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What’s the best way to negotiate your salary?

What’s the best way to negotiate your salary?

A recent survey conducted by the CareerBuilder survey has revealed that about 56 percent of people do not negotiate for a better pay scale when they are offered a job role at a firm. However, what most people fail to understand is the fact that many employers are willing to negotiate salaries on the initial job offers for entry level jobs.

Thus, it is essential to not only negotiate your salary terms to increase your annual pay, but also do it effectively. Wondering how? Here are some tried and tested tips that will come to your aid in negotiation.

1. Do your research

Make sure that you have done your research regarding what to expect from the position and the salary you are seeking. If you do not know where to start, the Bureau of Labor Statistics is a good place to start with.

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2. Wait till the employer talks about salary terms.

Do not bring up the topic of compensation or salary before the employer does. Try and delay the negotiation for them to bring it up and it is best to speak up after you have been told about everything.

3. You do not need to give an exact number

It is always a good idea to talk to your employer and place your salary request in the form of a range of figures. This way, you can avoid scenarios where you overprice or underprice your services unknowingly. It also indicates that there is room for negotiation which might appear lucrative for the employer.

4. Ask about benefits

Salary is only one factor in the package of compensation. Do not get caught up on the numbers. It is not ideal to ignore the benefits and other variable compensation details offered by the company. These might often include year end bonus, joining bonuses and other benefits.

The total package of the variable compensation, your monthly salary and the benefits included form an important part of your negotiation. If you were not able to get everything you wanted, wait for 4 to 6 months and then request a review.

5. It is not mandatory to accept the offer on spot

While you may seem pressurized to respond immediately, there is no need to reject, accept or counter the job offer on spot. The ideal way to behave is to thank the Hiring manager and let him/her know that you would like to take some to consider the offer. The usual time period taken is 24 hours and it’s not advisable to revert anytime later.

You need to send them an email with your thoughts and convey your acceptance or negotiation requests. It is recommended to respond in a timely manner and take enough care so that you do not lose the job entirely.

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6. Consider your home pay

It is worth noting that the job offer’s base pay is not the home pay. Home pay is what you have left in your account at the end of the month after paying the taxes, insurances, travel charges, gas bills, parking lot fees, road tariffs and other bills which eat away into your money.

If you are unsure of how to calculate the home pay, you can make use of online calculators that help in estimating your cost of living. They give you a brief sense of what your home pay would be before you say ‘yes’ to that job offer.

Closing thoughts

It is recommended to not give in to anger or aggressiveness when negotiation does not go in your favor. Always remember to maintain your calm and explain your concerns to the hiring manager. If not immediately, your hiring manager will definitely think about what you have said and will respond soon. It is most important to be practical and maintain the right composure when you talk!

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