How to Negotiate Salary When Joining a New Company

How to Negotiate Salary When Joining a New Company

Don’t settle for less than what you deserve by following these tips!

Let’s be real here. As much as we might love our jobs, earning a little more money is a nice plus. Often, people choose to change their jobs, hoping to increase their pay scale. But when it is finally time to ask for their desired salary and benefits, they hesitate. 

Although 70% of managers expect you to negotiate when you receive a job offer, only 45% of men and 34% of women take the risk to do so. If you’ve ever wavered in asking for the salary you deserve, here are some tips to keep in mind the next time you get a job offer. 

Learn about industry standards 

Before you jump into any sort of salary negotiation, you need to have a general understanding of the going rate (i.e. the typical salary for your job) based on your position and your current level of experience. Another aspect to consider when negotiating is your geographic location. Bigger cities have a higher cost of living and would therefore have a higher pay scale than smaller cities. You can use salary calculators on recruitment platforms, like Glassdoor or Payscale, or talk to others in your line of work to set your expectations and get a good idea about the industry standards. 

Explain what you bring to the table

To be successful in your salary negotiation, you need to show the recruiter that you will be an invaluable asset to the company. Try to highlight your skills and how you would use them for the company’s benefit. This can include how much experience you have (especially if it’s more than what the company requires for the role), skills and certifications you have. For instance, if you are a coder, holding certifications in the latest coding languages would make you seem like a great hire and thus worth more money.

You can also discuss your contributions to your previous employment by giving examples of situations where you handled heavy workloads or positions of responsibility. This way, you can show them why you deserve more money.

Practice your delivery

Negotiations require you to display a careful balance of confidence and likeability. You have to ask for what you deserve without coming off as greedy or ungrateful. This is why it is always a great idea to practice the conversation with a colleague or friend before the actual negotiation. The practice round can help you get feedback on where you sound standoffish. It can also prepare you for unexpected questions that might come your way during the negotiation. 

Make yourself seem interested 

While it might be tempting to enter a negotiation and discuss the other job offers you have to choose from (if you have others, that is), it can also end up reflecting badly on you. The company you are negotiating with could interpret this as a sign of disinterest. They might end up being reluctant to jump into negotiations if you are ultimately going to reject them for another offer. If you do mention your other offers to show how desirable you are as a candidate, try to balance it out by saying that you would be more than willing to accept the current recruiter’s offer if the negotiation goes well.  

Be persistent

Even if the HR manager says no to your desired figure, there are still ways to work around it. You can ask them whether they would be willing to offer you a joining bonus or increase the salary after a couple of months. You can also ask for other kinds of incentives, like flexible working hours, paid time off or health insurance. Try to consider the job offer as a whole instead of dismissing it based on salary alone. Sometimes, the other incentives can add up to be equally financially beneficial as a raise. 

Finally, if nothing works, know that it’s time to walk away. If, after a couple of rounds of negotiations, you are nowhere near the salary you think you deserve—respectfully decline and look for opportunities elsewhere. More often than not, a negotiation will turn out in your favor if you just plan it out carefully. 

According to a survey conducted by the financial services company Fidelity Investments, 85% of Americans who negotiated with recruiters actually ended up successful. Remember that most people don’t end up getting paid what they deserve simply because they don’t ask for it. So, don’t feel awkward asking for more if you believe it’s what you should get.

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Header image courtesy of Freepik

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