Negotiating your salary isn’t easy and the statistics certainly show for it. According to a 2019 survey from Glassdoor, 40% of new hires accepted their first salary without negotiation.
Payscale revealed that many employees are missing out on the pay that they deserve because they fear being too pushy or simply feel uncomfortable approaching the matter of negotiating their salary.
Do your research and be prepared for negotiating your salary or a pay rise
Before entering a negotiation, it’s not only important to do your research, but also to think of all the ways you might be coerced into thinking that you are asking for an unreasonable base salary or pay rise. Doing so, will enable you to then enter the negotiation armed with hard data about market rate salaries, which will be difficult to dispute.
For example, you may be told that the salary increase you are requesting is for more experienced workers. In this case, you can respond with facts about your performance – either in previous roles and projects within different companies or your current employer.
Alternatively, you could point out that your pay should reflect more than just time spent on the job, but education and results as well - highlighting quantifiable achievements that have resulted in cost reductions or revenue increases.
Whatever the case may be when you start to negotiate your salary, ensure that you are prepared for almost every question they throw at you by supporting your proposals with facts.
More silence and more confidence as you negotiate your salary or pay rise
When we think of masters of negotiation, we tend to imagine a loud, assertive and charismatic individual bulldozing their way through a meeting until their demands are met. However, it turns out that when negotiating your salary, silence can be an effective tool to get what you want and deserve, and academic studies even support this. Many people who involve themselves in negotiations grow uncomfortable with pauses of silence, and will start talking just to break the silence. This can often lead to them revealing too much or backtracking from their initial position.
In learning to be comfortable with occasional periods of awkward silence, you need to articulate your proposal, sit quietly (for however long it takes) and give the other person a chance to respond.
For example, if a prospective employer brings to the table a compensation package that is lower than you expected, respond enthusiastically about the job, but make it clear that the financial offer is not reflective of the market value or your skills and experience. You can do this by asking for time to review the entire package and identify all the areas that are worth negotiating your salary over.
Remember that silence can be your golden ticket to achieving your salary, so don’t back off from your stance!
Negotiate your pay rise using a collaborative and representative approach
Josh Doody, author of Fearless Salary Negotiation, believes that salary negotiation should be a collaboration and research shows that this strategy does in fact give better results. This means that it may be worthwhile for you to negotiate a pay rise whilst highlighting how your performance will add value to the business. Essentially, you need to link your responsibilities with a communal concern.
In short, you should always remember to play to your strengths, and do your best to keep the conversation focused on finding the optimal solution for all parties involved. Although negotiations which result in both sides getting exactly what they want is not a regular occurrence, through a reasonable and thoughtful discussion, you can move closer to achieving that objective!
Are you unsure whether you are receiving the pay that you deserve?
Here at Search, we want to make sure that you get the pay that you deserve. If you are unsure whether you are receiving the right pay or you would like some further advice on the matter, get in touch with us and our consultants will be more than happy to help!
Alternatively, if you are drawing conclusions that it’s time for a change, check out our current job opportunities and let us help you get the salary you deserve.