There is still a degree of hesitation when it comes to talking money when applying for a new position. Despite this, it is essential to get over any hesitations or misgivings about ‘talking money’ if both parties are going to come to a mutually beneficial agreement over the terms of any contract that is struck between them.
The balance of power often shifts quite considerably during the recruitment process. Initially, that power may be with the recruiting company. If there is an interesting position that is being advertised, then a number of candidates will be vying for attention. However, as the elimination process goes through, then the candidate could be left in a more powerful position to negotiate the salary that they feel is more akin to the demands of the role in conjunction with their own level of skills and experience.
Ultimately the relationship between an employer and employee is transactional – an exchange of value based on what the role requires, the value it plays within an organisation, and how unique your particular abilities to fulfil those requirements are. Remember – salary negotiations are not personal but transactional.
- Do your research.
Don’t just pick a number out of thin air. Do your research and ensure that the salary figure you are looking at is both reasonable and realistic. You can find out this sort of information from a number of different sources. One of the easiest ways is to simply put the job title into Google and see what comes up as comparative salaries from competing companies.
There are a number of different salary comparison tools available online, which have varying degrees of accuracy depending on the sector you are in and the companies you are researching.
To strengthen your case, make sure that you highlight aspects of your skillset that are unique and point out areas in which you have helped sales to increase in previous roles. The more you can quantify and substantiate your salary demand, the fewer objections a potential employee has.
- Practice your pitch.
Nobody likes talking about money, despite the fact that it is the very thing that has brought us all onto this page in the first place. Therefore, if you are not confident talking about money, then practice it! If you are usually reticent by nature and tend to hide your light under a bushel, then you will always be undervalued.
By practising what you want to say, you will feel more prepared to bring up the conversation. Don’t read it out as a scripted speech but be clear on WHAT your desired salary level is and WHY you have come to that figure.
- Stay calm and confident.
By clarifying and practising your reasons why you feel you deserve a certain salary level, you should be in a more firm and persuasive frame of mind to be able to stand your ground. A potential employer will try to negotiate you down. That’s fine, perfectly normal, and part of the process. They wouldn’t be doing their job properly if they didn’t, but you have something that they need. Be reasonable and realistic, and there is a deal that can be struck.
- Don’t be afraid to ask for more.
It’s only money – and they can only say no. Don’t forget you are entering a transactional relationship with an organisation, and you know your worth in terms of the skillset you have, your experience, and how you can benefit the organisation. If the salary originally being offered is too low from the outset, then that company may not value you in the long term.
Do not be browbeaten into accepting the first offer that is on the table – particularly if they were reticent to publicise salary levels at the time of advertising the role. Ask for more. You may be surprised by the response you get.
- Be prepared to walk away.
If they are digging their heels in and not even meeting you halfway, then be prepared to walk away. Chances are they are never going to value you, no matter how well you perform in the role. Acknowledge that you are in a much stronger position, and while preparing to negotiate an acceptable salary level, you are not prepared to accept anything below what you believe is your worth.
If you are looking to change your career and need some guidance in understanding your salary expectations, contact us for a chat.
