Do you know how to negotiate your salary? According to research conducted by corporate consultant Mariela Dabbah, women tend to ask for a lot less than they are worth when it comes to work – and men are much better at getting a better starting package. So how do you get your hands on that extra cash? Here’s some great tips that will help you negotiate your salary!
How much does it cost you to live? While everyone dreams of what they’d do with more money – a better apartment, a nicer car, a brand new kitchen, a herd of pets – you should know what your current expenses are, as you at least need to cover those. Add up everything that you need to pay each month, including your rent, student loans and average food bills. Then never settle for less than this! You need to negotiate your salary to at least cover your costs.
Choosing what you are worth can be a nightmare. How are you supposed to work it out?! Well, start by looking at websites that compare average salaries in comparable industries, such as salary.com. This should tell you what most people doing your job, in your field, earn. Looking at job adverts in your area will help, too, as you can see what similar companies are offering.
Don’t chicken out of negotiating because you think you’ll lose the job. If the employer wants you, they’ll be willing to negotiate. If they don’t, they wouldn’t offer you a job in the first place. And whilst your salary dreams might not be achievable, the company should be able to offer you other benefits, such as flexible working. So don’t be afraid to ask!
What unique skills and abilities will you offer the company? Are your skills in high demand? What makes you different? Quantify your achievements using internships, performance in school projects, your volunteering history. Any evidence you have that shows off your skills is worth extra cash in your pocket.
Use all your research to make a solid – but not crazy – initial offer. Dreaming of earning $30,000? Ask for $35,000 with confidence. Most companies won’t make their highest offer first time round, and you should do the same. The company might come back and say that the highest they can do is $33,000, or they may say $30,000 is the limit but they are happy for you to get flex-time or a company car – you never know, but you can’t lose, so it’s a game worth playing.
Don’t second-guess yourself. Yes, it’s hard. Especially if your first negotiations don’t go well – it’s much harder to motivate yourself into it the second time around. Remember how much you are worth, though. You are hard-working, organized, innovative, friendly, and excellent. You are worth this. Keep calm, and keep telling yourself that.
If you can’t agree on a fair price, don’t be afraid to walk away. Learning to negotiate your salary can be a steep learning curve! Regardless of how good the job sounds, or how many amazing benefits are on offer, if the job doesn’t cover your expenses you can’t take it. It’ll lead to endless stress, and you’ll find yourself dreading going to work. Don’t be afraid to walk away and find somewhere willing to pay you more.
I’ll admit it – I’m terrible at negotiating, and my partner is always telling me to negotiate my salary and not accept the first offer. I’m definitely going to give these tips a go – it’s amazingly helpful knowing exactly what you are worth! Have you had any success with work negotiation? Let me know!