Shifting into people-pleasing mode during a job search can make it difficult to push back when it's time for salary negotiations. By skipping the opportunity to establish a higher salary before accepting a job offer, you face the risk of being underpaid for the duration of your employment. Avoid undercutting your own value, and research a fair salary range to make sure you're being paid what you're worth.
Why Salary Negotiations Are Worthwhile
Despite the fact that money is on everyone's mind, it's often awkward to initiate salary negotiations, as you want to show enthusiasm for the job without seeming greedy or self-serving. If you lack confidence, you may settle for anything an employer offers to avoid losing the job altogether. However, you have the most leverage during the hiring process when employers are anxious to recruit a valuable team member, and your advantage quickly diminishes once you take the job.
Accepting a low offer out of fear is only tolerable in the short term, especially if you stay with the same company for several years. Although many employers annually increase salaries by a small percentage, the market rate may continually rise and lead to a substantial payment gap. The disparity becomes even more noticeable as new, less experienced workers are hired with higher starting salaries. Convincing the boss to boost your salary is usually harder as a current employee, and the company might decide that letting you walk away is a better option than adjusting your salary to the market rate.
How to Prove Your Worth
After a costly hiring process and multiple interviews, most employers are heavily invested in top candidates and open to discussing a higher salary. If you're nervous about losing the opportunity, make it clear that you're seriously interested in the job and need more time for consideration. Before you start salary negotiations, evaluate the complete package, weighing the importance of benefits such as stock options, bonuses, vacation time, remote workdays and 401(k) plans. Going below your target rate is reasonable if the job offers competitive perks.
Treat salary negotiations like a professional proposal with facts to back up any claims. Find out the average salary range for your job, taking regional and industry differences into account. An administrative job in a California tech company might pay significantly higher than a similar position at an Ohio realtor's office, so try to reference direct competitors when possible. Ask questions to clarify the extent of the job duties, as the position you're seeking may have fewer or more responsibilities than similar jobs at other companies.
To ace your salary negotiations, state your highest salary as the starting point for your desired pay range, Forbes recommends. While this can be a risky move, employers are more likely to grant an amount within your range if they believe you won't accept anything less. You should also remind employers of the extra value they're getting by hiring a multitalented professional when your unique expertise was a major selling point of recruitment.
The most important thing is to remain positive and respectful when employers challenge your salary negotiations. Many employees have little or no wiggle room in their budgets, and you can graciously decline the offer if you prefer to wait for a position that satisfies your bottom line.
Photo courtesy of saphatthachat at FreeDigitalPhotos.net
Become a member to take advantage of more features, like commenting and voting.
Register or sign in today!