Money discussions can feel unpleasant or inappropriate, but you shouldn’t let that stop you from receiving a fair price for your abilities and services. You might lose hundreds of thousands of dollars over the course of your career if you don’t negotiate. This is true even for those who are just starting out — it’s critical to receive the best wage you can, even if it’s your first job. This is the first step toward maximizing your profits throughout your career.
According to a recent Payscale survey, 28% of those who had never negotiated a pay did so because they were uncomfortable talking about money.
Whether you’re new to job search or an experienced veteran, whether you like or detest the art of pay negotiation, the truth is that understanding salary negotiation strategies — and avoiding salary negotiation hazards – is critical to getting the employment contract you deserve.
There are a few things to consider as you begin your search for the ideal salary. When the subject turns to salary, here are four frequent negotiation flaws to avoid. Read On:
1. Being scared to make the first offer
It may seem counterintuitive, but waiting for the firm to make the first compensation offer may result in you missing out. You have the upper hand because to the anchoring concept. When you say the initial number or range, you’re essentially defining the conversation’s bounds.
Don’t be scared to start a discussion, but make sure you know what you’re talking about before doing so. Investigate the role, the organization, and the average salary for your job title.
2. Disclosing How Much You Would Accept.
Any kind of negotiation requires information, and telling the employer what you’ll accept is a common mistake made by job seekers. It can be difficult not to provide this information, particularly if the employer requests a salary history or salary criteria. Some recruiters will also inquire about your pay expectations during a preliminary interview. In all of these scenarios, you must carefully consider how you will respond. The sooner you hand over this kind of information, the less room you’ll have – if any – to negotiate a better deal when the time comes. When asked about your pay requirements too early in the interview process, attempt to stay as uncertain as possible.
3. Poor research Preparation for Negotiations
There is no reason for you to be ignorant of your market value as a job seeker. Of course, you should try to learn as much as you can about your prospective employer’s previous wage levels, negotiating policies, and performance reviews. You’ll have a better grasp of the market for your skills – and your value in that market – even if you opt not to discuss salary.
There are a few online salary resources you may use, such as http://salary.com, to get a fast estimate of what your profession pays.
4. Letting your emotions to control you
The most important thing to remember when negotiating salary is that the person you’re negotiating with expects it. Negotiation is a necessary part of both the hiring and job-searching processes, so don’t allow your anxieties stop you.
Don’t put too much pressure on yourself or the conversation. Bring recent research with you, and make sure your requirements are compliant with industry norms. Above all, don’t just take the first number that’s given to you. Repeat after me: this is all part of the process.
5. Making a Salary Proposal Too Soon.
You have more power the longer you wait. Many potential employees, however, inquire about salaries and compensation far too early in the process. When you are the last candidate standing – and you have received a job offer – is the best time to discuss salary. You can then inquire about pay, bonuses, commissions, health insurance, and other advantages in further detail. Asking at any stage early in the process may be interpreted as being overly concerned with money, and it may force you to divulge what you are willing to accept.
6. Emailing to negotiate
Do you want to know why people on the internet are so cruel and spiteful? It’s because when they don’t have to talk to someone face to face, they feel more assured. That’s natural, but when it comes to pay negotiations, you’ll want to push yourself out of your status quo, which means negotiating in person or over the phone.
When communicating by email, you face a risk of your tone being misunderstood, and pay negotiations are a delicate subject. It’s also far more difficult and riskier to bring some positive vibes into the dialogue.
Alternatively, use email to plan phone calls and meetings, and save face time for the serious things., use email to plan phone calls and meetings, and save face time for the serious things.
7. Accepting a job offer too quickly is a mistake
These days, the job search goes on and on, and when you finally get that offer after weeks (and even in some situations, months), it’s not uncommon to want to accept it right now. Even the best offers should be considered when you have a clear head and are not under the scrutiny of your future boss or Director. Most employers are willing to give you a period of time to consider the job offer – usually a few days to a week. Because the employer has picked you, you have the most power when you receive a job offer, so utilize it to make sure it’s the right position and employment deal for you.
8. Quickly Turning Down a Job Offer
Many job seekers reject job offers fast when the employer provides a salary that is far lower than expected. While you would be correct in rejecting the offer in many circumstances, it is still recommended to ask for time to examine it before rejecting it outright. You may have little choice but to reject the offer if the money is simply way below the norm. Take a closer look at the perks if the money is decent – but not as good as you would want.
A common blunder is turning down a job offer too fast without considering the total remuneration package. Some companies with lesser compensation, for example, provide higher incentives or stock options, or pay the whole salary. So think before you take that decision!
9. Taking Salary Negotiations Too Serious
Always maintain a professional demeanor when dealing with the negotiations, no matter what you do. If the employer has given you an offer, you are their pick, the finalist for the job, so keep in mind that you did receive an offer, even if it was not what you expected or deserved.
And if you and the company can’t come to an agreement, walk on gently, thanking the employer for the opportunity again — you don’t want to burn any bridges.
10. Not requesting time to think about the proposal
Make sure you take your words and decisions seriously when negotiating your compensation. The decision you make at this point in your career will have a significant impact on the position you land. When it comes to salary negotiations, you should never accept an offer without first requesting time to examine it.
Most firms will send you an offer letter outlining your salary and other perks. It’s critical that you request a few days to consider the offer before deciding whether or not to accept it. But don’t overdo it or take long to return your reply.
11. Not requesting a written final offer
It is not enough for your company to offer you a job based on word of mouth; even if the employer truly wants to hire you, you need insist on receiving a written offer letter. Be wary of accepting an offer that isn’t well-documented. A job offer is a contract, and it should be handled as such. Every contract must be written down and prepared for the sake of documentation.
All necessary terms and conditions relating the work role will be stated very clearly in a formal job offer. If you are verbally given a job, do not accept it until you have seen a written form of the offer. You can request from your employer.
No reputable employer will refuse to put the offer in writing, so if yours refuses, accusing you of lacking faith and attempting to coerce you into accepting the verbal agreement, consider that a major danger signal that something is terribly wrong.