You’ve applied. You’ve interviewed. You’ve gotten an offer—but the salary seems low to you. How do you negotiate for a higher salary? Negotiating a salary offer is one of the most stressful parts of a job search. It is challenging to ask for more money when an employer has already made you an offer.
Talking about money isn’t fun for anyone. Whether you’re a hiring manager or a job candidate, the conversation can be awkward. But it doesn’t have to be.
So here are some of the tips that you can use to ask and secure a higher salary at your new job.
Understand the industry trends
Preparation is making sure you have done your homework. Before you enter into a salary negotiation, make sure you have researched the market value of your position and that you understand your value to the company. Know what similar positions are paying in your area. Learn about the benefits you can negotiate and any other factors that can affect your compensation package.
It is also important to be informed about economic trends in general, including any recent changes to federal or state legislation that might affect your industry or company’s specific situation.
Account for benefits and perks that the company can give you
Factor in nonmonetary benefits. Consider the value of things like a flexible work schedule, additional paid time off, tuition reimbursement, or help with moving expenses. When you negotiate a salary, remember that the most important thing is not the number on your paycheck; it’s the total value of all the benefits and perks that come with the job.
If you are only in it for a higher salary, you probably won’t be happy in the long run. The best jobs are those where everyone involved knows what they’re getting into and likes their working conditions enough to overlook any drawbacks in their paychecks. You can also look up how to calculate a bonus to know the bonus amount that your company might offer and if it is good enough for you to take a slightly less salary.
Be honest for a higher salary
Always be honest about your salary expectations. If you are asked about your desired salary, give a range and be prepared to walk away from the offer if the hiring manager cannot meet your desired salary. If you are asked how much money you made in your last job, be sure to say if it was a base salary or a total cash compensation package and quote the right amount.
For accurate base salary calculation, you can use one of the online calculators. You can find some great salary-related calculators at Khatabook. The same goes for a competing job offer. If you are leveraging a job offer by another employer to get a higher salary in the current interview make sure to quote the money being offered by another employee correctly.