Sometimes an employer can offer you a salary that doesn’t quite meet your expectations or needs. However, it’s often appropriate to negotiate a better salary or ask for extra benefits. In order to do so, you must know how much your skills, experience and expertise are worth. In this article we will look at the best ways to discuss improving your salary.
What is salary negotiation?
Salary negotiation is the discussion between an employee and an employer regarding their salary package. You may ask for a salary raise if you believe that you are doing a great job or adding a lot of value to the team and company. An employer will then negotiate back and potentially accept your requests or offer an alternative.
When is it appropriate to negotiate salary?
You may want to consider negotiating your salary during the following times:
- At the end of a positive hiring process: You may feel like your qualifications and skills determine a higher salary or benefits package.
- After gaining further qualifications: You may have completed a degree or any other additional qualification that call for more competitive compensation.
- After taking on leadership roles: More responsibility can often lead to a higher salary.
- When salaries in the market have increased: Salaries for the same or similar roles in your industry may have increased. You may ask for a more competitive salary.
- When getting a promotion: Your company may offer you a higher role, which you feel deserves a higher salary.
How to prepare for your salary negotiation
- Calculate your value
- Research the market you’re in
- Prepare to list your reasons
- Rehearse your negotiation pitch
- Be flexible
- Don’t be afraid to walk away
- Thank your employer for their time
Can I only negotiate my salary?
Monetary pay isn’t the only thing you can negotiate with your employer, you can negotiate:
- An increase in paid holiday days each year
- Additional sick time or other paid leave
- A company car or other transportation assistance
- Medical insurance
- Flexible working hours
- Remote working opportunities