Learning how to negotiate salary packages is relatively easy. When applying for a job, employers and employees alike talk about the potential salary. For negotiations to be successful, it takes a lot of preparation and practice.
Preparation is Key
How to negotiate salary packages does not start and end at the negotiation table. There are things that you need to do even before you negotiate:
Do your research
Researching about your value and the company’s salary range, benefits and the industry’s salary range can greatly improve your negotiating skills. It will make you aware of what the position is “worth” in the company and in the industry. Research the potential value of your professional and personal skills and talents as well as your background (education, other work experiences, etc.).
Do not be the first one to state an amount
Try to get your employer, if possible, to open up about the job’s salary rate before negotiating. Prepare a strategy on how you can do this by rehearsing your possible responses when asked about the salary you want.
Be prepared with a counter-offer
Have in mind a summary of your ideal offer. As only about half of all potential hires accept the first offer that employers put in front of them, some of the employers actually expect counter-offers. Feel free to ask questions if the amount they are offering includes paid vacation days, bonuses, flexible working schedules and more.
A place where both parties can be comfortable has an impact on how salary negotiations can end. Instead of talking in your would-be boss’ office, suggest a neutral territory like a conference room. Both of you should feel comfortable to negotiate properly.
No-nos in Salary Negotiating
A good salary negotiation strategy comes down to how both parties can come to an agreement on what the entire compensation package is made up of. However, some negotiations do not run as smoothly as others. Salary negotiation mistakes can lead to a lower salary or worse, losing the job offer altogether. Some common mistakes to be avoided are the following:
• Settling – One of the biggest mistakes you can make is by simply accepting whatever offer is given to you. Settling for a lower salary can cause disadvantages such as earning less, receiving small raises, and lower pensions. Vacation times and bonuses can be minimal to none as well. Settling not only sets you back financially but takes a toll on mental and emotional health.
• Unpreparedness –Researching and putting a little effort on learning the relevance of your job and various benefits and advantages can lead to maximizing your compensation. You are able to present your reasons and facts intelligently and use these as justifications for your required salary.
• Drastic counteroffers – If you are interested in the job, and the employer is kind but the job offer is not to your liking, consider making a counteroffer. But remember, you cannot change an entire offer drastically. Simply choose one or two key elements that can be changed to suit your needs better.
Other salary negotiation mistakes such as not asking for a written copy of the final offer, taking salary negotiations personally, and revealing how much you would generally accept can be prevented through research and preparing your negotiation strategy ahead of time.
Get What You Deserve
Powerful salary negotiation tactics and knowing some common mistakes in salary negotiation can come in handy when you face your future employer. By putting some negotiating strategies to work, you have a bigger chance of earning what you deserve (and maybe a little more). This can definitely make a difference in your life and career. By knowing the basics of how to negotiate salary, there is a good chance that you will actually get what you ask for.