Today, the market is flooded with job seekers vying for a single position, and employers struggling to fill their open positions. What this means for both parties is a long-drawn-out hiring process. In order to increase their chances of getting hired, job seekers should prepare themselves by choosing the right career path and learning more about the employer they are interested in working for. In this article, we will look at how you can prepare your career path in order to successfully negotiate your salary.
Why negotiate your salary?
The economy is changing and many employers are looking for ways to save money. Unfortunately, the average salary has gone down in the last few years across industries. This means employers need to find new ways to do things, including negotiating salaries. Negotiating your salary can be a hard thing to do, but it’s worth it in the long run.
Planning the negotiation
This is not a definitive guide to everything you need to do before negotiating your salary, but rather one person’s experience. The individual in this article used the following steps to negotiate their salary:
1. Estimating the range of salaries for similar jobs in your industry and geographic area. This process should be done as objectively as possible. If you’re inexperienced, don’t count on your first two or three estimates being accurate. Weigh the evidence you have against other people’s experience. If you have access to a salary survey, use it. Consider the data on some of the factors that influence salaries in your field.
2 . Identifying your skills and negotiating salary or salary plus bonus. Before you discuss your compensation, discuss the exact role you’ll be playing at work. That way, you’ll know what the salary should be and you won’t be surprised by a low-ball offer when your company’s marketing director is planning to hire that same person into a different role.
3 . Negotiating is a two-way street. When you’re asking a question in a job interview, don’t be afraid to ask for a raise. Most employers expect you to negotiate your salary. It may not feel good, but it makes you feel good about yourself. And in the long run, it may help you get a bonus or another raise when you’re performing well at work.
4 . Ask for advice. Be prepared for questions that you can’t answer, especially in the job interview (how many hours do I need to work? Where will I be working? How much travel will I have to do?). When you don’t know an answer to a question, ask for advice. Then follow the advice you receive. “When in doubt, just ask,” says Joan Gerard, author of How to Get a Raise Without Getting Ripped Off and president of Gerard & Associates, a human resources consulting firm. “Most people like to help.”
5 . Be prepared for salary negotiations. When you get the job offer, be prepared to ask for a raise and negotiate with your prospective employer. A salary increase of 7% is a good starting point, and is often expected by employers. “If you’re applying for a new job, do all the research you need to know before you go to the interviewing stage,” says Gerard. “Ask about raises, annual bonuses, and benefits packages.”
Know what you are worth
New technology has made it easier than ever to find and secure a new job. However, the job market is competitive and you might not be able to negotiate your salary. It is important to know what you are worth so you can determine how much you should ask for in your next job search.
Negotiate with the company’s needs in mind
Many companies are struggling to keep up with the increasing cost of hiring new employees. This means they are willing to work more closely with you in order to get the job done. It is smart for job-seekers to manage their expectations when negotiating their salary with a company, especially in this time of uncertainty.
How do I know if I’m getting a fair offer?
Questions about salary are often asked by new employees in the job market. It is important to know whether you are being offered a fair wage for your work when negotiating your salary offer. The key to knowing when you are within your rights to ask for more money, or if you are getting too much, is knowing your worth. Consider these questions when determining if you are receiving a fair wage:
The focus of your negotiation will depend on the role you are negotiating for. If you are negotiating for a better title, salary, benefits, or other perks that come up during the negotiation process, it’s important to prepare well. It’s also important to be aware of how much you could potentially earn with different salaries in different industries.