Money conversations can sometimes be difficult, especially when you are talking with a potential employer. Walking the thin line of negotiating what you are worth or keeping quiet and settling for what is offered is a struggle many employees face.
Where do you begin and how do you get what you believe you are worth without jeopardising your opportunities? Here are some practical steps to get you started.
Know your market value
To know your worth, you need to research your market value. The last thing you want to do is overprice or undervalue what you have to offer. Many salaries are industry-specific, which means you will have to research what people are earning for the job you want in a specific area. You may find that people earn more in a specific area for the same job due to it being in high demand.
Using sites such as Career Junction or MyWage can give you a good start to see what people are earning in your desired position. Getting into contact with a recruiter is also a great way to get realistic numbers to see if you are earning your worth. Always remember, never negotiate a salary without having done your homework.
Show how you are going to add value
Having the numbers or recommendations to back you up can go a long way. Always remember that you are not simply looking for a job, but you are also there to add value to the company in some way.
Keeping a good track record of your accomplishments that you may have achieved in your current job or your previous job is important. Also, position yourself by showing how valuable your skills are when it comes to your position. It is the opportune time to show off why you deserve what you are asking for, even if you say it with your voice shaking.
Work your way from the highest number
Now that you have compiled your relevant research for the position you seek and assessed that your skills match what is needed, it is important to negotiate your salary.
Your manager or recruiter will want to negotiate to reduce the amount according to their budget. By starting with the highest offer and working your way down you will still end up with a comfortable amount. Remember not to jump the gun by bringing this up too early in the conversation, but during the appropriate time. State what you expect clearly and work from there.
What happens if you get a no?
Once you have stated your case, with your fingers crossed internally, you might get a no. So what happens next? It all depends on a few things. Should the position you are currently being offered be a stepping stone for your career and comes with additional growth opportunities and benefits, you could end up compromising on what you get paid.
However, if you are sticking to your guns on how much you should be paid and you are met with a no, try to get some answers as to why they responded with a no. For example, show that you are greatly interested in the position, how you believe it will help grow your career and benefit their business.
Proceed to ask why they have said no and reiterate why you believe that you should be paid a certain amount. You can always work your way around finding a common ground or going your separate ways. It doesn't have to end with you burning your bridges.