Negotiating a salary
While some of us find salary negotiations intimidating, getting a better offer really adds up over the course of your career.
Tips for successful negotiation:
Be prepared: If you decide to negotiate, be realistic and base your request on solid research. Know the industry, the company, the role’s responsibilities and average remuneration for similar positions.
Timing is everything: The ideal time to talk salary is once you’ve received a job offer. Asking earlier in the process can make you seem too money focused and may lead to you reveal what you’re willing to accept before you have all the facts.
It’s not just the money: Make sure to take the entire compensation package into account. This may include a company car, bonuses, commission, annual leave, health insurance, superannuation and other perks.
Weigh your options: Most employers are happy to give you a few days to a week to contemplate a job offer. Even if you receive a great offer, it’s best not to make a decision with the pressure of your future boss looking at you!
Stay professional: While aggressive negotiations often break down, successful negotiations are about finding a win-win solution. When you’ve reached an agreement, ask for the final offer in writing. If negotiations fail, make sure to thank the employer for the opportunity and move on graciously.
Skills for life
Securing a better salary offer means you will also receive bigger raises and have more retirement savings, since these are usually percentage based.
Learning to negotiate successfully is a skill you’ll use in all areas of your life. Take a course, read books on the subject and practice, practice, practice!