Salary negotiation: how to negotiate your salary and obtain an increase
With regard to the issue of wage negotiation, a large part of employees refrain from negotiating their wages.
Negotiation often leads to favorable results.
Negotiating your salary, whether you create a new job or ask for an increase may be intimidating. However, with the right approach, you can securely secure the compensation you deserve.
Many employees avoid negotiating due to the fear of appearing thankless or endangering job offers. This apprehension contributes to a large number of professionals accepting initial offers without discussion. You cannot put the burden to determine your value and the appropriate compensation only on your organization. Do not expect them to see your value and reward you appropriately. Employers are more likely to be reluctant and not botped if you do not speak for yourself.
My friend Palumi won a job in a renowned fintech company, and she was delighted. The offer was decent, but she knew by her research that similar roles in the industry paid around 20% more. However, she hesitated. What if they remove the offer? What if they thought she was greedy? She had for a while in search of jobs and she was desperate to change her job. In addition, this offer, although it is lower than the industry standard, was higher than its current salary, it therefore accepted the first offer without negotiation.
My cousin, Tomiwa, worked with a marketing company; She loved her work and the culture of work in the company, but her salary was not increased or examined for a certain time, and on the basis of her research on the market value of a commercial analyst with 5 years of experience, she realized that she was underpaid. Tomiwa planned to go to management to request a salary increase, but she was afraid of the result. “And if they do not increase it and it causes tensions and possibly a job loss?” These are his words for me.
If you are like Palumi and Tomiwa and you are on a cross -wage negotiation road or the debacle of the salary unknown, I have advice that can be beneficial to you.
Here are 7 wage negotiation tips and strategies.
1 and 1 Know your value: When it comes to negotiating your salary for a new job or when you are faced with the question of requesting a salary increase, it is important to understand the value you bring to the table. You must consider things like your education (ND, HND, BSC, MSC, PHD), training / certifications, years of practical experience. Take the time to highlight what you have done before or what you do now and what you are also able to do, to move forward.
2 Research: Before entering into a negotiation, looking for wage references for your
- Role: The salary of an accountant may be different from that of a lawyer or a software engineer, so find out what can be obtained for this role.
- Location: The geographic location is essential. What will be offered to you for a role in the United States could be different from the United Kingdom, Nigeria or Ghana for a similar role. Find out what can be obtained for the role in your location.
- Experience: A person with 2 years of experience in a job cannot expect to collect the same salary as a person with 10 years of experience.
- Industry: The salary of the health care industry is probably different from oil and gas or even fintech.
Take your time to search for the role, industry, experience and location. The importance of this is not to undervalue yourself or to embark on a shooting with a needle. Compare your skills and responsibilities with industry standards to make sure you ask for a realistic and competitive salary.
3 and 3 Time
Timing plays a crucial role in salary negotiations.
Nowadays, companies include their range of salaries in the job announcement so that you know what they are ready to pay. Some jobs do not understand this, so you have the possibility of requesting this information during the job interview. There are times when the organization deliberately offers an amount lower than its first offer, if you do not have a counter-offer or if you are too afraid of negotiating, then it would be your loss
I consider what follows as ideal moments to negotiate:
- During a job offer: Once an employer has selected you, it is more willing to negotiate.
- After a successful project: Make hay while the sun is shining. If you have delivered current results, use this momentum to request an increase. This is an opportunity to emphasize how precious you have been for the company.
- During performance reviews: Usually, many companies have scheduled exam periods, making them ideal for wage discussions. Do not waste the opportunity to emphasize how precious you are for the company and why you deserve an increase.
4 Prove your case
If you ask for an increase, do not only ask for more money, prove that you deserve it. It is not enough to go to management and ask for an increase in hell, you should highlight
Your achievements and contributions to the company. Since you joined the company, what value have you added to the company, thanks to your role. How did your work have a positive impact on the company?
Tell them about the increased responsibilities that you have provided since you have joined the company. Let them know how you went beyond your JD (description of the position).
The best way to do it is to use quantifiable results:
“I increased sales by 15% in the last quarter.”
“I rationalized the processes, saving the company $ 10,000 a year.”
In addition, at this stage, it will be useful to highlight and present the certifications, training or skills you have acquired in your time with them.
5 Be confident and professional
Regarding negotiations of any kind, it is important to be confident. This cannot be overestimated. The best way to sell you is to have self -confidence and the value you have to offer. During negotiations, maintain a calm and professional behavior. Avoid seeing excuse; Remember that wages negotiation is part of professional growth.
It is important to understand why you want an increase or why you think you deserve the salary. This gives you a feeling of self -esteem that can strengthen your confidence.
Being in order of the words you use, controlling your words can improve your confidence and your presence.
The use of certain words can help you better transmit your thoughts, which indicates to the other part that you know what you do.
For example, instead of saying,
“”I want an increase, “why not try:” Depending on my contributions and my market studies, I believe that a salary adjustment to Xyz is right. “”
Or “Given my achievements, I would like to discuss the alignment of my remuneration with industry standards.”
6. Be ready for counter-offerings
Regarding negotiations, be ready for a counter-offer, nobody puts their best foot forward at first glance and your employer is no exception. Even in a traditional market, when a seller indicates a price, you rarely accept it, no matter how inexpensively it seems. Instead, you offer a lower price to test the seller’s desire to negotiate.
In wage negotiations, it is acceptable for you to call a slightly higher amount than your expected result. If you want an increase in # 1,000,000, you can start with a # 1,500,000. Your employer may not immediately accept your request. They could:
- Offer an amount lower than what you have requested.
- Provide non -monetary advantages (bonuses, share purchase options, flexible work arrangements).
In negotiations, you must know the desired result and your walking point. Know your acceptable minimum offer and be ready to negotiate other advantages if necessary.
Still, strive with a win-win situation. Try as much as possible to be flexible, but do not sell in their open. If # 1,000,000 is the desired result in this case, stay with it.
Do not leave the fear of losing a job you paralyze the point that you are wrong. The least they can tell you is no, so don’t give in to fear.
Once you understand the value you bring to the table and the industry standard, you are better equipped to negotiate, but as for any negotiation, be ready to leave (if necessary).
If the employer is not willing to meet your salary expectations and you feel undervalued, be ready to explore other opportunities where your skills and contributions are properly offset.
7 Written monitoring
Once you have concluded an agreement, ask for a written confirmation of your new salary and the conditions to avoid misunderstandings.
Negotiating your salary does not consist in requiring more money, but demonstrating your value and ensuring fair compensation. With preparation, confidence and good strategy, you can successfully negotiate better salary or better increase.
