How To Negotiate A Higher Salary: 5 Skills You Need To Know
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4. Don’t be afraid to walk away
So you’ve had a job interview, nailed the interview, and now you’re waiting to hear back about whether or not they want to hire you. You’re probably wondering how much they are going to pay you, right?
Well, it is almost inevitable that sooner or later in your career you will be faced with negotiating your salary. Whether it’s before the first job interview or during a job offer, knowing how much to ask for and how to arrange a higher salary is essential.
Negotiating isn’t as scary as it sounds — with the right skills, preparation and confidence, anyone can do it! Working for an organization that doesn’t meet your expectations or feeling undervalued as an employee is common. However, this does not mean that negotiation is impossible.
Many employees across various industries have negotiated their salaries. With the right skills and preparation — almost anyone can negotiate a higher salary! Keep reading to learn more..
1. Know your worth
Before you attempt to negotiate your salary, you need to know your worth.
There are a few ways you can calculate your worth, including Calculating your annual salary based on your previous salary and the job description (i.e. you earn ₱360,000 annually, and the job description states that the salary is $450,000 annually). This process will help you understand the pay range for the position you are applying for.
Additionally, you can use other methods such as calculating your market value based on your education, experience, and skills. Be sure to take relevant factors into account when calculating your worth.
When calculating your worth, you may find that you are earning below market value. In this case, you can use this information to your advantage during the negotiation process.
2. Research the company
Before you negotiate your salary, you should research the company that you are interviewing with. This will help you to understand their business model and financial position. You can use this to your advantage during the negotiation process.
There are various ways that you can research the company, including: Reading the company’s mission or vision statement. This will help you understand the company’s goals and how your role plays a part in achieving them.
Reading the company’s annual report or financial statements. This will help you understand the company’s financial position and any upcoming challenges. Understanding the company culture. This will help you determine if the company culture is a good fit for you.
3. Be firm but kind
When negotiating your salary, it is important to be firm but kind. Remember, you are trying to negotiate a higher salary, not lower it! However, you don’t want to be too aggressive with your request.
Try to find the middle ground between being polite and having confidence in what you are asking for. If you are interviewing with a company, they may offer you a salary range. If they do, they will expect you to negotiate within that range.
If you are interviewing with a company that does not provide you with a salary range, then you should be prepared to negotiate your salary from the get-go. When negotiating, you should be prepared for the following situations: The company may respond with a low salary offer. Be firm but kind, and respond with your desired salary. The company may ask you to name a salary range.
If they do, name a salary on the high end of the range. The company may ask you to name your salary expectations. If they do, name a salary on the low end of the range.
4. Don’t be afraid to walk away
If all else fails with your negotiations and you find yourself unable to walk away with a salary you are happy with, then you need to ask yourself if accepting the job is worth it.
Before you receive an offer, you should be aware of your walkway. A walkaway is the highest salary that you are willing to accept. Note that this does not mean that you expect to receive this amount.
You may only expect a lower amount. Your walkaway is crucial because it helps you to protect your financial interests. If you are unable to negotiate a higher salary with the company, then you can walk away with confidence, knowing that you tried your best.
5. Communicate your value
Negotiating your salary is all about communicating your value as an employee. Think about it — why would a company want to hire you and then not pay you what you are worth?
They don’t, so they will try negotiating with you. It is up to you to communicate your value during these discussions. You can do this in various ways, but the most important thing to remember is to be honest. Don’t lie about your accomplishments or skills — this will only come back to haunt you.
Instead, focus on how your past experiences and skills will help grow the company. One important thing to remember is that you want to be flexible during negotiations. You like to present your value, but you also like to be open to the company’s terms.
Show the company that you are open to negotiation and want to reach an agreement that benefits both parties.
Summing up
Negotiating your salary is a simple process that can be broken down into 5 steps: Know your worth. Research the company. Be firm but kind. Don’t be afraid to walk away. Communicate your value.
In the end, a company will only hire you if they believe that your skills and experience will help them achieve their goals and make a profit. Negotiating your salary is the best way to show them that you are worth hiring.
That being said, it is important to remember that not all companies will negotiate with you. In fact, almost 25% of companies have a strict hiring policy that does not involve negotiating salary.
If you find yourself in a situation where you need to negotiate your salary, then you will need to find companies that are willing to negotiate. To do this, you should research companies that are hiring and look for those that have flexible hiring policies.
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