3 Smart Strategies For Salary Negotiation
Negotiating salaries is often regarded as one of the most uncomfortable experiences a worker can have, but it really doesn’t need to be.
There are millions of reasons to want a higher salary, and you don’t need to feel guilty asking for more money, especially when you have the reasons and proof to substantiate your claim. Maybe you've been eyeing a fancy vacation or need to pay off student debt. Perhaps you’ve taken on more responsibilities, and it’s gone unnoticed within the company.
Whatever the reason, you've scheduled a meeting with your current boss to talk money, or have an interview lined up for a higher paying job, and like any other negotiation, there's a subtle art to getting the outcome you want.
In no particular order, consider these three approaches when negotiating your salary:
1. Do Your Research
Never go blind into a salary negotiation. Overall, we recommend that you start with a figure that's no more than 10-20% above the initial salary. Keeping within this frame, you’re not asking for too much or too little. It’s a Goldilocks zone and allows you to manoeuvre the negotiation to best suit your needs without your boss or employer ousting you out in favour of a “cheaper” candidate.
2. Use A Precise Number
If you’d like to boost your salary up in a smart way that won’t cause too much back-and-forth, you can ask for a number that isn’t considered generic. Let’s say you’re on £40,000, you could ask for £42,500 instead. Why not? This will give you ample opportunity to break down your case and an employer will be more likely to accept.
3. Be Honest About Your Reasons For A Higher Salary
When it comes to salary negotiation, lying is not worth it. Bring your market research to the table. You must be prepared to explain why you think you deserve more with examples. Often, job roles will change the longer you stay in them, meaning that the job description you were hired for is no longer in-keeping with your current position. Salaries are no different to this, they can also change with time. What the job market said a year or a couple years ago could be vastly different now. Also, perhaps you’ve developed more skills, taken on more work, and this makes you more deserving of a pay rise. Likewise, if you’re being interviewed for a position, you might have skills that are not in the job description but overall makes you more of an asset to the team or the project. Be vocal about these skills and attributes, confidence in your case is always key.