Mastering Salary Negotiations in Job Interviews
Salary negotiation can be stressful for job seekers. After all, it’s where you must commit to an offer that could make or break your career. Knowing how to successfully navigate a salary negotiation in a job interview is one of the keys to landing the position you want. This article will go over various tactics and tips for mastering salary negotiation in a job interview.
Do Your Research
Before you can even attempt to negotiate your salary, you need to be informed. Take the time to research the average salaries of people with similar experience and in the same field. Salary data websites as well as job postings with cost information are great resources that can help you determine a reasonable asking price. You don’t want to set your expectations too high, but you don’t want to leave money of the table either.
Know the Value You Bring to the Job
When it comes to negotiation, it’s important to understand the value of your skills. You must be able to articulate how your experience and skills can benefit the company. Is your experience broad or is it specific to a particular field? Is your record of success expansive? Have you brought in additional customers or revenue? Your experience should be detailed and tailored to the value you could bring to the company.
Develop a Salary Range
Create a range of salaries that will allow you to be competitive, without being unrealistic. Having an established range allows to have a foundation to begin the negotiations. Start with an optimistic number that you’d be happy with, then aim a bit higher in case there’s room to move. With a range in mind, you’ll be better equipped to negotiate effectively when the time comes.
Prepare Counteroffers
Sometimes the hiring manager won’t offer a salary that you’re comfortable with. When this is the case, it’s important to be able to counter without losing the deal. Prepare several counteroffers beforehand so you can be ready with numbers as you negotiate. Have success in mind with each of your counteroffers, as well as acceptable non-financial alternatives, such as vacation days or flexible work schedules.
Maintain a Respectful Tone in Negotiations
When it comes to negotiating salary, it’s important to demonstrate an understanding of circumstance. It’s not uncommon for employers to have a maximum salary for a particular position. Understanding the pressure an employer may be under can help avoid creating a tense, hostile environment during negotiations. Additionally, if the employer can demonstrate understanding of an applicant’s needs, they’re more likely to negotiate in good faith.
Walk Away from Unfair Offers
It’s important to understand your worth, and to not accept an offer that’s too low. If the salary offered is significantly lower than your expectations, you should not be afraid to walk away. This may be difficult, particularly for those early in their career, however, it demonstrates to the employer that you value yourself as an employee. Additionally, if the offer is too low to accept, the opportunity may not be right for you anyway.
End Negotiations on an Positive Note
Finally, it’s important to remember to end negotiations on a positive note. Be sure to thank the employer for their time and flexibility. Additionally, keep in mind that negotiations are an ongoing process, and that salary can always grow as your experience and contribution to the company increases. Keeping this in mind allows you to part on a respectful note, with the understanding that the relationship may continue to develop.
Conclusion
Mastering salary negotiations in job interviews may take practice, but it doesn’t have to be a daunting task. With the right research, preparation and execution, job seekers can improve their chances of landing a higher salary. Properly managing an offer goes a long way in setting yourself up for success.