Negotiating your salary
Many people don’t like talking about money. But when it comes to your career and settling on your salary, it’s essential that your pay reflects your skills, experience and worth. Confidence is essential in effectively negotiating a pay package and work conditions that reflect your skills, worth and lifestyle requirements.
If you’re interviewing for a new job or your salary is being reviewed then follow these tips to negotiate with confidence and get the salary that you want.
– Do your research. Do not go into salary discussions blind. Investigate what the standard salary rates for your position, experience and industry are so that you have a marker for the range in which you should be aiming. Whether you’re investigating IT or legal careers, online job boards and other internet tools and salary centres can be used to gauge average salaries in your industry and market.
– Timing is key. If you’re asking for a pay rise or a salary renegotiation, then pick your timing. The best time to negotiate a salary is when you are hired. Once a salary has been negotiated, also arrange for a 3 or 6 month salary review.
– Be prepared to negotiate. Don’t flinch if you hit hesitation at your salary requests. Negotiate fairly but firmly – if you don’t have confidence in your skills and your value to the company then who else will? If you encounter resistance to a salary increase, then negotiate alternatives such as education and training, greater employee benefits or an agreement to further negotiations in the near future.
– Prove your worth/show the value you add to the company. Go into negotiations from a position of strength by being prepared to prove what value you have added/can add to a company. What will you bring to the position? Whether you’re applying for a promotion or law jobs in London, be able to show what you contributed and achieved at your previous role. It can also be a good idea to outline any plans or goals for the position you are interested in pursuing should you get the job.
Enter salary negotiations prepared and with confidence. Show your employee or future employee what you will be adding to the company. Have a realistic figure in your mind and aim just above it. A good rule of thumb would be to think about what the salary you need to live off, a figure you would be happy with, and a figure that you would be delighted with. Start with the highest figure so that there is room to negotiate without going lower than your minimum figure. Don’t let your nerves get in the way and negotiate with self belief!
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