Salary Negotiation: How-To Guide
You want to get the most out of your career. That starts with mastering your job and putting in the best effort in everything you do. But there’s another factor as well: knowing how to get the most out of salary negotiation.
Unfortunately, many workers fall short in this department. Besides not getting the most they can out of a negotiation, most people don’t even try. One study found that 55% of job candidates don’t negotiate at all.
Having someone in your corner helps. A top recruiter, like SmartTalent, can give you the support and guidance you need to optimize your pay package. Reach out to SmartTalent to push your career forward.
There are steps you can take on your own as well. Here’s a guide to effectively negotiating salary in the hiring process:
Do: Research the Current Job Market
Your compensation isn’t determined in a vacuum. Rather, it relates to the overall market for your skills. As such, you need to know as much as possible before heading into a negotiation.
Conduct a deep dive into current conditions in the market for your abilities. This will give you a baseline for setting your expectations. From there, you can adjust for individual factors, like your experience level and other skills.
Don’t: Solely Focus on Salary
Remember: salary marks only one aspect of a compensation package. Even if you can’t reach your dream number in terms of take-home pay, you might be able to hammer out a deal based on other factors, like benefits. Here are a few additional aspects to consider:
- Signing bonus
- Stock options
- Vacation/sick time
- Health insurance
- Schedule flexibility/remote work
- Childcare assistance
- Reimbursements for continued education
Do: Prepare to Describe Your Value
Knowing your value is only the first step. You also have to articulate that to the people on the other side of the negotiating table. As such, you need to hone your pitch. Practice what you want to say and become an expert advocate on your own behalf.
SmartTalent can help in this effort. You’ll learn key insights that let you understand your value. At the same time, you’ll get the guidance and support you need to make your pitch to employers. Connect with SmartTalent to get the most out of your next position.
Don’t: Become Inflexible
A negotiation represents a two-way process. You might receive a surprising counteroffer, with benefits that you didn’t expect. Stay open to the process. Listen to the others involved and be ready to compromise.
Do: Know Your Walk-Away Number
While you should be open to interesting counteroffers, not every negotiation ends in a deal. Often, the party that gets the most out of this process is the one most willing to walk away.
As such, know your bottom-basement, won’t-take-less-than-this compensation package. If you don’t hit that minimum, your best option might be to move on.
Don’t: Focus on One Employer
Keep your options open. You might love a particular opportunity. However, that doesn’t mean you completely ignore other potential employers.
Push your job search forward even when you start promising negotiations. The process will help you fine-tune your expectations. At the same time, you might find an offer you like better. Even if you don’t, having the other options gives you additional leverage in your primary talks.
SmartTalent can help you get the most out of your job search. You’ll get crucial information about the job market, as well as connections to high-paying employers.
Contact SmartTalent today to find the ideal situation for you.
