are aspiring for, put your experience at entry-level, select the industry you hope to work in, and place your best guess for the monthly salary base. Use the resulting figure to quote a salary range when you need to fill out your pay expectations or if you're comparing against another offer.

Justify the Pay for Which You're Asking

You must convince your supervisor or the HR representative that you are worth the figure you just quoted. The figure you gave cannot stand by itself. Back up your demand with fact-based reasons why you deserve it. Below are some answers you can give to the inevitable question: “Why should we give you a higher salary?”

• Transferable skills. Have you attended workshops in oral and written communications, problem-solving, or analytical thinking? All these can help make you a worthwhile employee. You can invest in your mastery of skills even before venturing into the workforce. Try Skillsfuture, a national movement that helps prepare Singaporeans for their future by arming them with the necessary skills.
• Excellent work performance. Do you exceed work quotas? Can you consistently complete tasks on time? When asked, do you extend assistance beyond your department? This kind of work ethic deserves a raise.

If you are a fresh graduate and have not had any work goals to beat yet, you could cite, instead, your school performance. Were you consistently on the honour roll? Do your professors speak highly of you? Were you active in extra-curricular activities? These can help validate the salary for which you are asking.

• Value to the company. Work experience is not the only factor that raises your professional worth. If you are a fresh graduate, you can bring a lot to the table with your innovative ideas, eagerness to learn, and familiarity with technology.

Be Open to Looking Beyond Money

Because of the Great Resignation wave triggered by the pandemic, many companies are willing to raise the salaries of valuable employees. You are in a particularly ideal position to negotiate for a higher salary if you work in the financial technology industry. In Singapore, fintech workers are in such high demand that many receive multiple job offers.

If, however, your chosen industry is not as robust as the financial technology field, take heart. There are many non-monetary ways that a company can compensate you for the value you bring them. Channel News Asia reports that in 2021, a survey found that 74% of employees value work-life balance. Companies recognise this. So when you ask for any or all of the following, you may find an agreeable supervisor. Remember, though, that you still need to justify why you want these:

• A four-day workweek— Asking to work fewer days does not mean that you’re shirking responsibility. After all, in 2021, the four-day work week proved to be successful in Iceland. Employees not only showed the same or increased levels of productivity but also overall satisfaction. You can ask for this as an incentive if you value your time over anything else.
• A flexible work schedule—Prove your reliability to get your boss to agree to an output-based arrangement.
• More paid vacation days—Going on holiday more often improves your physical and mental health, thus making you a more productive employee in the long run.

Time It Correctly

If you are looking for your first job, see if you can do your interviews close together. Once a company makes hiring decisions, they expect their prospective hires to accept quickly. If the offers come around the same time, you can be in a better position to make an informed decision. Use your salary offers to come up with a valid range. Then approach the most attractive company with your counteroffer.

If you have been working for a company for a long time, you're within your rights to ask for a raise at one time or another. There are three best times to do this:

1. Soon after you score a win at work. Perhaps your presentation got your company the winning pitch. Or you made your 100th sale, beating a quarterly quota. Put your hard work on display when you ask for a raise.
2. When the company is doing financially well. If revenue is streaming in, employers are in a better mood to approve hefty compensation packages.
3. If your supervisor has enough free time, and is in an agreeable mood. You want to have the “salary talk” when they are not in a rush and are open to a conversation.

Use the Right Words

When you communicate at work, be clear, precise, and courteous. Get straight to the point without being aggressive. Use industry data to back up your demands.

You can get this right in interviews by rehearsing with friends beforehand. However, you may also choose to send a salary negotiation email. Use the following templates as guides:

For fresh graduates, responding to a request for your expected salary:

I am delighted to have been offered the position of ____ at [Company Name].

As requested, my expected salary is SGD ____. I am basing this figure on the industry average for this position, with a range of SGD ____ to SGD ____.

I believe my skills and eagerness to learn are in line with my expected salary. Because of these, I am confident that I will bring value to your company. It is an honour to have the opportunity to work for [Company Name].

Thank you for your call/Thank you for getting in touch. I hope to speak to you again soon.

For long-time employees, asking for a raise:

I have been with [Company Name] for x years now. Given the solid successes I have brought to the company, it is time, I believe to set an appointment with you concerning my salary.

As you will recall, my salary has remained the same for x months/years now. Since the last time my salary was adjusted, I have consistently met my KPIs, helped different departments whenever I was asked for assistance, and regularly volunteered for the company’s CSR efforts. I have also recently completed a graduate course in [subject].

All these justify a pay raise, I believe.

I would appreciate it if we could set up a time to discuss this further. I look forward to hearing from you.

How you negotiate a salary in a job offer can make or break your job satisfaction. Asking for a fair offer or a pay raise may be intimidating. Think of it this way, instead: you know you deserve this. You owe it to yourself to ask for it.

#LetsGetToWork with JobStreet’s help. Find more tips on how to get the salary you deserve in JobStreet’s Career Resources Hub. For easier access, download the JobStreet app on Google Play and the App Store for easier access.