According to Mercer’s 2022 global salary report, workers in North America can expect the highest average income rise this year (4.2%), followed by those in Europe (3.8%) and the Asia-Pacific region (3.7%).
Mastering salary discussions is an essential skill for employees seeking a fair and accurate reflection of their worth in the job market.
Before diving into the key strategies, it’s essential to understand the mindset required to succeed in these discussions. As an employee, you bring unique value to any company, and it’s crucial to acknowledge and believe in your worth.
Here are six tips to help you not only achieve your dream job but to obtain the pay package that accurately reflects your true value.
1. Do your research and know your worth
Before beginning any salary negotiation, it is vital for employees to have a thorough understanding of their own worth within the industry. This entails researching the average salary for their role and the company they are interviewing with.
Several resources are available to help gather this information, including websites like Glassdoor and Payscale. Additionally, employees can speak with friends, family, or colleagues in similar roles to gain insight into salary expectations.
Understanding the local job market and economic factors affecting the industry can also provide a more accurate picture of one’s worth. Research should include factors such as how you benefit the company, company growth, and the market rate.
With this knowledge, employees can enter negotiations confidently, and clearly understand what they should be earning.
2. Be prepared to negotiate
Once you have established your worth, you must be prepared to negotiate. This means being able to articulate your skills, accomplishments, and the value you bring to the company.
Employees should practise their pitch and be ready to answer questions or address concerns that may arise.
It is also important for employees to know their priorities and what aspects of the compensation package are most important to them. This might include base salary, bonuses, benefits, or flexible work arrangements.
By identifying your priorities, you can focus on negotiating the most important aspects of the offer and be willing to compromise on others as necessary.
3. Be assertive but not aggressive
Striking the right tone during negotiations is crucial. Employees should be assertive in expressing their expectations, without coming across as aggressive or confrontational.
Being assertive involves clearly stating one’s desired salary, providing evidence to support the request, and emphasising the value one brings to the company.
To achieve the right balance, practise active listening, be respectful of the other party’s position, and maintain a professional demeanour. Remember that the goal is to reach a mutually beneficial agreement, so it is essential to create a positive and collaborative atmosphere during the negotiation process.
4. Flexibility is important, too
Flexibility is key when it comes to salary negotiations. While employees should have a clear idea of their desired salary and compensation package, they should also be prepared to make compromises.
This might involve accepting a slightly lower base salary in exchange for additional benefits, such as more vacation time, flexible work hours, or professional development opportunities.
Keep an open mind during the process and be willing to explore creative solutions that satisfy both parties. By demonstrating flexibility, you show your adaptability and willingness to work together to find a mutually beneficial outcome.
5. Don’t be afraid to walk away
If you aren’t satisfied with the final offer, don’t be afraid to walk away from the negotiation. This decision should be based on a careful evaluation of the offer and whether it meets your needs and expectations.
Walking away is not a sign of failure, but rather a sign of self-respect and a willingness to continue searching for the right opportunity.
6. Follow up
After concluding the negotiation process, employees should follow up with a thank-you note to the interviewer or hiring manager.
This demonstrates professionalism and gratitude for the opportunity, while serving as a reminder of your commitment to the company.