Negotiating your salary can often be quite daunting, as it can sometimes be a difficult subject to broach. However, since the pandemic there has been a shortage of skilled candidates, which has left recruiters fighting for the top talent to fill their roles. This means that now is the time to take advantage of this candidate shortage and sell your skills and experience for a higher price. So if you feel as though you've outgrown your salary, or are simply looking to start a new job, here are a few tips to help you negotiate your next salary with confidence.
Research
Before negotiating your salary, you need to find out what people in your position are making in order to calculate what you should be paid. Salaries range greatly by industry, qualifications, experience and location, so start by browsing similar roles in your industry and review what other companies are paying these employees, as knowing how much your skills and experience are worth, is an important step to negotiating a better salary for yourself. As well, it’s important to have two salary figures in mind, your target, and the minimum you’ll accept. Once you have determined your general employment level, you will be in a better position to sell yourself in order to negotiate an appropriate salary.
Prepare
It’s important to have a precise plan of action and to prepare your reasons for wanting a salary increase. For example, if you believe that your work has improved your current or previous company in some way, then be ready to go into detail about the projects you’ve worked on, and provide evidence to showcase why they were successful. If you are looking to start a new job, it helps if you can write down examples of how your skills and experience will benefit your next company, as this will help your negotiations in your interview. Thus, by tying your strengths to your current or new job role, you will make a solid case for why you should be paid more.
Rehearse
Once you have prepared your reasons and supporting evidence for your salary request, put it into a cohesive pitch that can be rehearsed before your negotiations. You can even practise your pitch with a friend, colleague or people that have experience negotiating salaries, as this will help you feel more confident and at ease before entering negotiations. You may even want to consider rehearsing different scenarios and outcomes, such as possible rebuttals, or alternative negotiation offers. For example, what would you say if your employer offers extra perks instead of a salary increase? These are all important things to consider so that you are fully prepared for any outcome.
Be flexible
Being flexible during your negotiations means you will need to be willing to collaborate with your employer on a solution or compromise, so try to be realistic when pitching your target salary. However, you may find that salary negotiations won’t always go to plan, as an employer might offer you a different salary package or suggest covering travel expenses instead - which may be just as beneficial. Either way, salary negotiations often include some give-and-take, so try to be open to other offers.
Thank the employer for their time
Whether the negotiation is successful or not, be sure to thank your employer for their time. This professional courtesy will show respect towards your employer and help maintain a positive working relationship, no matter the outcome.