With the annual January jobs rush upon us, many are looking for our dream role to start 2023 on a high. And whilst it’s ideal for searching for a job that you find interesting and fulfilling, it’s important to be practical too.
Salary and employee benefits are hugely important considerations when looking for a new role, with research from LinkedIn’s Global Talent Trends Report revealing that 60% of professionals say compensation and benefits are the top priority when picking a new job – ranking above factors such as company culture and organisational support to balance work and personal life.
So how can you negotiate your target salary during the interview process or even in your existing role? Ed Johnson, CEO and Founder of PushFar, the leading online mentoring and career progression platform, offers his top five tips on how you can come out on top of your contract negotiations.
Do your research
When looking to negotiate a higher salary, you need to be as informed as possible – so it’s important to know what’s fair for the work you’ll be doing.
Depending on your industry, it can sometimes be challenging to determine the standard salary range for your role. A good place to start is looking at recent industry reports, competitive job listings and also speaking with recruiters. Ideally, you should conduct your research from multiple sources to strengthen your data and avoid falling victim to the gender pay gap.
Look beyond salary
Money isn’t the sole motivator for employees, and extra workplace benefits can be just as important. Employers will almost always negotiate down, so consider other benefits that are important to you that you could leverage during negotiations – whether it’s flexible working hours, being able to work from home, or being provided with ongoing training sessions to allow your skillset to grow further.
Build your case
Even if your research supports your case for a higher salary, it’s not enough to simply counter with a higher number – you need to explain why you deserve it. Before your meeting, note specific examples of how your experience and skillset will benefit this particular company.
Sometimes, we can all be our worst critics, so it can be easy to forget how much value you can bring to an organisation. You’ve been offered the role, so remind yourself that the company feels you have something to offer that will improve and benefit the organisation.
Rehearse with a mentor
If you hate the idea of negotiation and asking for more money, you’re not alone, as research conducted by Reed found that more than half of the UK (51%) have never negotiated wages when being offered a job^.
The thought of negotiations can be daunting for many of us, which is why it’s so important to practice your conversation beforehand. Finding a mentor you can rehearse with will help you build your confidence as they can walk you through role-playing scenarios to help you feel prepared and empowered to ask for fairer terms.
Mentors can also help you consider unexpected questions you might get, how best to answer these, and help you deliver your negotiations more confidently.
Approach negotiation in the spirit of collaboration
Whilst negotiations can sometimes feel a bit conflicting, you’ll feel much more at ease if you approach them in the spirit of collaboration. Look to meet an agreement with your new employer, who will value your honesty and want to work with you to ensure both parties are happy.
Being prepared goes a long way toward a positive negotiation process, so these five top tips should help you feel confident in asking for what you deserve!