Salary negotiation is one skill that many people are not well equipped for, often to their disadvantage. At one point in your career, either during recruitment or in-house promotion; the recruiter or your boss will likely ask you to state your salary expectations. Without prior coaching, experience or executive coaching, knowing what to say can be challenging and confusing. It is no wonder that few people even attempt to negotiate.
Let’s face it, this is not something that you practice everyday.
Asking for too much might deny you opportunities for career growth; however, folding and taking whatever compensation package is on offer will be detrimental to your desired quality of life and future career goals
To find the optimum salary package, one must act in a timely manner and make all the proper preparations. Timeliness and preparation will give you the upper hand during negotiations and ensure that you are adequately compensated for your time and skills.
You can also employ the services of resources with proven skills and experience to help you negotiate the best salary package. These professionals typically specialize in executive coaching, leadership coaching, and mentoring sessions. These resources help you significantly boost your salary negotiations skills.
How to negotiate salary offer?
Nevertheless, if you choose to negotiate your salary without the help of a professional, here are some steps you can take to get the best salary offer:
No one likes ultimatums, so you should avoid giving them. You might inadvertently give an ultimatum during negotiations while trying to sound strong or if things get heated at the table.
Ultimatums are a sure way to scuttle negotiations as it leaves no room for compromise or further talks.
If the other party gives you an ultimatum, ignore it or downplay it. This counterintuitive tactic will provide them an opportunity to take back their words and deescalate the situation without losing face.
You can avoid giving ultimatums by being patient, communicating clearly, and keeping your arguments factual.
A rule of thumb to remember while negotiating is that, what’s not negotiable now, might be negotiable tomorrow. Over time, changes in the job market, the economy, staffing requirements, and various other factors can open up new opportunities to negotiate for a better salary.
With a long-term salary-negotiating strategy, you can turn a “NO” into a “Yes.” In essence, it leaves the door open to future conversations where you can revisit issues left unaddressed.
You can employ a long-term negotiating strategy using the following steps:
It might seem illogical but negotiating your salary is not about getting the most money out of your organization or company.
For this reason, you should not get fixated on money when negotiating; instead, focus on value. Negotiate for the proper responsibilities based on your skills, the best working locations, on-the-job perks, future opportunities for promotions, and the best working hours.
With this in mind, you should be willing to take less money in the short term but obtain a stronger workplace position down the road.
Preparing for tough questions is crucial to negotiate your salary successfully. It is almost a given that you will be asked to justify what you are asking for.
You should be able to confidently answer questions such as: Why do you deserve to be paid more? Are you willing to wait? Can you take a lower offer? Are you ready to take on additional responsibilities?
Answering these questions elegantly, truthfully, and directly will give you additional leverage and help you achieve your objectives.
Every organization or company inevitably has constraints that prevent you from getting what you rightfully deserve. Your negotiating strategy should include workarounds for such limitations.
For instance, no amount of negotiations will let you earn more at a company or organization with salary caps; however, you can negotiate for better bonuses, perks, or non-monetary compensation.
The better you understand iron-clad constraints, the easier it will be to propose win-win solutions for both parties.
When negotiating for a salary, it is not enough for your employer to like you; you should make them believe that you are worth the offer you want.
Prepare a proposal that adequately reflects your value to the company or organization.
You should precisely explain why your request is justified beyond a stated desire for a higher salary.
Think through your demands and communicate your value to the company or organization without sounding arrogant.
Working on your likability might sound trivial, but it is crucial to salary negotiations. Research has shown that people are more likely to give you what you want if they like you.
You can become more likable by:
All this will make you likable and boost the chances of getting a better salary. It will also help you better manage the inevitable tensions that arise during negotiations.
At Highrise, we believe that everyone can learn how to negotiate in a professional manner. Moreover, we also know how to prepare someone for this important task. If you want to refine your negotiation skills, we guarantee you that our experienced coaches will make this possible.