People hate negotiating. Most people want to avoid the confrontation or they’re afraid of having an offer rescinded. So, it should come as no surprise that only 37% of people negotiate their salaries.
The art of negotiation isn’t taught as a life skill and takes some practice, which is why very few people are actually good at it.
The positive news? Robert Half, a staffing firm, surveyed 2,8000 managers and found that up to 70% of managers expect candidates to negotiate. Nothing you do is beyond expectation! Negotiating skills, in short, are communication skills. If the company actually is upset that you’re advocating your worth, you may want to reconsider your offer anyways.
Regardless of where you’re at in your career, the time to start negotiating is now. Here are 10 rules to guide you during the negotiation process:
1. Set expectations
Your first pitch is everything. It could be the difference between a 20% salary increase or a 3% pay bump. Any counteroffer you get is based on the initial offer you set.
First things first, you need to know your value. The going rate of your position is going to be specific to your industry, geographic location and experience level. You can assume that the hiring manager has an idea of your market value, so with a little bit of research, you can come up with a number before the meeting.
A buyer is going to lowball, and a seller is going to bid high, so come in with hard figures so you maintain control of the conversation.
2. Don’t set a range
Those hard figures we were talking about… need to be specific. Down to the dollar specific. You don’t want to make somewhere between $75,000 – $85,000- rather, say $84,500 instead. Want to make something in the 6-figure range? Say that you want $114,575.
People habitually use round numbers, but research has shown that being specific is the way to go. Specific numbers imply that more research has been done and reflects the true value of your worth. You’re more likely to get your first offer this way.
3. Build your case
You don’t have a case if you can’t explain why you deserve more than the initial offer. Beyond your research, you should jot some examples that highlight your strengths and how you’ll contribute to the company’s bottom line. If you have any additional certifications, additional degrees or qualifications that go beyond the job posting’s listed requirements- THIS is the time to bring them up.
Complete honesty is also imperative. There’s no better way to lose a job than lying about your previous experience or your past salaries.
4. Make it clear you want THIS job
They’re not going to give you an updated offer if they don’t already think they have you in the bag. You’re probably not the only candidate, so it’s a good idea to indicate that you are excited to accept this position and that you would prefer this role to other offers. If they have an inkling that you’re reluctant to take the job, they may move on to their 2nd choice.
5. Know THEIR limits
If you’re looking for a job that is offering 80k a year + bonus, you shouldn’t be applying for a job that has a 40k budget. If they’ve lowballed you to the max, it’s worth knowing that they’re probably not going to budge to a level where you’re satisfied. An example of this is when you’re applying for a job where there are multiple people serving similar roles. In that scenario, they’re probably not going to give you a significantly higher salary than your colleagues.
6. Consider the package, not the salary
Salary is just one aspect of the negotiation process. Sometimes people are willing to take a job at a different company for lower pay and increased flexibility. Focus on the value of the entire deal; growth opportunities, location, travel, flexibility, vacation days, and educational opportunities are all perks that increase the value of the role.
7. Get it in writing
Most managers don’t love negotiating either. Always keep the tone positive and know when it’s time to accept the offer given. Good employers aren’t going to withdraw an offer due to negotiation, but make sure not to press it if they’re set on the offer.
Once you are settled on a compensation package, ask for documentation. Most companies have this as a part of their employment contract, so when you receive it make sure it includes any special arrangements such as a signing bonus or relocation package.
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