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Knowing how to negotiate your salary is an important skill that can have a positive impact on your career, it can increase your earning potential and ensure that you are properly compensated for the work you do. It is important to consider how your skills and experience are benefitting the company that you work for and whether you feel valued as a result of the salary you are currently earning.
Negotiating your salary shouldn’t be a daunting task, yet an astonishing 44% of employees have reportedly never raised the subject with their employers. So, whether you feel apprehensive about being too pushy or you simply don’t know where to start, this guide can help you determine how to secure the salary that you deserve.
Negotiating your salary can be a purposeful way to reflect on your current job role and can help you assess how your skills and experience are being compensated by your employers. Earning a salary that gives you a sense of purpose and value can be a massive driving force within your career. Salary negotiation can also be an opportunity to reflect on your lifestyle and to determine whether this is being comfortably supported by your current remuneration.
Negotiating your salary before accepting a job offer is equally as important and can demonstrate your dedication to securing the very best opportunities for your career. Before accepting a new role, think about starting salary, as the higher your initial starting salary the more your annual raise will be. Most people don’t understand the importance of negotiating their salary at the offer stage and often rush into another job without considering all decisions.
Consider the Options
It’s important to be able to negotiate without feeling as though you are being overly pushy or demanding; you must consider the possible reasons as to why you haven’t been given a higher salary or a pay rise. For example, it might not be feasible for the company to offer this to you and also stay within their budget. If this is the case, consider other benefits that you would value, such as longer paid holidays, company car or flexible working hours and discuss these with your employer.
Time it Right
Timing is key, wait for the right time to negotiate, you don’t want to raise the subject when the timing isn’t appropriate. A Perfect opportunity could be after a company review or accomplishment that you added value to; reinforcing the positive impact your skills have on the company could make your negotiation much more straight forward.
If you have been given an alternative offer after negotiating, asking for time to evaluate what has been offered will help you make an informed decision without rushing and agreeing to something that you don’t want or didn’t set out to achieve.
Be Reasonable and Realistic
Do your research before throwing out a figure and make sure the salary you are about to negotiate is normal for the job role. Research what other people in the same industry are earning whilst working a similar job to you. You can use your research in your negotiation to show how other companies might have benefited or how an employee can benefit from a renegotiated salary.
Push for an Answer Immediately
After proposing a change in salary, don’t expect an immediate answer, the chances are your employer is going to have to go away and do their own research. They may need time to decide if changing your salary is going to benefit the company in the long run, and most importantly whether it is going to be feasible.
Stretch the Truth
If you are a candidate deliberating on an offer that you have been given, don’t make it seem as though you’ve been given other offers from different companies. This could suggest that you think that you’re irreplaceable. Instead, simply explain that you believe other companies offer a higher starting salary for candidates taking the same role and state the figure closer to the one you were hoping for.
Take it Personally
It is also important not to take any offer personally, don’t be insulted if you are given an offer lower than you believe you deserve. Instead simply explain to the employer your expectations and revert to the research that you have done prior to the negotiation, as well as the value your experience and skills have, or will, bring to the company.
Salary negotiation doesn’t have to be an uncomfortable experience, if you believe that the number that you’ve pitched in your negotiation is realistic, reasonable and well researched, negotiating your salary shouldn’t be a daunting task. If you feel that there is no room for negotiation in your current position, or you are considering new opportunities in order to fulfil your career goals, CSG’s expert recruiters have a database of leading global companies and contacts and have the experience needed in securing a job role that is right for you.
If you're looking to take the next step in your career, take a look at our live job vacancies and our candidate services page to learn more on how we support our candidates secure senior level job opportunities.