How Can I Negotiate My Salary for My Next Job?
At some point in their careers, everyone feels the need to move on and make a change in their lives. Whether it just be changing company, or shifting career completely, there are a number of reasons for someone wanting a new job.
Interestingly, salary is one of the biggest reasons for people wanting to leave their jobs. Recent research shows that 70.82% of people who have quit their job did so due to money. Interestingly, it differed between the various age groups, with few Baby Boomers being motivated to look for new jobs due to lower incomes.
Compared to Millennials, only 58% Baby Boomers said that they would leave their job due to an unsatisfactory salary, whereas millennials topped the 70% margin.
So, if you are wanting to leave your current job due to feeling unsatisfied with your salary, you are not alone. We thought we would take a look at the ways that you can negotiate the salary you want in your next job.
Do Your Research
The first thing you need to know before entering any negotiation is how much you can actually ask for. Start with doing some research into the industry to establish what other people are earning who are similar to your role.
You will need to keep your skills, education and level of experience in consideration. If you have only been in the role for around two years, you will not be able to ask the same as someone who has six years of experience. So, keep all of these factors in mind.
If you're relocating to a new city and don't know what the cost-of-living is in your next city you can also check out the Relocation calculator that we've created so you know what you should be making to maintain your living standards. This can be a great starting point to establish what you will be requiring from your next position.
Give Hard Facts
You need to think of yourself as an investment that the company is making, so approach this as a sales pitch. What can you offer them? What can you do differently? How can you make an impact? It is really helpful to take in some stats from your current or old job that shows what you achieved there.
- Did you exceed your monthly targets?
- How did you double traffic to their site?
- What was the multi million dollar client that you brought into the company?
- Was the rebranding of the company spearheaded by you?
These kinds of achievements will land you favourably in a position where you can ask for more money. The company will know why they are investing that much more in you as your output will work favourably for them.
Know Your Audience
It is also important to know who you are approaching for this increased salary. In certain cases, you could find that the company will not be able to afford a more than they are offering. Start-ups and SMEs usually cannot afford the same as one of the corporate giants, so knowing who you are approaching is important.
In certain cases like this, the long-term payoff for a role could be worth taking a lower salary than you expect. You could request shares or higher commissions based on your performance, so don’t write start-ups off if they cannot meet your salary requirements.
Take the Whole Package into Consideration
When discussing your salary with a potential employer, find out what other benefits come with the job. Sometimes the package includes elements that they have not disclosed in the early stages that could make the whole thing worth your while.
Is there a car or housing allowance? What do your commission structures look like? What are the bonuses? Sometimes allowances and benefits far outweigh a take home salary, so find out what added benefits they have.
Always Go In Higher
When negotiating your salary, always go in a bit higher than what you are actually looking for. But keep in mind not to be unrealistic because you could just seem out of their price range and put them off completely.
Adding a buffer is a great idea if you do want to get your salary needs met. Keep in mind that there will probably be some back and forth about the final amount, so don’t undersell yourself from the start.
Be Approachable But Firm
Confidence is what is going to win you that monthly package that you are looking for. But overconfidence could kill the deal. Make sure you are approachable to the potential employers and understand that likeability is a very important factor in them making the final decision. If they don’t feel like they can like you and you won’t fit in, you probably won’t get the job.
In saying that, being firm and confident about your needs and requests will also create mutual respect. They will know that you are a go-getter and that you can achieve what you want. So, keep that chin held high, and be proud of your accomplishments.
Before you go in, make sure you are prepared. Rehearse a few times, ask a friend to help you and have talking points ready. Knowing what you have to offer is vitally important and you will need to be ready to provide the hiring manager with the key points about your value add.
Be prepared for them to reject at least one or two of your suggestions. But also know when to walk away. If you are not going to be earnin g what you want in the job, you are most likely going to be unhappy and this might not be the right fit for you. Walking away could be a strong sign to the company that you know your worth.
Earning what you want should not be difficult. In fact, on the Wanted platform, potential employers can only see you skills, expertise and your salary requirements, and if they cannot afford you, they will simply move on to the next candidate. This means that the whole process of negotiating your salary is omitted from the process, so if this is something that makes you really uncomfortable, you don’t have to do it. It is a great way for employers and employees to go into the process knowing exactly where you stand when it comes to money.