Going through a salary negotiation is both a huge opportunity and a major source of stress for most job seekers. There is a lot of money on the line, and the exact number could go up or down significantly based on your performance during the negotiation. Get the best offer you possibly can by employing these strategies.
Understand What is at Stake
It’s essential to understand what is at stake in a salary negotiation if you’re going to navigate the process successfully. There are four possible outcomes:
- You get everything you want
- You get something less than what you wanted
- The company stands firm with their original offer
- The company rescinds their offer of employment
Which of these outcomes are you comfortable with? Make up your mind before the negotiations even start.
Focus on Your Top Offers
If you have multiple offers on the table, focus your negotiating energy on the two or three that you are most excited about. You might be able to negotiate a higher salary with one of the other companies, but if you don’t actually want to work for them, the extra compensation isn’t really worth it.
Practice with a Friend
Negotiation can be stressful and requires some practice. Resist the urge to practice in an actual negotiation setting, and ask a friend to act out a hypothetical scenario with you instead. Practicing beforehand helps you feel confident when the stakes are real.
Analyze the Total Offer
Compensation packages contain lots of details. Make sure you consider all of them before making any judgments about the merits of the offer. The salary might be lower than you expected, but comes with generous medical benefits. You might be offered a higher salary from one company, but in a city where the cost of living is also high. Try to distill your offer down until you understand its true value and then plan your negotiating strategy accordingly.
Know the Facts
How much do professionals in similar positions make working in the same part of the country as you? This information is readily available online and reliably accurate. Having the numbers at your disposal makes it easier to identify offers that are too high or too low. Just be aware that the company likely also has this information. If you ask for more than is realistic, they will know.
Understand Your Position
Do you think you are the top choice for this position, or a second or third choice? Does the company seem eager to hire you, or has the recruitment process been long and one-sided? Asking yourself these questions helps you determine just how much negotiating power you really have.
No matter what your goals are, it’s crucial that you approach any salary negotiation process like a professional. Be courteous and respectful, don’t drag the process out longer than necessary, and be gracious regardless of the outcome. If you are rude or aggressive, the company could revoke the job offer.
Having a job offer on the table puts you in a powerful position. Make the most of the opportunity by partnering with JH Technical Services.