You’re getting close to the end. You got an offer for the job you really wanted, and now all you have to do is talk about your pay. You’re not the first person to be afraid to ask for more than what was offered. A recent Fidelity survey found that only 42% of young professionals negotiated their last job offer, but almost 90% of those who did were successful.
Now is the time to go after what you want. Be careful, though. The job search site Indeed says that you should only counter the first offer twice. Also, you shouldn’t try to change a salary offer you’ve already accepted, because that will show that you don’t care much about the employer.
First, don’t go into talks without knowing what you want. After all, how well you’re prepared could make the difference between a low offer and one that’s thousands more. Here are 10 ways to negotiate a job offer that will help you get ready for what could be a big financial change.
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Don’t let your fear stop you.
It can be scary to negotiate a job offer because you don’t know what will happen, but most employers expect you to do it.
Ashley Stahl, a career expert at SoFi, said that many people worry that negotiating their salary will cause them to lose the job offer. “This is not true at all. Employers expect to get a counteroffer, so there is little risk in negotiating. Remember that you deserve the best pay, so don’t undervalue yourself and don’t be afraid to ask for what you’re worth.
Don’t make it about you.
Stahl told her to keep in mind that your salary is a business matter.
Stahl said, “When it comes to money, I try to act like I’m ordering a sandwich: neutral, factual, and most of all, not personal.” “When you accept a job offer, you trade your time and energy for money based on what the job market says. No matter how hard things are in your personal life, your salary should only depend on how responsible you are at work.
As an alternative, Stahl suggests the following:
“Instead, use your resume to get a higher salary, if the market rates show that it’s a reasonable request, and be honest with yourself. If you have a personal problem that requires you to make more money and you have the skills to back it up, remember that you have the freedom to do better and find a job that pays more.”
Know your worth.
Sharlene Mohlman, a financial empowerment coach, talked with Sun Life Financial about her salary when she worked there before. “It’s very important that you find out what the going rate for your job is. If you don’t, you probably won’t get the higher salary you want. I looked up what the going rate was for my job and was able to negotiate for $5,000 more than what they first offered. This is because I knew what the going rate was and was able to talk about what I brought to the table, such as my past experience and connections.
Get your talking points ready ahead of time.
Lisa Anne, who runs a site called The Financial Cookbook that helps women with their money, careers, and lives, suggests that you talk about your value, worth, and what you will bring to the organisation and role. So before you start negotiating, take some time to think about what you will say.
She also says, “When you go to negotiate, make sure they understand the opportunity cost of you leaving your current job. If you leave your current job, you will have to figure out how to start a new business, learn a new job role, and get to know new people. Basically, you will have to do things that have nothing to do with the job. So, for the change to be worth it to you, your salary will have to be enough to make up for the change.”
Anne also says that you should make a plan for the next 30, 60, and 90 days to show the employer that you are serious about the job. Then, she said, you’ll need to let the hiring manager know that you’ll need the right pay to put these plans into action.
A career coach, Claudia T. Miller, says that you should practise for at least two to three hours after you’ve decided on your bottom line and your talking points. This will help you get everything right. Doing so can help you argue for a higher salary in a smooth and convincing way.
Avoid using a range.
If a potential employee wants to seem humble, they might give a salary range. This is a mistake.
When you say a range, you probably mean that you want the highest number. But the possible employer will see this as a chance to pay you the lowest number in the range.
Be firm about what your bottom line is.
Come to the table knowing what you’re worth, and don’t settle for less than what you need. If the employer doesn’t give you what you want, be firm and sure that you can find another job. If a possible employer isn’t willing to pay what you need, there’s no point in pursuing that job.
Choose the Right Time
“Timing is important,” said Donna Shannon, president of Personal Touch Career Services. “Give some time between the offer, the counteroffer, the final acceptance, and so on.” “There is a reason why car dealerships make you wait between each round of negotiations.”
Indeed says that hiring managers will give you at least a day and sometimes up to a week to think about a salary offer. If you’re thinking about more than one job offer, having more time will help you think about each one and choose the best one.
Think about the benefits.
If the salary is close to what you wanted but not quite, you might want to think about how much the benefits are worth. Think about benefits like health insurance and more time off.
On the other hand, keep in mind that a high salary may mean that you have to work extra hours or have less freedom. Before making a choice, it’s important to look at the big picture.
Be willing to leave
You should be ready to leave the negotiation table if the potential employer doesn’t budge. Stay true to what you want, even if it means passing up a chance. In the best case, the employer will think about your request again if they see that you are serious about not taking the job.
Ask For a Written Offer Letter
Stahl says that if you get a salary offer that meets your needs, you should get it in writing before you say yes. Stahl said, “And if they haven’t given you one yet, and you’re getting the offer over the phone, the vibe is this: Be grateful, excited, and feel free to ask when you’ll be getting it in writing.”
“The offer may be a clear YES for you, but don’t say yes over the phone. The truth is that you won’t know what the full offer is, including benefits and other details, until you’ve had a chance to read it. This kind of hard work says a lot about how much you love and respect yourself. It also shows that you are the kind of detail-oriented worker that every company needs.
