In the current economic climate more and more of us are finding ourselves struggling financially. This is due to a mixture of factors. On the one hand we are facing ever increasing inflation that’s seeing the products we used to get cheaply start to sore in price and really hurt our wallets (food shopping is no longer fun… ), but then at the same time we are also struggling in our careers – and those of us lucky enough to have kept our jobs thus far are often finding that we haven’t had a raise in a very long time.
Many of us find ourselves moving on to new careers following redundancies, and often this comes with a big salary cut as well. It can certainly be a little painful and all this is precisely why it’s so important to know how to negotiate a good salary, and to talk your way into a raise, or just a better starting salary for your next position.
Here we will look at some salary negotiation tips to help you get the figure you want from your current or next boss.
Of course if you are going to get the job then you need to demonstrate that you are right for the job. This is true whether you are in an interview, or whether you are trying to negotiate your current salary in your current position. In the latter case, you need to make sure to spend time being the best you can be at your job and impressing your boss consistently (the key is consistency – don’t improve your productivity three days before asking for a raise or it will be a very transparent strategy). At the same time if you are interviewing for the job then make sure to put your best side forward and to make a very good case as to why they need you in the organization.
Explain How You Earn Them Money
If a company is paying you a certain salary then that means that they are investing in you. In other words they trust you to earn them more money in the long run – just as you buy a stock or share hoping that eventually it’s going to increase your wealth. In other words you need to make them more money than you cost them – and it’s important for you to explain how you can do this. Pitch yourself as an investment, and if you’ve already been in the company for a while then point out other ways in which you have already made them money in the past. Won a large contract for the company recently? Managed a very expensive client? Then point this out so that the wage looks low in comparison and like a good move on their part.
There is a school of thought that says the more money you are expected to handle on a daily basis, the more expensive your hair cut should be. This is essentially what is known as the law of attraction – that like attracts like, and if you dress and act wealthy then people are going to be more likely to think you are worth that kind of salary.
Stay Tight Lipped
When it comes to negotiation, it’s often fair to say that the first to speak loses. Silences are uncomfortable, as is the pink elephant in the room. The longer you leave the mention of salary the greater the expectation and build up becomes. At the same time out of politeness their first offer is likely to be higher than the salary you initially request. If they speak first then that puts you in a stronger position – so don’t mention the salary until it comes up.
Mention Your Options
If you are in an interview then at some point be sure to drop into conversation the interviews you’ve had elsewhere. Likewise if you have been working in a company for a long time then point out what other options there are available to you. You basically want to ensure that your potential boss or current boss knows that they need to offer you a pretty big carrot if they’re going to keep you. It doesn’t necessarily have to be true that there are other jobs out there for you, but it’s possible to hint that there might be without directly lying.
Trying to appear uninterested in a priceless vase to get the value down in a Turkish market might work well, but the same strategy in an interview is going to make you seem blasé and uninterested in the job. You need to make the employer certain that you want to stay in the job and you need to make them feel as though the only thing currently holding you back is the financial compensation.
Explain Why You Need It
Begging isn’t attractive, but if you’re going for a raise or trying to bump up your salary at a new job then pointing out a good reason for your attempt is often a way to get the employer on your side and to help you not to look greedy.
While you are negotiating a price here and it’s strictly business, you should still remain polite and friendly. One thing it’s important to remember whenever in an interview situation or anything similar – is that the person you are speaking to is most likely going to have to work with you if all goes well. You want them to like you so that they want to work with you – otherwise they will try to avoid having someone potentially difficult in the office with them.
Cash isn’t the only factor here. For instance if you can’t get more money out of your next job, then perhaps you can still get a nice company car, better holiday, or other bonuses. Similarly, look at how you can offer the business more for more money, or how you could change and improve the role. If you’re getting more money than they originally offered for the role then what can you do extra to earn it? You could suggest combining two roles and thereby actually save them money, or come up with other creative solutions.
Ask for More
Of course at some point you should ask for more than you actually are willing to accept and if nothing else this will make the amount you eventually settle on seem less. That also then gives you leeway and means that they can feel like you’ve reached a compromise rather than you just completely getting your way. At the same time if you ask for a larger amount then in some cases you may even get it…
Don’t Be Afraid to Walk Away
However at the end of the day if you can’t get the salary you’re going for then you need to know when you are better off spending your time elsewhere. Decide on what your minimum salary is going to be, and then be sure not to go lower than that. At the same time sometimes if they sense you’re willing to turn down the job then they’re be more likely to offer you the amount you’re looking for.