Whether you are starting a new job or gunning for a promotion, negotiating salary is an important aspect of moving your way up in the corporate world. However, a survey by Salary.com revealed that only 37 percent of people always negotiate their salaries, while an astonishing 18 percent never do. Even worse, 44 percent of respondents claim to have never brought up the subject of a raise during their performance reviews. The biggest reason for not asking for more money? It’s fear.
We get it. Salary negotiation can be scary and intimidating, especially during a global pandemic – but, it’s even worse to not even attempt to move the needle on your life goals. So, whether you’re a man or woman or it’s your first job or fifth, it’s time to learn how to negotiate and squeeze all of the benefits you can out of your current or future position. After all, there is no harm in asking for what you deserve. Ever. With that being said, Oxford at the Ranch is here to help with a round-up of expert tips on the subject of salary negotiation! Read on below to learn more.
Know Your Value.
If you’re going to get the pay you deserve, it’s crucial to know the going rate for your position in your specific industry and geographical area. If you walk into a salary negotiation without a number in your head, you’re at the mercy of an experienced hiring manager, and you’ll ultimately relinquish all control of the conversation to them. To do your research, consult websites, like Glassdoor, or ask others in your field and area about their salary, if you feel that they are comfortable with handing over this valuable intel.
Ask for More Than What You Want.
You should always ask for more money than you actually want. Psychology shows that your bargaining partner will feel like he or she is getting a better deal if they negotiate down from your original ask. Just take a deep breath, and don’t worry about asking for too much. Remember, you’ve already done your research at this point in time. The worst that can happen is that the other party will counteroffer, which is a better result than not attempting to negotiate upper management at all.
Be Willing to Walk Away.
When considering your numbers, you should also come up with a “walk-away point,” or a final offer so low that it leaves you with no other choice, but to turn it down. Now, this finality point could be based on a number of factors, whether it is financial need, market value, or simply the amount you feel comfortable bringing home every paycheck. Walking away from an offer will never be easy, but it’s important to know when to do it and harness the power of saying: “no.”
Expand your mind with new ideas! No matter the topic, Oxford at the Ranch Apartments in Waller, Texas is committed to informing you of the information that you want to know.