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Negotiate your salary
03 April 2017
When you enter into a salary negotiation you should have realistic and specific expectations based upon your skills, experience, and the current market standard. Knowledge brings confidence; read our tips to get the knowledge you need to successfully negotiate a salary.
Research the company and the position
Knowing what sort of financial situation the company is in gives you a better and more realistic idea of what to expect. A company facing economic hardship or one that is just starting up is simply not able to offer new employees the same wage as a company that is flourishing. You also will want to find out how much employees in similar positions within the company as well as in other companies are paid. It is crucial to know what your role is worth before you enter into salary negotiations.
Figure out what you need
Make a full assessment of what your personal financial requirements are. Consider cost of living, current market standards, your education and your experience. From this you can come up with an acceptable minimum as well as an ideal salary. These numbers will prove useful during negotiations. Remember: setting the bar too low shows a lack of confidence and knowledge. Start the negotiation with your desired salary requirement and accept nothing less than your minimum.
Consider additional benefits and incentives
There are many perks and benefits an employer can offer on top of a fixed wage. Think about non-monetary incentives you would be happy to accept. Educational support, flexible hours, a company car, more holiday time, an office with a view, and genuine opportunity for advancement are just a few examples.
Timing is important
It is advisable to let a potential employer bring up the subject of salary first. Should you be asked about salary expectations during an interview, tell your interviewer that you would like to learn more about the position first. Once you have been officially offered the job, you are in a better position to really talk about salary.
Negotiate hard but fair
If you have done your research and know what you want and are worth, you should have no trouble negotiating a fair salary. Understand that both you and the person you are negotiating with want the best. Stay fair and realistic with yourself and your future employer. Enter into negotiations with confidence and show your employer that they have made a wise choice.