Aside from the interview, another challenging part of the job hunt is wage bargaining. Talking about how much you are worth and the amount you want to be paid for a specific job can be awkward. Understanding the right way to negotiate your wage gets better with practice. Meanwhile, you will get a head start by reading these vital negotiation skills, resulting in higher take-home pay at the end of the day.
Investigate Salary Benchmarks
When negotiating with big companies with your salary such as Apple salaries, Microsoft salary or even a Facebook offer, understanding how businesses set wages for various jobs is the first step toward successful wage bargaining. When determining how much they can pay for a worker, most employers use the following guidelines:
- Average wage paid by firms in the same sector
- Average salary depending on experience and qualifications
- Average salary provided to professionals in the field in the city/state/country
With this detail, you’ll know exactly how much you should be paid for agreeing to do the work. The experience will also provide you with helpful information that will enable you to set a reasonable salary expectation.
Keep Salary Negotiations to a Minimum Before You’ve Established Your Qualifications.
Never discuss pay requirements or start negotiating a salary without first determining the credentials. This is so even though the boss introduces it. Navigate the conversation deftly to subjects that will illustrate why you are the best choice for the job. Once the boss sees how you’re a good fit for the business and the work, you’ll be in a great place to negotiate the pay you want.
Discuss Performance-Based Incentives.
If you get a low-ball bid from an organization you admire, don’t be afraid to discuss future performance-based bonuses. Discuss observable outcomes that benefit both you and the group. If they agree with your idea, make sure the conversation is captured in writing so you won’t have any trouble convincing them to keep their end of the bargain.
Employees in some sectors are not unusual in calling for a pay review after six months on the job in return for taking the original low-ball bid. This can also result in a win-win scenario between you and the business, similar to the “try before you buy” offers you see on TV. If you demonstrate during that period that you are as valuable as you claim to be, the employer would be able to keep you by giving you more. In those circumstances, you must make it clear to the boss that you accept a lower-paying contract than you would otherwise expect when you believe. There is an outstanding chance for you to show your merit and return to the wage negotiation at a later date.
Consider Non-Monetary Incentives.
Being open to non-monetary benefits is another excellent way to bridge the difference between the expected pay and the employer’s exact bid. If it’s extra paid days off, free dinners, or gym fee deals, be prepared to consider these perks and weigh your choices. Non-cash bonuses are also more successful at bridging the gap between the selling price and the negotiated payout plan.