In today’s tough world, a lot of job seekers and employees are unsure about how to successfully negotiate their starting salary.
The objective of a successful salary negotiation is to find a solution that is acceptable to your and your future employer so it’s a good idea for you to learn a few important negotiation skills and strategies.
So, here’s a guide on the top 5 salary negotiation skills and strategies that can help you get the best pay package:
Salary Negotiation Skills
1. Make Good Use of Your Business Acumen
When it comes to negotiating the best salary package, it is imperative that you think carefully about what business knowledge you have, and then think about what that business knowledge and skills are worth to a company. Business acumen is all about the ability to
- Make good judgement
- Take quick decisions
These skills basically emphasize on your commercial awareness. They can help indicate that you have good knowledge of the job you applied for and the overall market. Keep in mind that employers could well be looking to hire you at the lowest possible salary and they might need enlightening on how much value you could add to their business. They really might not understand your value in the market.
Be ready to use your salary negotiation skills and strategies to show you know your worth and that you have an understanding of how businesses compete in the marketplace. It’ll help you negotiate a better salary.
2. Display Your Problem Solving Skills
When it comes to negotiating your salary, it’s a good idea to do what you can to display your ability to:
- Take an analytic approach to solving a problem
- Take a rational and logical approach to resolving issues
For example, if the employer and you are unable to reach a mutual decision, instead of keeping at it, look for alternative solutions. For example you could say something like “what would I need to do to prove to you that I am worth and extra $2000 pa? What would you need to see from me?” If the employer sees you are interested in working with the company and have successfully solved a potential problem, they might actually agree to the terms you put forth. Therefore, it is good to show that you can approach problems from different angles and think outside the box.
3. Demonstrate Top Communication Skills (written, verbal, listening)
This may sound a bit cliché but communication skills are really, really important and can make or break a deal. If you speak clearly, hide your nervousness and make sure your resume presentation is clear and precise it will work in your favor.
All these things add to your ability to impress your prospective employer so be clear in all your communications! Put yourself in the best possible position so you don’t necessarily have to accept the first offer presented to you.
If you show you are confident and have the ability to:
- Speak clearly and fluently and present your facts well
- Listen carefully and ask appropriate and topical questions
- Write clearly and effectively
then you’ll give yourself a much a better chance of negotiating a higher salary. So, keep these important salary negotiation skills and strategies in mind and remember to always phrase questions appropriately and carefully, maintain eye contact, and be confident.
4. Action Oriented? Show Them!
Employers are always looking for people who have a get-up-and-go personality. They will be expecting you to willingly accept their offer, without giving them a lot of trouble. And who can blame them? After all,they are the boss.
Therefore, sometimes it’s better to get to a mutual agreement or at least lower the expectations a bit from your end. This is mainly because working life presents many challenges and you need to show employers you are the kind of person who can find a way through anything and still stay cheerful.
5. Utilize Your Persuasion and Negotiation Skills
While some employers may appreciate a person with strong motivational skills, most employers look for candidates who are confident negotiators. Please note that negotiation skills don’t only mean putting your terms and expectations forward. It also means having an understanding of where the other person is coming from. Keep in mind that through these salary negotiation skills and strategies, you and your employers can both get what you want and feel positive about it.
Salary Negotiation Strategies
1. Get the Employer to Make the First Offer
One of the most effective strategies of salary negotiation is to wait for the employer to make the offer. This way, you can know how far you can negotiate and gain an upper hand on the employer. Keep in mind that salary negotiation is a long process, so don’t just accept the first offer right away.Instead,take some time and use the skills mentioned above to work out a better solution.
2. Start High and Work Towards a Middle Ground
If you know someone has strong salary negotiation skills and strategies, you might have noticed they always start at higher ground only to eventually reach their initial offer. Therefore, when negotiating your salary, make sure to set your expected salary bar a little high, and then negotiate a middle ground. This way, the employer will feel you are willing to accept their terms and this might leave a good impression.
3. Look for Alternative Solutions When Negotiating
Now, it isn’t necessary that you only stay limited to a good salary to boost your overall income.Lookfor alternative solutions, such as stock options, profit sharing, signing bonuses, expense accounts, and performance raises.This way, you can ensure you avoid conflict at all costs and remain friendly in your exchanges. Additionally, these salary negotiation skills and strategies will also prove to the employer that you are a good problem solverand can handle pressure-dealing situations.
4. Continue Selling Yourself: Effective Negotiation Strategies!
As you negotiate, it is imperative that you remind the employer, how the company will benefit by hiring you. Similar to selling a product, you must showcase all strengths and differentiators, during the negotiation.You can start off by saying something like, “I realize you have a budget to worry about. However, with the exceptional desktop publishing and data entry skills I bring to the position, you won’t have to worry about hiring external vendors just to produce monthly newsletters. This alone can bring you up to more than $10,000 savings in a year”. As you can see in this example, you are justifying every additional benefit or cash you are requesting. Therefore, it is unlikely the employer will decline your offer.
5. Aim for a Mutual Agreement When You Are Using Your Salary Negotiation Skills and Strategies
As mentioned earlier, a successful negotiation means both parties agree to the terms and conditions. Therefore, you need to let the employer win too or at least make them think that they won. You can ask for additional perks or benefits you don’t require that badly. Then you can sacrifice those additional perks and take the job if the employer meets all other requests.
So, now that you are familiar with these important salary negotiation skills and strategies, settling on a mutual deal won’t be a problem.