Over the last few years, the economy forced many to accept whatever job and salary they were offered in order to make ends meet. As the economy continues to improve, new opportunities will be available. Knowing how to negotiate your salary is key to your future success.
Top companies are often prepared to negotiate competitive starting salaries to attract top talent, however, some companies are bound by policy or financial limitations. The following tips will help you successfully negotiate the salary you deserve.
Things you Should Know Before Salary Negotiation Begins
Research the salary trends in your area of expertise and adjust for the cost of living in the area where the job is being offered. Also take into consideration any employee benefits that are a part of your job offer.
Evaluate your Skillset
Objectively consider the distinguishing skills and characteristics that you have to offer. Be prepared to highlight these during your salary negotiation.
How to Answer Salary Requirement Questions
During the interview and application process, you may be asked what your salary requirements are. Provide general answers whenever possible. On applications state that you are “open to negotiation”. During phone, video or in-person interviews, use a statement such as “I am confident that we will agree upon a mutually beneficial salary”.
Salary Negotiation Power Tips
Most companies are open to salary negotiation, so never be afraid to negotiate.
During any salary negotiations, be flexible and open to other alternatives besides just salary. Some companies have strict policy and financial limitations, but to be competitive they may be able to offer you other benefits, perks or even a sign on bonus.
Highlight your strengths and what value you will add to the company.
If negotiations seem stalled or you feel like you could receive a higher salary by proving your value to the company, offer to accept less initially, in exchange for a salary review after 30 to 90 days.
Don’t be held hostage and don’t be afraid to walk away if the salary being offered does not meet your needs. There are other opportunities out there.
Whenever salary negotiations end, be sure to thank those involved for their time and consideration.
Avoid accepting an offer on the spot whenever possible.
Always ask for the final salary offer in writing.
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