Negotiating your salary for a new job may be a tricky business with several questions popping up in your mind like whether you should tell the recruiter about your salary range? Are you asking for too much? Will you be undervalued or be deliberately offered a lower scale of pay and if colleagues would earn more?
Glassdoor, an employment review and job search website, has come out with 10 dos and don’ts for salary negotiations.
Among the Dos, the first point is to be confident of receiving a good salary, pay rise or cost of living increase. A survey by Glassdoor found that men were more confident than women in this aspect.
The data also reveals that men have displayed about 6% greater confidence than women during the past 7 years.
Meanwhile, according to Glassdoor’s recent gender pay gap report, there is an unadjusted pay gap between men and women of 24.1% that translates to women earning about $0.76 for every $1 a man earns.
If you inflate the figures in the hope of getting a higher salary package, be aware that several employers verify salary history, either by asking for recent pay slips or by checking with the previous employer.
However, if variables such as age, education, experience, occupation, industry, location, year, specific company and job title are taken into consideration, the adjusted gender pay gap shrinks to 5.4%.
Secondly, do ask for advice. You may be able to persuade your contact to take the initiative to advocate for you directly. Failing that, you will gain some valuable advice about who to approach and how to make your case, as well as some possible history on precedents for negotiating in your role, says Glassdoor.
Thirdly, you should be willing to negotiate. If you have to decide between two companies and offers, honesty would be the best policy. You could share the terms of the competing offer and state your preference for a particular company and ask them if there’s anything they could do to make it an easier decision. More often than not, the answer would be positive.
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The fourth point is about taking notes during the negotiations. It would help the all the parties recollect what has been discussed or decided. You should also make sure to get all offers in writing. Paraphrase the entire discussion so that you understand all the points correctly.
The 5th point is about a follow-up. This could involve sending a thank you note after a face-to-face meeting.
Now, in the ‘Don’ts list’, the first point is don’t be caught unprepared. During the negotiations, the recruiter may suddenly come up with a question about your expected salary range. It could even happen during their very first phone call to you.
From TwoYearMBAworld: HBS Class of 2017 Employment Report: Median Base Salary $135,000
You cannot certainly allow yourself to be caught off-guard, settling for a lower salary or saying something that would hurt the negotiations later. Thus, you have to ensure that all such issues are in order before starting the discussions.
The second point is about not lying, especially about current earnings. If you inflate the figures in the hope of getting a higher salary package, be aware that several employers verify salary history, either by asking for recent pay slips or by checking with the previous employer.
The third point is about not being in a rush in your conversation. There is no need for an immediate answer to an offer. You have to sit quietly, count silently up to 10 giving everyone time to consider it. This technique may also lead to the employer trying to justify the offer by continuing with the negotiations, leading to a better offer.
In such cases as being dissatisfied with the offer, just thank the recruiter and make a statement that would highlight your value and seek more time for considering the offer.
The fourth point is about not appearing to be stubborn. While being confident with your request, you should listen to the offer being made by the recruiter and take a decision after careful consideration.
The fifth point is about apologising. If you have made any mistake, don’t over-apologize as it would make you appear anxious, fearful and unsure.
