So you just received a job offer from the company you have been interviewing for weeks! Congrats—take a break and relax… Well, you have one last thing on your agenda to accomplish before you’re entirely done with the job searching process. And that my friend is accepting the offer. But first, you have to ask yourself some questions. Are you happy with the compensation model? Does it match what you had in mind for the position? Salary negotiation has always received such a negative connotation. Compensation conversations can show employers your conscientiousness, assiduous. Hopefully, the tips below can benefit your confidence and allow for a successful salary negotiation.
1. Research your position’s salary.
What is the average salary of your position in your field of work? This is the first thing you should research when it comes to dealing with an upcoming salary negotiation meeting. Leverage PayScale or Glassdoor. These are two sites that give you insight into what people in the same position made compensation wise. This will help you when going into the conversation so you can be prepared on the range your employer is intending on.
2. Have a set number in mind.
It’s imperative to have a number in mind. Not just an estimate, but a precise number. A study from Columbia Business School shows that “precise first offers act as more potent anchors than round first offers.”
So what does this mean?
Instead of saying you want a yearly salary of $55,000, be more specific and say $55,650.
3. Don’t shy away from walking away.
Odds are you might receive a counteroffer. Never accept a counteroffer – if you’re unhappy and looking to leave, you should never stick around for a couple more grand per week. You’ll end up leaving later on in the grand scheme of things, and it will hurt your employer, along with yourself in the end.
4. It’s okay to hear “no.”
I am going to start this off with an exceptional quote we all know from the office. “You miss 100% of the shots you don’t take – Micheal Scott – Wayne Gretzky”.
Don’t be afraid of hearing a flat-out response of “no.” Some companies cannot afford to raise the initial compensation costs. Also, don’t overthink the answer and feel that you are already on a lousy step with your future employer. About 39% of people will negotiate for a higher base salary according to a study from CNBC. So you’re not the only one.
Leveraging those four tools can help you with a successful salary negotiation process. Do your research, and even practice with a friend. Be calm and collected, and most of all, have confidence.