This is an integral part of the jobhunting process. Although people often don’t want to talk much about it, the offers, salary negotiation, and compensations are very vital. It is important to learn how to negotiate salary this year.
It is not compulsory to wait till the point of salary negotiation before considering its possible features.
For the candidate, compensations from the job are probably the most important factor to consider after the satisfaction that comes with successfully executing a task.
Oftentimes, job seekers face emotional blackmail over salaries expectations. This ought not to be so. The recruiter is also doing that job because he/she is earning from it.
As you apply for jobs and tidy so many loose ends, it is important to include what the job offers you, in form of work environment, salary negotiations, and compensation.
How to negotiate salary effectively
For the topic of salary negotiation which so many people shy away from- including the affected candidates, attention needs to be paid to the following factors;
#1. Every role has a pay range
Recruiters and hiring managers are already having the conversation of abolishing the question of salary history at any point in the recruitment process.
This is because it is a known fact that the company already has a range budgeted for the role. It is therefore not necessary to ask for candidates’ past pay, nor ask what they want to be paid.
Rather, recruiters state the pay to the candidates, who then decide if it is enough for them or not. Some companies make the payment public when they put out the vacancy. So, candidates already have an idea before embarking on the application journey.
Candidates that have little or no experience may, therefore, commit career suicide with their responses when prospective employers ask them the range of compensation they want. Especially when they lack adequate information.
#2. Do your findings on the salary
In order to learn how to negotiate salary effectively, you need to do your findings.
As job hunters, it is advisable to do adequate research on the job role, industry, requirements, and expected earning range.
This will help you to have an idea of what range you should expect and when the need arises, what to ask for.
Word of mouth confirmation is also a thing as far as your research on salaries is concerned. Through this, you can get first-hand information from an insider in the company.
#3. Know your worth
Jobseekers are sometimes guilty of undervaluing themselves when they get to the point of salary negotiations. They are afraid of negotiating salaries. Even most thought if they bid high – they will lose the job. This is the more reason why job seekers must learn how to negotiate salary in order to get a career they love.
Could it be intimidation or the effect of being without a job for a while? Either way, you need to know your worth as a jobseeker.
Remember the company has its expectations on your performance in the role. It is therefore fair, to have reasonable expectations as well on what is in for you.
While negotiating for salaries, do not short-change yourself. The reason it is important is to do your research before getting to the negotiation stage.
#4. Different Compensations for different Job roles
It is imperative to state that the pay range for candidates differs for job roles.
The range for a UI/UX writer is different from that of a Digital Marketer, so is the pay expectation of a web developer different from a growth hacker’s. The same applies to grade level.
Hence, the industry type influences their expected pay.
#5. Company size
The size of the company recruiting also affects the offer and pay available to you.
Bigger companies tend to offer better packages than smaller ones. Although they usually have the challenge of restricting you to a particular job role.
Smaller companies or start-ups, on the other hand, may not be able to afford much, but are great avenues to try your hands on many things, thereby, gathering experience. They also may not be able to afford other benefits aside from the net pay which bigger companies may offer.
Location plays a vital role in salary expectations. You could be carrying out the job functions, in the same industry but getting different compensations for not operating in the same geographical location.
Some companies have different pay grades for staff members in different cities within a country. They usually put a lot of socio-economic factors into consideration while they make this decision.
Although remote jobs have help bridge this gap to the level it is today. Where people are now global candidates, work in international companies without leaving their local communities and earning a livelihood.
We cannot overemphasize the effect of timing on offers, salary negotiation, and compensations. The package offered may be high on low, depending on the situation on the ground.
Take an example of the coronavirus pandemic that threatened economic and social activities globally. At the peak of the covid era, companies were forced to cut down on their staff strength, while those retained had to take pay-cut.
This, therefore, means that any candidate(s) they recruit in such a time may have to take home lesser pay than what they offer during an economic boom.
Timing also has to do with the time of the year that you are employed. A staff that was employed at the beginning of the year is entitled to an annual bonus after appraisal, and all things certified okay. Another that was employed in the final quarter of the same year may have to wait till the following year for such bonuses.
As a job seeker, the best time to find out about the offers, salary negotiation processes, and compensations structures of a role you are applying to is immediate. You don’t have to wait till you get to the interview stage before doing that.
Notwithstanding, the most important aspect of job hunting is not necessarily the monetary compensation. It is your ability to build a career, learn, grow, and contribute your quota to offering solutions to peculiar challenges.
I ran a poll on salary negotiation last week.
Turns out, 66% of people don’t negotiate their salaries!
That’s a big problem.
The data tells us that people who don’t negotiate their salaries make up to $500,000 less over the course of their careers!
I don’t want you missing out on half a mil, but I also know negotiation isn’t easy.
It’s scary, it taps into a topic that most of us aren’t comfortable with, and it gives us pause about how we’re perceived by our future employer.
The good news is, with the right playbook, you can easily overcome all of those things.
Today I’m going to break down that playbook on LinkedIn Live.
I’m going to teach you:
• How to research salaries
• How to handle the conversation with your future employer (without seeming greedy)
• A trick you can use to get even more value when they say, “this is our best offer.”
These are the exact strategies I used to double my salary.
It’s also the same framework that’s helped my clients land an average raise of 44% in their new roles.