What Are Salary Negotiations?
Salary negotiations involve discussing a job offer with a prospective employer to negotiate a salary and benefits package that’s in line with the market (and hopefully, that meets or exceeds your needs).
The most productive salary negotiations occur between people who realize that they have a common goal: to get the employee paid appropriately for their skills and experience. Negotiations needn’t be adversarial, and no one has to get aggressive. If you’re a reluctant negotiator, it might help to keep in mind that you’re on the same side.
Negotiations can include all aspects of compensation, including salary, bonuses, stock options, benefits, perks, vacation time, and more.
Salary Negotiation Tips
- Wait for the appropriate time. Once you know what you should be earning, how do you go about getting it? Start by being very patient. When interviewing for a new position, do your best not to bring up compensation until the employer makes you an offer.
- Resist throwing out the first number. If you’re asked what your salary requirements are, say that they are open based on the position and the overall compensation package. Or tell the employer you’d like to know more about the responsibilities and the challenges of the job prior to discussing salary. (Here are tips for answering interview questions about your salary expectations.)
- Base your salary request on data. If you’re forced to give a number, provide a salary range based on the research you’ve done up front. Use this research to inform your negotiating technique. Talk about what’s appropriate for the role, based on your experience and what you have to offer. Resist the temptation to talk about your personal financial needs.
- Take your time. Once you’ve received the offer, you don’t need to accept (or reject) it right away. A simple “I need to think it over” can get you an increase in the original offer.
- Consider saying no. If you’re ambivalent about the position, a “no” can bring you a better offer too. I turned down a position I knew I didn’t want, regardless of salary, and received three follow-up phone calls upping the compensation package.
- But don’t decline a job that you want or need. Be careful though, if you do definitely need that new job there’s a risk that the employer may accept you’re declining the position and move on to the next candidate.
- Negotiate benefits. Consider whether there are employee benefits and perks that might be negotiable, even if the salary isn’t.
Source: Guide in China