Salary is more than just a deposit to your bank account. It is the value of the work you do in the company you’re employed. Through salary, the company shows appreciation of your work and skills.
If you’re starting a new job or aiming for a promotion, always consider negotiating your salary.
During this time, approach the issue objectively. Provide an evidence-based case for your desired salary and prepare to negotiate your salary. Otherwise you will have to seek help from licensed money lenders like Cash Mart Singapore for additional monthly funds for the budget.
You have to do it right. Learn the basics of salary negotiations. Find out the objective value of job market data. Understand the best practices on how to negotiate your salary professionally.
Is It Important To Negotiate Your Salary?
The important part of the employment process is salary negotiation. You get the salary you deserve as part of career advancement. Aside from that, the company should offer benefit packages like:
Training and Professional Development
Negotiate for professional development resources and certification programs to enhance knowledge and skills. However, not all companies offer this.
Childcare
Employed parents should negotiate for childcare – costs and time requirements – for a better working arrangement.
Health and Fitness
Negotiate for health and fitness benefits like fitness stipends, medical and dental insurance to add your value.
Flexibility
Aside from salary increase, negotiate for flexible time work – work from home, work while traveling or work on a different schedule.
There are other forms of compensation when you negotiate your salary. Consider it first before taking a new offer.
10 Tips On How To Negotiate Your Salary
Before you knock your boss’s office, make sure you’re prepared to negotiate your salary professionally. Follow these tips.
Know Your Value
Know the rate for your position in the specific industry – geographic area included. If not, you’re at the mercy of the hiring manager. He can control the conversation smoothly at your own expense.
Avoid this by doing an online search or ask others in the same field. Ask both men and women to avoid falling victim to the gender pay gap.
Appropriate Timing
Once you know what you should be earning, wait for the appropriate time. Be patient. While in the interview, do not bring up the compensation until the employer makes an offer. As much as possible, resist throwing out the first number.
Base Salary Request on Data
If asked about your salary expectation, provide a salary range from your research. Negotiate your salary based on your role, experience, and what you have to offer. Do not talk about your personal financial needs.
Focus on the Future
Part of salary negotiation is the question about your current salary. It’s quite tricky especially if you’re currently underpaid. However, it’s never a good idea to lie.
Give out your current number – benefits and bonuses included. Afterward, quickly move the conversation to the number you’re looking for. Focus on explaining your new skills and responsibilities. Emphasize your market value and how you’re looking forward to growing.
Take Time
You don’t need to decide immediately once you receive an offer. Take your time to think if you’ll accept or reject it. Sometimes, when you say “I’ll think it over”, you get an offer increase than the original.
Consider Saying “No”
Saying “no” is not prohibited especially, if you’re undecided about the offer. Sometimes it brings a better offer. Just be careful. You might risk the job you want. It’s either the employer accepts your answer or moves on to the next applicant.
Negotiate Benefits
If you cannot negotiate your salary, look into the employee benefits. Some employers offer telecommuting privileges, food allowance, or an alternate schedule. Choose according to your preference. Some low paychecks are worth accepting of these arrangements.
Stay Positive
Don’t be too pushy when you negotiate your salary. Instead, keep the conversation on a positive note. Strike the conversation like this,
“It is fun working here, even though my projects are very challenging. I believe I’ve met my roles and responsibilities. I have contributed to the growth of the company. I would like to explore with you the possibilities of compensation review.”
Ask For Advice
Aside from talking about your value and benefits, ask your negotiating partner. It’s flattering in their part that you consider their perspective. Hopefully, it persuades him to advocate for you and your request.
Ask Questions
As you negotiate your salary, a negative response is expected. Don’t let that deter you. Rather, keep the conversation moving by asking open-ended questions. It shows you’re willing to work for them. You may ask the following.
“How can I help you move more in my bidding?” “What is your proposed salary?.”
If your employer won’t budge despite your best offers. The company might not simply grant your request due to a lack of budget. When this happens, at least you know you tried your best. Think if it’s worth it – the company culture, benefits, and the job itself regardless of the salary.
Succeeding with the salary negotiation is not the end. Be brave to face difficult responsibilities. Prove you are worthy of the increase. Consistently make sure you’re paid fairly for the amount of work you’re doing. Don’t let your efforts go to waste when you negotiate your salary.