Do you have a clue on how to negotiate a salary get paid what you are worth? Perhaps you are not the only one because most people do. If you value your job, you should make sure that you get a fair salary.
The correlation between existing pay and work contentment is not as reliable as you may think it is. You will know that you are appropriately remunerated for your skills and proficiency when you gain recognition for your hard work.
According to PayScale research, 75% of employees who believe their payment is over the market rate indicates high job contentment. This is in comparison to 59% of employees who think their compensation is below the market rate.
However, the issue is that most of us do not have a conception of how much our salary should be. It makes it hard to negotiate a salary when acquiring a new position or considering an existing employer’s promotion.
As a job applicant, you need to understand and believe at the same time that it is not acquisitive to stipulate and tell your possible boss that your salary should be nothing less than 100% of what your time is worth. Go for it because you know that you deserve it.
- 10 Best Tips on How to Successfully Negotiate a Salary
- 8 Tips on How to Get Paid What You Are Worth
- 3 Easy Steps on How to Calculate Minimum Salary Requirement
- 5 Tips to Boost Your Confidence When You Want to be Paid What You Are Worth
- 3 Salary Negotiation Success Stories for Inspiration
10 Best Tips on How to Successfully Negotiate a Salary
How to get paid what you are worth requires a good negotiation between you and your would-be or existing employer. Begin by conveying something considerate and genuine about how grateful you are for the opportunities you have and how you envisage the future.
Also, you need to inform your employer that your salary is the amount you are asking for and explain your reasons for you to continue doing your responsibilities or accept the contract.
Below are some of the effective ways on how to negotiate a salary that pays off:
- Do Research On Salaries in Your Market
- Pick the Most Appropriate Time
- Always Prepare a Back-up Plan
- Do Not Let Your Emotions Get in the Way
- Do Not Be Over-Eager
- Be Direct
- Get Clear About the Position and Compensation
- Deal Like a Proficient Employee
- Practice Makes Your Negotiation Perfect
- Interview Your Colleagues or Fellow Employees
1. Do Research On Salaries in Your Market
Never base your wage estimation on what you gather from others in your specialization. For beginners, there is no assurance if they are honestly speaking or just bragging. Do not pay attention to their exaggeration or overstatement, or you will end up frustrated at work for no reason at all. Also, you may find yourself negotiating a raise with your boss with the wrong information.
Moreover, you will not get the entire perspective from office hearsays regarding salary. Your co-workers may have skills or some kind of certifications that help increase their wages. It could also be that they have experience in another field that rounds up their salaries.
2. Pick the Most Appropriate Time
Concluding the appropriate time with regards to negotiating a salary is paramount. Do not mention anything about getting a raise unless your employer puts it forward. Allow your employer to bring it up first. If your manager raised a question regarding your salary requirements, inform your employer that they are amenable. It depends upon the position and the full compensation package, which includes benefits.
You may also inform your employer that you would like to understand more about work responsibilities before discussing the salary. You can also provide your employer with a salary range according to salary research you had just gone through and mention the research you have completed.
Moreover, you should take note that there might be not enough reciprocation. If your employer has an allocation or a sound salary scheme, the best you might receive is topflight for that specific position.
If you have the resource to know precisely when the company’s yearly budget review is, you can express your goal for a raise. As much as possible, it should be before your boss needs to present their raise requests. In case you have no idea about the company’s raise process, better ask a month before the performance review season begins.
3. Always Prepare a Back-up Plan
You must have a back-up plan in case your employer cannot afford to increase your salary. It would not hurt to raise the probability of salary evaluation sooner instead of after that. You can also bring up possible additional vacation or a bonus based on your performance.
No matter where you stand in the negotiation procedure, remember to stay positive and keep on restating your enthusiasm in the position. Let your employer understand that the only concern is the salary. Also, inform your boss that you are genuinely eager about the job and working with the company.
If you think that the position seems to be the perfect job, you might want to consider some factors. It includes the company’s background and its benefits and flexibility and the job itself if they are worth unmindful of the salary. If that is the case, you might as well accept the position and wait for the salary to increase.
4. Do Not Let Your Emotions Get in the Way
Do not let your employer know you need money because of three reasons. First, it will not help. Second, it may make you look forlorn. Lastly, it is unprofessional. It would be best to allow your data to speak for itself.
Nevertheless, it is still important to be always truthful during the job interview. If you need to disclose your salary history, do not misrepresent the numbers. You should be genuine about job titles, experiences, as well as other job offers.
5. Do Not Be Over-Eager
After receiving the offer, make some considerations and think about it. You do not need to be in a hurry about accepting or rejecting it. You may say to your employer that you need to give it some thought. Who knows, you might get an increase than the original offer.
However, you should also understand that this can also have the opposite effect. The hiring employer might decide that you are demanding more than she is willing to pay and accept your “No” answer as final. That is why it is imperative to know your income for each position. If you think the wage is not sufficient for you to eke out a living, you have to decline the job.
6. Be Direct
Whether you are just applying for a job or already working, it is necessary to direct your objectives during the employment process. If you are factual about your wage goal initially, you will clear any possible difficult negotiations and frustrations later on.
Finishing up a lengthy interview process is time-wasting. Besides, it is already exhausting to apply to other jobs. You may think the firm’s salary conditions are insufficient for you to make your job application successful. If this is the case, figure that out ahead before you, and the company consumes a huge amount of time.
Moreover, straightforwardness expands to experience where you are in your approach with other firms. It might infringe on everything that you have trained.
However, things have changed, and notifying firms regarding other interviews and offers might drive hiring employers to act faster and provide a more competitive offer.
7. Get Clear About the Position and Compensation
Having as much information as you can get you the best offer. You may group your questions into three. The first one involves questions you will ask in any position. This will help you obtain an understanding of how the company will evaluate your performance.
You are getting the most out of your salary and role if your client discusses your position and career development at least once a year. Both you and your boss share the same drive for what your career advancement will be like. This includes supposed timelines and compensation goals.
Moreover, you will know if there are extra benefits included, such as raises and bonuses.
- What are the assumptions involved in the position?
- What is the development’s direction for the position?
- What the benefits program seems like?
- Is it only applicable to base offers?
- Is a sign-in bonus possible?
- What is the frequency of performance reviews and, are the raises dependent on those evaluations?
Your second group of queries relates to job seekers applying to a startup if you prefer equity offerings. This equivalent form of remuneration empowers workers to acquire partial ownership in the firm via stock options.
However, most firms do not always disclose all of the information you need to compute the value of your shares.
Before putting your signature on the contract, make sure that you understand the principles of equity. This includes strike price, cliffs, and vesting, to name a few. In this way, you will have fewer mistakes evaluating your offer.
Do not forget to ask your potential boss some of the primary inquiries, such as:
- How many choices are there in the offering, and how many shares are presently residual?
- What is the investor’s selected payment in the last round of financing?
- Until when do you need to use your stock options if you exit the company? Is early usage applicable?
- What is the strike price on your possible options?
- What is the average repository for equity at the firm, and if there is a sliding scale?
The third group of questions pertains to you. You may want to get precise on what you require to respond positively:
- How long do you consider staying with the company once you accept their offer?
- What type of value/wage ratio will work for you?
- What the company’s exit strategy seems like?
- How much can you tolerate the risk, and for how long?
8. Deal Like a Proficient Employee
Sure, you want to get that job. However, it looks like the salary is not enough to compensate for all the hard work and expenses. If you receive several offers, try working one against the other.
There will be cases that you will have no other offer; however, the job matches your different needs and includes higher position opportunities. Before getting excited, identify what is most essential for you before occupying yourself regarding other things they are capable of.
Will they allow you to work from home? It is a good question, especially at this time of the pandemic. Most companies are allowing their office employees to work from home if needed to keep safe. You may also ask during the interview process if the HR department will be able to heave your benefits package. It is better to evaluate all options, including signing bonuses or adding another week of vacation before looking for another job.
9. Practice Makes Your Negotiation Perfect
Try discussing your salary with a friend or family member in a role play. It will help you boost your confidence while talking to your boss regarding your salary. Additionally, it will make you more comfortable with the negotiation process. Make sure to tell your roleplay partner to detail the tone or reaction of the meeting. You need to sound professional and what matters is how you say it and not what you say.
10. Interview Your Colleagues or Fellow Employees
It is highly suggested to ask your colleagues in similar positions how much they earn. It will help you acquire information that is more precise and addressed to your situation.
According to Glassdoor data and economics communication manager Alison Sullivan, you need to collaborate with people at occupation network events to obtain relevance of what the estimation is and what the average is within the industry of your capacity. She recommends using that information to employ your understanding of your employment status.
8 Tips on How to Get Paid What You Are Worth
Regardless if you are clinching the information of a new job offer or hoping to bargain an increase in your present position, it is essential to make sure that you are paid reasonably.
Below are the following guidelines on how to negotiate a salary, according to experts:
- Research Online
- You Do Not Deserve the “Average” Pay
- Take into Account Your Previous Work Experience
- Do Not Forget Your Location
- Consider Your Education and Credentials
- Regard Your Tasks
- Factor in Courses Taken, Awards, and On-the-Job Training
- Include Your Soft Skills
1. Research Online
Experts suggest that you should determine your market value. One of the simplest ways to do that is to research online tools. You can check the U.S. Department of Labor’s Bureau of Labor Statistics online data. It includes the yearly mean salary for more than 800 occupations.
You can also check on Glassdoor’s “Know Your Worth” tool and PayScale’s “What Am I Worth?” tool. These 2 systems enable users to provide information regarding their occupation, location, and years of experience. Both websites offer users with salary estimates they deserve. The salary figures are generally based on the salary information entered by the users.
2. You Do Not Deserve the “Average” Pay
No two workers are precisely the same. Besides, many aspects shoot down what you make.
According to career and human resources expert Andy Teach, it does not mean that it is already what you expect or deserve. If you are an exceptional employee with an excellent work profile, then it is undoubtedly that you possibly deserve to be in the first-rate salary range. Or, as a baseline, it is possibly considered as above the average.
3. Take into Account Your Previous Work Experience
Your previous work experience also plays a significant role for you to get paid what you are worth. In case you are a newbie, expect that you will make less compared to those who already have lots of work experience in the industry.
Remember that experience is the best teacher. Even if your experience does not relate to the degree, you have taken during your college days or does not associate with your present work, that is fine. You already have an edge over other job applicants. Who knows if that experience will become handy in the future, don’t you think?
When you check on the salary range online, it would be better to put yourself somewhere beneath if you have little or no work experience at all. If you are an experienced professional, it is safe to place yourself somewhere on top.
4. Do Not Forget Your Location
Do not forget your location when applying for a job. Whether you live in a big or small town, North or South, your location will become useful in your salary. The US Bureau of Labor Statistics categorizes and analyzes salary information by the 100 Metropolitan Statistical Areas. So, it is wise to check the standard pay in the state or town where you live.
5. Consider Your Education and Credentials
Your would-be employer may require a degree or certain classes. A Bachelor’s or Master’s degree can boost your salary significantly. Besides, more education makes you a more favorable candidate.
6. Regard Your Tasks
Your responsibilities from previous work can provide you an edge over other job applicants. If your boss designates you scores of duties, it means that he has faith in you that you can get things done accordingly.
7. Factor in Courses Taken, Awards, and On-the-Job Training
Your achievements from previous work is a huge plus and could increase your value. This may include increased gross revenue or minimized expenditures. If you have training courses relative to the job, better put it forward during the job hiring process.
8. Include Your Soft Skills
Remember that soft skills matter a lot while negotiating a salary. You may be a good manager or even a great team leader from your previous jobs. If you communicate well and can persuade your team, you have a better chance to negotiate a salary and get paid what you are worth.
3 Easy Steps on How to Calculate Minimum Salary Requirement
Identifying your salary requirements seems too tricky, mostly if the role you are accommodating never occurred before. If you do not know how to calculate the minimum salary requirement, these 3 easy steps will help you.
1. Calculate Your Monthly Expenditures
Check your monthly statements for the past 3 months and add up everything before negotiating a salary.
It should include regular bills, groceries, gas, and other necessities. Totaling up 3 months of basic expenses will help you on how to calculate the minimum salary requirement.
2. Make It Twice
Calculate your minimum salary requirement by doubling it. If you have a growing family, your expenses and necessities grow as well. You also have some goals like buying a car shortly or buying your own house so you will never have to rent.
Another thing is, you might want an emergency fund or saved money in case you want to have a vacation.
3. Incorporate 20%
Women usually under-ask when it comes to negotiating salary. They cited that females are better at negotiating for other people than they would for themselves.
The 20% assurance here does two things:
- It compels you to request more than you are comfortable with. This is because inconvenience is possibly unreasonable and discourages you.
- It offers you a safeguard zone for the initial offer. The company you are applying to may respond with a lower figure. However, if you have already increased your request by 20%, their submission will potentially come from the zone you are attempting.
5 Tips to Boost Your Confidence When You Want to be Paid What You Are Worth
You can simply learn salary negotiation and self-confidence skills by obtaining courses or reading books. However, if you want to produce more cash, you must believe that you need to get paid what you are worth.
Most women who make six-figure salaries still question their value, but they did not allow it to stop them. To build self-reliance, they continuously shove themselves to speak out. They will press what they are worth and decline when suitable regardless of their apprehensiveness.
1. Think Bigger
Most people, especially women, inadvertently curb their earnings by casting down their expectations.
Studies show that women trained in negotiation techniques set their assessments lower, resulting in smaller salaries than men. The concept here is somewhat worthy compared to other employees in your specialization or at your level.
2. Do Some Fact-Finding
Do not choose a random number only to find out that it is insufficient. This is one of the breaking points of negotiating mistakes that you need to avoid doing. Prevent this pitfall by finding your market value by exploring wages and then requesting more than the offering to provide themselves leeway.
3. Assess Your Worth
You can resist the inclination to devalue yourself by presenting concrete proof of what you can contribute to the company’s success. Consolidate every good thing you have done for your previous employers and do not wait for your assessment. Request for work, ask for commitment, and be ready for any challenges.
Make your employer know precisely where your standpoints are. Going for it is a compelling process of indicating your value and premeditations to where you are applying to.
4. Enervate Yourself in Fields Outside Your Work
Embellishing yourself in any aspect of life has its consequences. If you cannot help yourself request a salary increase, try doing some activities not relevant to your work, such as getting yourself in sports. Whatever puts you out of your refuge develops self-confidence and self-esteem.
5. Make Up Your Confidence If Needed
Requesting for top dollar means you need to have a lot of courage too. It is a fact, that most of us do not have the nerve to do so at the same time. However, it does not mean that you cannot fake it.
Even women who make 6 figures have lacked confidence in their worth, but they seem stalwart. Making yourself look confident is a dependable remedy for anxiety or nervousness.
Additionally, when you appear you are valuable; you will convince yourself and persuade others in the long run.
Making the most of these useful tips enables you to notice a change in how you perceive yourself. Generating more income is not something you should do, but you have to do an important thing because your heart says you are worth it.
3 Salary Negotiation Success Stories for Inspiration
They always say that negotiating your salary needs cooperation and not disagreements. You can be courteous and appreciated while being positive and convincing at the same time. If you know you are getting better at what you do, you should give more value for the equivalent amount of time and increase your salary appropriately.
However, that is easier said than done for most of us. It is not because your employers would not pay that you are worth, but because you would not ask for it. Do not let fear underquote you.
Here are a few successful salary negotiation stories that might give you an idea to make your salary negotiation successful.
1. Negotiating Salary with the Most Terrible Negotiator
Yellowjacketcoder once wrote on Reddit regarding her salary negotiation. She said that she once negotiated with the worst salary negotiator ever. She received an offer between $50k and $65k and asked if it is acceptable. She seems not interested, and the negotiator offered her $65k instead.
2. Newbies Can also Negotiate Their Salaries (As Long as Their Skills are Sought-After)
Neel Hajare, a Quora and Facebook Intern proved that even a newbie could negotiate his salary provided that his skills are in demand. His experience may only apply to software companies but found out that internship offers are flexible. He was able to have a successful higher salary negotiation from 7 different companies for internship offers.
As far as the strategy is concerned, there may have been a little exquisiteness to the verbalization he used. During the interview process, he said, “You guys are offering x, this other company is offering x + Δ, but I like you guys better than them, so can you please raise my offer by Δ?”
That being said, he will expect that you would be unlikely to be successful if the firms you are conversing with are at the highest end of the salary structure for interns and have in-depth knowledge of the competition.
3. It is Not Harmful to Become Persuasive Sometimes
Jessica D. is an event coordinator for a high-end restaurant who used to earn $16 per hour before she persuaded for a salary increase. For two years working with the company and a year in her specific role, she was responsible for tasks well above her salary. Her role was challenging, and still get reprimands for logging overtime.
She met with her corporate manager, who then set up a meeting with the company’s higher officials. She told them that her current job as an event coordinator could not suffice the kind of experience she wants to provide to their guests and thus needs managerial-level access.
She brought with her all the credentials and documents regarding her contribution to the company. She emphasized that she’s willing to work more, do a better job, and give appropriate support to those around her. Hearing all that, her bosses promoted her to an assistant director and made more than double her previous salary.
Jessica is now the youngest manager at her location. The best part of it was, she is also one of the three females and the only person of color named as a manager on her team. She is now making $65,000 a year.