Talking about money is not easy for most people. People usually have a hard time asking for what they want and fear being misinterpreted. When it comes to salary talks, it’s important to get your point across through thoughtful communication.
Here are some tips to help you handle salary negotiations:
1. Do your research first. Find out the pay range for your position. You can use tools such as Indeed, Glassdoor and LinkedIn to get ranges for the role you’re currently targeting. Expect to be at the low end of the range if you’re a novice for the position. (Don’t forget to consider your location, which is a significant factor.) Once you’ve done your homework, you are ready to sit down and talk about salary.
2. Ask questions. If you are asked how much salary you’re looking for, don’t be afraid to clarify by stating a range. (But know the criteria for the salary point you’re requesting.)During your discussion, make sure that you are more interested in long-term benefits with the company than immediate rewards.
If the pay offered is too low, you are not obligated to accept the job offer. Stating a specific salary can cause your potential employer to offer you a wage close to that number or lower. Frame the meeting so that the interviewer has to give out numbers first, and you’ll have leverage.
3. Explain why you are worth more than the discussed range. This is why it’s important to get the range beforehand to know whether they’re paying you less than companies with similar roles in the market. Feel free to voice that you’re targeting a salary of X, and why that’s the case. If you don’t receive a positive reply, you can wrap up the interview courteously and part ways if you choose.
4. Ask for a performance review. Once you’ve been hired, consider requesting a performance review only if you really like the job but the salary is under your target. You can ask for a 3-6 month performance review to demonstrate your value and wait to see if the company will actually increase your salary.
Once there is an agreement, make sure you know the details of when the increase will occur, and what is required. Put this information and the date of the review in writing. You don’t want to take chances and rely on a verbal agreement alone, as management changes in companies frequently.
Salary talks shouldn’t be hard as long as you take the professional approach. Always remember to base compensation on the market value for your contributions, and show your potential employer how you can perform at a higher level than the rest.