Salary negotiation is the most important part of the interview process, but some people don’t know how to negotiate at the time of the interview. Knowing how to negotiate salary offers you valuable skills that increase your potential for your career.
Here are some helpful tips for considering salary negotiation
Know Your Value
• Before talking numbers, explore the standard pay for someone with your education, skills, and experience level.
• Know how much others in your industry with similar experience make. Business School’s MBA Career & Professional Development office suggests using sites like Salary.com, PayScale, and Glassdoor to search across companies and locations.
Start by calculating your value
You need to know how much value you should receive from the employer. Several factors can influence your compensation such as:
• Geographic location
• Years of industry experience
• Years of leadership experience
• Education level
• Career Level
• Skills
• Licenses and certifications
Research market averages
• Knowing the market average can give you a good baseline for your salary request and can even be used as a justification.
• This tool uses salaries listed from past and present job postings on Indeed as well as data submitted anonymously by other Indeed users.
Take Time to Respond
• Once you receive an offer, don’t rush to accept it.
• Thank the hiring manager for the opportunity and request time to consider it.
• Ask if there’s a deadline to answer so you know how long you have to respond.
Practice with a trusted friend
• The best way to practice would be in front of a trusted friend or colleague who can provide helpful feedback.
• Alternatively, you can try recording your conversation on a camera or speaking in front of a mirror.
Be Confident
• Delivering your negotiation with confidence is as important as the words you say.
• The more confidence you convey, the more confident the employer will be in their consideration of your Feedback Express Gratitude The employer has also invested time in the process so you must recognize this and thank them for considering you for the opportunity.
• After all, you never know what opportunities they may have available for you in the future. Here Are Examples of How to Negotiate Salary-
You- Thank you for the offer Is there flexibility in the offer?
Employer- We can increase it to Z, but that’s our maximum.
You- I appreciate the increase. To make this work, could we also discuss a signing bonus or additional benefits?
Employer- We can offer a signing bonus to meet your needs. Let’s finalize the details.