Plus, hiring managers are often ready to negotiate.
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What Are Salary Negotiations, and Why Are They Important?
Salary negotiations are one of the last steps in the hunt for a new job.
They arent exactly synonymous withasking for a raise, though the two share a lot of similarities.
Salary negotiations are crucial for a few key reasons.
The moment you say yes to a job, your sway over your benefits package and starting salary drops.
So, dont be afraid to speak up… Its free money.
How To Negotiate Salary
Job interviews are nerve-racking as it is.
When you add in salary negotiations, its enough to send most people into full-on panic mode.
Those anxieties could be enough to keep you from getting what youre truly worth.
Dont stress over manipulation tactics and strategies.
Gates advises a good place to start is by searching what others in your position are earning.
Consider where youre located and where the company is located.
However, if youre relocating to New York for the job, definitely use that salary range in negotiations.
In that case, your salary history from Nebraska is irrelevant.
Likewise, this range is useful for establishing a fair salary for work-from-home jobs.
If you are a median performer…shoot for the median, said Gates.
When asking for above-average salaries, it needs to be a matter of showing rather than telling.
The obvious follow-up question to that statement is Why?
Just dont let that be your whole argument.
Instead, show them exactly why youre worth that extra five grand.
You just got the job offer (congratulations!)
and your emotions are running high good or bad.
It could be that the company offered you exactly what you wanted and youre ecstatic.
Or, it couldve lowballed you by about $10,000.
In either situation, its easy to respond on impulse.
Take a deep breath and do not give your decision immediately, even if its a great offer.
I recommend you state that you are grateful and excited, and then take a pause.
Margolis is a career-training expert and a member ofForbes Coaching Council.
Margolis has worked with several Fortune 500 companies.
If you negotiate on the spot, you trigger the risk of being influenced by emotion, she said.
And you want to be logical and clear-headed when you talk money.
you’ve got the option to also ask the hiring manager for a deadline.
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In salary negotiations, its important to stay within a realistic range based on your research.
And, think back to your app.
Did it ask, What are your salary requirements?
If so, how did you respond?
If you answered $40,000 to $50,000, you have to work within that range.
Thats what a negotiation is.
The only exception is if the company made a firm offer or has a non-negotiable salary policy.
If thats the case, you might not want to push your luck.
But those cases are rare, so unless its expressly stated, get to planning your counteroffer.
First, do the numbers.
Its very possible the company wont meet your target salary even after negotiations.
But dont fret and dont just look at the salary.
Review theentire compensation package, including paid time off and continuing education.
Be prepared to negotiate elements of your benefits package, too.
Do they have wiggle room on vacation time?
What about a work-from-home policy?
Or, as Margolis put it, Determine what perks would add some sparkle to your life.
The important part of a counteroffer is to remain flexible and open-minded.
But now you have all of these numbers and nuggets of advice floating around in your head.
Can you recall them on a moments notice while under pressure and (probably) sweating profusely?
The conversation itself could happen in person or over the phone.
In either case, itdoesneed to be a conversation.
Some of those cues may include:
This is why feedback is crucial.
For the most part, you wont be able to address any of those cues without someone elses help.
Practice negotiating with someone you trust.
And ask them to make it difficult for you, Margolis said.
Margolis also recommended writing out the perks that mean the most to you in the negotiation.
Forcing yourself to write it out makes your argument more cohesive.
Similarly, Gates recommended crafting an opening statement that lays out exactly what you want.
She recommended something along the lines of, How can you help me make this so?
Your statement will obviously look different.
Use language thats natural to you and change it around as much as you like.
Be sure to include your anchor salary and an open-ended question that invites the employer to speak.
Because you want to start a discussion, avoid yes-or-no questions in particular.
Practice as much as you’re free to, and ask for feedback along the way.
When all is said and done, thank your practice partner profusely.
Drinks are on you.
Give yourself a pep talk, take a deep breath, and go get yourself a higher salary.
If youre conducting the salary talks in person, remember to mind your body language.
And if they offer you a beverage, take it.
If youre talking over the phone, throw all that advice about body language out the window.
Thats not important here.
Youll be able to have your notes in front of you, too.
Remember that your tone is whats important on the phone.
Speak clearly and slowly, and youll have a better offer in no time.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
Sometimes hiring processes are long and involve plenty of people at the company.
Things get forgotten or lost in translation.
Perhaps the negotiation was handled by a separate person in the HR department.
Maybe that individual only had your initial salary offer on file and not the renegotiated amount.
Or, there could be something more nefarious in the works.
Lets hope thats not the case.
More From The Penny Hoarder:
Adam Hardy is a former staff writer at The Penny Hoarder.
Writer/editor Tiffany Wendeln Connors updated this post.
