How To Negotiate Your Salary To Get What You Deserve

Negotiating your salary during the interview process allows you to have the opportunity to increase your annual income and set the tone for your future career.

In today's job market, asking for a higher salary is no longer taboo. In fact, it's now standard practice for candidates to negotiate their offer once they have been given an opportunity to review it. In theory, this should make things easier for job seekers by removing the element of surprise from the interview process; however, in practice, most candidates are still failing to secure a fair compensation package from their potential employers. 

Negotiating your starting salary is one of the first hurdles of any job search. However, many applicants fail to understand that their initial offer is just a starting point. Because so many people are afraid or nervous about asking for more money, you can use that to your advantage by getting as much as you possibly can at your first opportunity. Here are some helpful tips on how you can successfully negotiate your salary and get what you deserve.

Know Your Worth

Negotiating a higher salary is all about knowing your worth. Before you enter any salary negotiations, you'll want to do some research to find out what the average salaries are for your specific industry and location. You can also use this information to learn about the salaries companies are paying for similar positions. Armed with this information, you'll be better equipped to understand what a fair salary is for the job you're interviewing for. 

You'll also be able to identify if you are being offered a fair compensation package for the work that you will be doing. The salary you earn is determined by supply and demand. If there's high demand for your specific skills, you can demand a higher salary. If there's a low supply of your skills, you can negotiate for a higher salary as well.

Come to the table prepared

Before you even think about negotiating your salary, you'll want to make sure you're prepared for the interview process. To do this, you must use every effort to guarantee that you are hired in the first place. You can accomplish this by knowing about the business, and the position and crafting an impressive elevator presentation for the hiring manager.

Beyond that, you should also ensure that you have all of the required qualifications and necessary experience for the job. This will make it much easier for you to confidently ask for more money if you deserve it. Beyond that, you can also prepare by looking at previous job postings and matching them with your experience to help determine the salary range you should expect to fall within.

Ask for more than you want

At the same time, you want to come to the table prepared, but you also want to ask for more than you want. The best way to do this is to find the middle ground between your expected salary and the amount the company is offering you. You can do this by taking the average salary for your position, adding a little bit, and then taking the amount that the company is offering you and subtracting that same amount. 

This may make you feel a little uncomfortable, but it's preferable to leaving money on the table. Remember that after working there for a few months, you may always return to the company and request even more money. Many employers will increase a new employee's salary after a few months, especially if you've exceeded their expectations.

Don't Be Afraid To Walk Away

If the company is not willing to meet you at least halfway on your salary request, then you may want to walk away from the offer completely. After all, you can always go back and try to negotiate a higher salary with another company. Remember, you are in the driver's seat in these salary negotiations. If you don't feel comfortable asking for more money, then you don't have to. 

However, if you feel like you deserve more, then you should go for it. You can always walk away if they aren't willing to meet you in the middle. Remember that the company wants to hire you. If they aren't willing to offer you a salary that you're happy with, then they don't really need you. This means that if you walk away, they will likely have a hard time finding another candidate that meets their requirements. This could force them to come back to you with a better offer.

Estimate The Bottom Line

Before you even walk into the interview, you can use the following formula to estimate how much you should reasonably expect to make. First, take the average annual salary for your position and add 25% to that number. Next, take the amount the company is offering you, subtract taxes, and then add some extra numbers, like a decent amount for health insurance and other benefits. This will get you a rough estimate of what you can expect to make after taxes. Now, take your first offer, add your projected salary, and then subtract the amount the company is offering you. 

This will give you a rough estimate of how much the company will be saving by hiring you over other candidates. You can use this information to help you negotiate a higher salary. Sometimes, companies will hire you at a lower salary because they want to save money. If that's the case, you can use this formula to show them how much more money they would be saving by hiring you. This could help you get a higher salary or other benefits from your new job.

Ask For A Signing Bonus

If you're struggling to get an employer to agree to a higher salary, you can try asking for a signing bonus. A signing bonus is a one-time payment made after you've accepted your job offer. It's designed to help you pay off any debts or help you get settled into your new location. Beyond that, it's also used to show you appreciate the offer you're receiving. 

Some employers may be hesitant to give you a signing bonus because they're worried you won't stay with the company. However, if you've done your research and you're confident you're going to stay, you can use this to help you get a higher salary. Beyond that, you can also ask for a signing bonus if the company has already agreed to give you a higher salary.

Ask For Equity Or A Grant

If you're not interested in a signing bonus, you can also try asking the company for equity or a grant. A signing bonus is taxable, but equity and grants are not. This means that a company would receive financial benefits from giving you equity or a grant. If the company is hesitant to give you equity or a grant, you can try offering to take less in salary. 

This way, both parties come out on top. Beyond that, you can also try talking to the company's HR team or hiring manager to see if they can help you get a higher salary. HR managers often have control over hiring and firing, which means they can help you negotiate your salary.

A word of caution

While it's true that you can get a higher salary by negotiating, it's important to keep in mind that salary negotiations are a two-way street. This means that while you can ask for more money, the company can also try to get you to take less. This is especially true if they're trying to hire you away from your current job. Sometimes employers will offer you more money to get you to switch jobs. It's important to remember that salary negotiations are not a one-way street. While you can ask for more money, the company can also try to pay you less. They can also try to get you to take a lower salary by threatening to walk away from the deal.

Summary

There are many benefits to negotiating your salary during the interview process. Not only do you have the opportunity to increase your annual income, but you can also set the tone for your future career. If you negotiate a higher salary, you'll likely be surrounded by like-minded individuals at your new job. This means that you'll be surrounded by people who are focused on moving their careers forward and getting the most out of each day. Beyond that, negotiating for a higher salary is easier than you might think. The only thing you need to do is show there prepared, ask for more than you desire, and don't be scared to leave.