Negotiating your wage with an employer, whether you are analyzing a beginning salary or asking for a raise can be a complicated and nerve-wracking affair.
Negotiation is a dialogue aimed at reaching an agreement, so it is crucial to know what you want and what you are willing to give up before you begin.
Prepare for a pay negotiation with an employer by doing your homework ahead of time. You should be aware of your market value and the value you provide to the workplace. Start with a larger number than your goal and keep upbeat throughout the discussion. Practising ahead of time would also help you maintain your confidence.
Salary negotiations are a part of any HR department and hiring manager's daily routine, so the individual you will be speaking with has probably done it before.
Having a plan and goals in place can help you stay on track and get closer to your desired outcome. This guide will assist you in preparing for a successful negotiation, whether it is for a new job or a raise at an existing employment
1. Be aware of your market value
Before negotiating a salary, you must first determine how much value you can add to a company. Several things can affect your pay.
The first step is to figure out how much you are worth in your field and with your experience. This is a difficult statistic to calculate because it varies by geography and the type of firm you are dealing with.
A large corporation with well-defined compensation ranges for each position will have less flexibility than a small business with a shorter history.
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It is necessary to know what compensation you should aim for depending on your experience, but it is also crucial to determine how little is too little. Recognizing when to walk away is an integral part of knowing your worth.
Salaries vary widely depending on industry, seniority, and location; therefore, negotiating for a reasonable compensation package is essential.
To begin, research what people in your position, with your degree of experience, are earning in your area.
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The typical compensation for an office manager in Harare differs from that of an office manager in Kadoma.
The next step is to compare the average compensation with your market value after examining the job's compensation range.
2. What have you accomplished so far?
Demonstrating to your bargaining partner why you are worth the investment of a higher wage is an essential element of the process. A summary of your achievements, honours, and evidence of how you have benefited the company will assist you in making your claim.
A good performance review will help you negotiate a raise, but you should not wait until the end of the year to ask. Try to negotiate before the next year's budget is finalized, as this will increase your chances of success.
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When negotiating with a potential employer, real examples of your accomplishments and proof that you are a valued asset to them are more crucial than previous performance assessments.
3. Make a list of talking points
As you prepare your negotiating notes, consider using the following question as a foundation for your discussion: Why do you think you're entitled to a better salary than others? Make a list of talking points and be as specific as possible before contacting the employer. These particulars could include things like:
- Goals you have met, the income you have helped drive, or honours you have won in previous employment are examples of your achieved results. If at all possible, use real numbers.
- Years of industry experience, especially if you have more than the minimum criteria mentioned by the business.
- Certifications or talents, especially if they're in high demand in your industry.
- The average salary for similar occupations given by other similar businesses
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The most crucial step, above all, is to prepare ahead of time. Prepare for difficult questions by knowing your content and practicing until you are comfortable with your strategy. Your negotiator will most likely be seasoned and have a lower personal stake in the outcome, making it more straightforward for them to stick to their guns.
Prepare your approach ahead of time and come up with replies to queries that make you apprehensive, so you do not get nervous during the negotiation. Your preparation will get you over the finish line, and your confidence will get you halfway there.
The best way to practice is in front of a reliable friend or colleague who can provide constructive feedback. Alternatively, you can record your conversation using a camera or speak in front of a mirror.
This stage is particularly crucial because talking about money might be awkward at times, but the more you practice, the more at ease you'll be when the time comes to have the conversation.
5. Be firm, persuasive, and confident
Negotiating a raise successfully requires confidence and persuasiveness.
It is just as crucial to delivering your negotiation with confidence. The more self-assurance you exude, the more likely your employer will value your opinion. Arrogance, or an inflated perception of one's importance, should not be mistaken with confidence, which is an appreciation of one's strengths and traits. In a negotiation, a lack of confidence might lead to over-explaining or apologizing for your proposal, both of which are detrimental. Instead, describe your requested salary clearly and, coupled with a brief explanation of why.
Remember that you're offering the organization a valuable collection of skills and experience. If you believe the employer's initial offer falls short of the value your skills and experiences deserve, be prepared to back up your request with market salary research and personal value figures, and be confident in your decision to ask for more.
6. Go for the top of the range
One basic tenet of wage negotiation is to offer the employer a somewhat greater number than your target. This way, even if their offer is reduced, you'll still have a wage offer to consider. If you provide a pay range, the company will almost certainly err on the low end, so be sure the lowest value you submit is still a fair amount.
After you've gathered as much information as possible about your market value and the employer's ability to pay, you should choose a wage range to begin discussions. Aim high, so you have room to compromise without falling short of your original target.
If you provide a pay range, the employer will almost probably err on the low end, so be sure the lowest number you submit is still reasonable.
It puts you in a strong position, to begin with, and they are more likely to take you seriously as a result.
7. Share any expenses you've incurred as a result of your job
You might also ask for a raise to cover any expenses you've spent as a result of taking the job. For example, if you're moving to a different city for work, you'll have to pay for both moving and any fees related to selling or leasing your existing house. If you take a job that is further away from home, you must account for commuting costs such as train fares or gas, as well as wear and tear on your vehicle. It's not uncommon for candidates to request that their salaries be adjusted to account for expenses incurred as a result of accepting employment.
8. Be ready to answer some difficult questions
Recruiters and hiring managers are used to negotiating, so they'll be ready to ask you some tough questions to figure out your motivations. It's critical not to be shaken by these queries and be truthful. You can anticipate being asked the following questions:
- Do you think we're the best option?
- Will you accept employment immediately if the compensation is increased?
- Do you have any other possible should not?
9. Don't be scared to walk away if you need to
A company may not satisfy your minimal income need or provide extra advantages that make it worthwhile for you to apply. Alternatively, the company may counter-offer a wage that is higher than their initial offer but lower than your desire. In this case, you must decide whether the lesser compensation is worth the job.
If it's less stressful than your current job, it's closer to home, or it gives you more flexibility or free time, you might be ready to take a lower income. If this is not the case, you might consider taking a break and exploring other options.
This article was written by Nicholas T. Mushayi, a consultant at the Industrial Psychology Consultants, a Human Resources and Management Consultants Company. He can be contacted at firstname.lastname@example.org
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