Salary Negotiation Tips for the New Millennium

Why Salary Negotiation is Very Important?

There are more reasons than just getting more money in your pocket when you negotiate your salary. For example, it shows employers that you are confident in your worth and confirms from the outset that you are a valuable employee. In addition, employers often expect negotiation, and not doing so leaves money on the table.

Note: Negotiating these early offers brings long-term financial rewards throughout your career. Bonuses and percentage-based raises, for example, will be greater if your initial salary is significantly higher. Additionally, salaries tend to follow you from job to job: during interviews, you may be asked to state your current salary or salary history. However, in some locations, employers are prohibited from asking this question.

Salary Negotiation Tips for the New Millennium

1. Do Your Homework

Similar jobs in similar industries tend to have something else in common: salary ranges. Note that geography can also play a significant role – the same job, even for the same company, may have a different salary on the coasts, where the cost of living is high, compared to areas with a lower cost of living.

Salary numbers are often vague. Friends, family, and coworkers may be reluctant to share details. However, the internet and anonymous surveys can help you research industry salaries, or even specific salary ranges at a given company. Try sites like FairyGodBoss, Payscale, and Glassdoor to learn more about industries and companies. And use free salary calculators to help you figure out what to expect from offers.

2. Look at the Whole Package – Not Just the Salary

Before presenting a job offer, the salary may seem like the biggest question mark, and also the biggest motivating factor. But there are other benefits that can make a significant financial difference in your life as well: such as matching contributions to your retirement account, for example, which is simply money you won’t be able to touch for years and years.

If there isn’t much room to negotiate on salary, look for opportunities to negotiate for better benefits and perks: you can ask for more vacation days, a fixed work-from-home day, stock options, or other non-financial benefits. Here are some important questions to ask about the benefits package and some perks that may be negotiable.

3. Be Reasonable in Your Demands

Millennials are often summarized by one word: demanding. Whether that is true or not – it could be argued that it isn’t a fair or accurate assessment – the reality is that it is one of many assumptions millennials face during the job application process. Avoid feeding this assumption by being reasonable in your requests throughout the negotiation process.

Ask for two or three things – negotiating for a higher salary, more vacation days, and a change in the vacation policy may be too many requests and may make the company wonder if you even plan to work. Before you negotiate, ensure that you know how to present a counter-offer and what is reasonable to ask for.

4. But Always Ask – Especially if You are a Woman

Here’s the flip side of making reasonable salary requests: if you don’t ask, you won’t get. It’s a familiar phrase for a good reason – companies generally expect a certain level of negotiation. While it’s possible that your counter-offer may be outright rejected, it’s also possible that you can get more money (if not your entire request). Don’t leave money on the table!

And if

I was a woman, then this advice doubles: that’s because as of 2018, women earn 80 cents for every dollar earned by men. There are many complex factors that affect the wage gap between male and female employees in the United States, but one of them is that women are less likely to negotiate a job offer. Here are some strategies that women can use to negotiate for a higher salary.

5. Take a Moment

One important thing to remember about salary negotiation is that you’re not playing a card game or placing a bet on Jeopardy. You don’t have endless time to think and research, but you won’t be kicked off the stage for spending a few hours – or even a day – planning a counteroffer or thinking about how to negotiate. Take the time to evaluate the job offer to ensure it’s the right opportunity for you. Your patience may encourage the company to present a counteroffer without you even asking!

6. Make a Good Argument

The company may offer a certain amount, and when you counter with “I would like Y dollars,” they may agree. But it’s better to make an argument for why you deserve more. Your research can help with that. Instead of saying “I would like Y dollars,” you might say, “In industry X, a salary of Y dollars is more common.”

Reminding the employer of industry standards is a successful technique. But better yet is framing your negotiation in terms of the benefits you will bring to the company – remind the employer why they offered you the position and their desire for you to be part of their team. You also need to be careful about how you pose the question. There are certain things that won’t help you get a better offer if mentioned during salary negotiations.

Source: https://www.thebalancemoney.com/salary-negotiation-tips-for-millennials-4132352