Whether you are looking for a new job or eyeing a promotion at your current workplace, you should know the significance of negotiation. According to Salary.com, while 37% of employees negotiate for their salary, a shocking 18% never negotiate. What’s more, 44% of employees never bring the subject of salary increment on the table during employee performance reviews. What could be the reason behind this trend? Perhaps it’s the fear of rejection. Nevertheless, while salary negotiation is tricky, failure to negotiate won’t help your career.
Know When to Negotiate for the Salary
If you are applying for a job, ideally you should negotiate your salary after receiving an offer as opposed to doing it during the early interviewing stages. After demonstrating that you are the most suitable candidate for the job and understanding the employer’s expectations fully, you will have room for salary negotiation. It is essential to request an increment once or twice at most. However, it would be best to avoid arguing against a compensation package that you have already agreed upon.
Besides showing that you respect your new employer’s time, adhering to what you agreed upon indicates you have boundaries surrounding what you deem fit and unfit. It’s essential to sign a contract between you and the employer to know the terms of service that you need to follow. For example, if the offer is made verbally, it is sensible to request an email detailing this information. Usually, it’s essential to sign a form to seal the deal. An expert contract management consultant can help with contract lifecycle management.
Make Sure You Are Confident
Engaging in negotiation with total confidence is as essential as the words that come out of your mouth. Confidently conveying your requests may sway the employers to your side or inspire them to keep it under consideration. In simple terms, confidence is merely the acknowledgment of your qualities and abilities. It is not the same as arrogance. Keep in mind that insufficient confidence may lead you to over-explain or even apologize for your inquiry.
When it comes to salary negotiation, you should never apologize or seem nervous. Instead, be confident and straightforward. It helps to state your amount, including a precise summary of what you think entitles you to the raise or higher salary. Afterward, allow them to process your request. Remember that in addition to being an asset to the company, you also have an incredible set of skills and experience. If you feel the employer’s offer is way below your expectations, arm yourself by researching industry-standard salaries and presenting evidence of your personal value.
Ensure You Exceed the Employer’s Expectations
When you decide to start salary negotiations, it’s essential to understand your worth to the employer, as indicated by CNBC. Since most employees aren’t aware of the standards they’re being assessed against, they usually determine their value based on their own ideals. As a general rule, it is helpful to assess the tasks you were hired to accomplish and check whether you have exceeded the company’s expectations. Remember, you are eligible for a salary increment for the impact you make and not the hours you work.