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6 Rewarding Salary Negotiation Tactics

Whether you are starting a new job or gunning for a promotion at your current one, we all know that we should be negotiating the salary. Let’s be honest, the renumeration package plays a huge role in keeping us motivated at work. So, the big question is, are you willing to negotiate to ensure you get what you deserve?
 
In most cases, people are afraid of negotiations, and rightly so, they are difficult conversations and could be rather scary and awkward. Money matters sometimes make people uncomfortable, however, not negotiating your salary could put you in an uneasy situation in the long run. Afterall, in order to give your best at work, you need to be content with your earnings.
 
So, regardless of this being your first job or your fifth, it’s time to learn how to negotiate. And we’re here to help, with a roundup of six tips to get you totally prepped.
 
1. Do Your Research
Do some research on salaries for the job you are being hired to perform. Be careful to find a similar job in the same geographical area, industry and company size. This will give you a general idea of whether the salary amount offered is reasonable. With this information, you will be able to figure out a ballpark figure, or better yet the range in which you can negotiate. Go into the negotiation with your ideal amount and the lowest rate you are willing to accept, and also set your deal-breaker rate, the point at which you would be willing to walk away. Only accept a salary you can be comfortable with for, say, one year, before asking for a raise.
 
2. Understand Your Employer’s Expectations
You should start the negotiation conversation by asking diagnostic questions to understand more about your employer’s true requirements, preferences, limitations and priorities, in terms of the job role you are offered. It would certainly show respect on your part, if you sincerely ask your employer what is expected of you, in addition to feedback on your current work, in order to gain the salary of your choice. This would definitely be accepted in a positive light, since it shows that you are taking an initiative to further enhance your performance and contribution to the company. Remember, for a win-win negotiation, both parties must walk away with a fair shake. Thus, it is important that it is also a good deal for your counterpart. Asking the right questions will certainly help this process.
 
3. Be Confident and Gracious
It’s extremely important to put on your game face when the moment comes for negotiation. Bring confidence to the delivery of your pitch and in the negotiations that follow. And if you’re at all worried about coming across as demanding or ungrateful, there’s a very simple solution to that: be gracious. No matter the outcome, be understanding, appreciative, and thankful for the opportunity.
 
4. Plan the Right Timing
Turns out, timing is everything. Most people wait until the performance review season to ask for a salary adjustment, but by that time, your boss has probably already decided what raises will be doled out to the team. You don’t need to wait till this time to do so, you might have several other opportunities to do so, especially at milestones, like the completion and achievement of education or training, and professional certifications. Also, as you understand the groove of your company and your boss you will learn to gauge the best times of the day or week, to discuss something as serious and sensitive as your salary.
 
If you are a new recruit, generally the timing and initiation of salary negotiations would be offered at the point of the job offer by the employer. A good way to negotiate at this point would be to elaborate your previous accomplishments and experiences.
 
5. Think Beyond Salary
If an employer cannot meet your salary request, think about negotiating for other items in your compensation package. Some benefits are standard for all employees, but some are more open to negotiation. Rather than ask for more of everything, focus on what you might actually be able to get. Some benefits that are worth negotiating, and could really oomph up the offer at hand, are vacation time, flexible schedules, a better title, relocating costs, profit sharing, and even stock options. Look at the whole package you’re being offered before you make your requirements known and understand that all those non-cash options have value.
 
6. Look at The Future
At this point, you should be able to take a long view into the future. Do you envisage your responsibilities to grow? Would your present role allow for an opportunity to upgrade on your skills? What is the future of the company, and do your goals align? Put everything into perspective and do not consider the figures only. If you do clinch the job, this present salary negotiation would not be the end of discussions surrounding salaries and bonuses. There would always be periodic appraisals and performance review where you would get the chance to ask for a raise if you feel you're deserving of one. So keep at it, and keep practicing your negotiation skills!