Shakespeare says that all the world’s a stage and we are merely players. Whatever adage you go by, it is clear that the motions we go through are a domino effect of what we decide in the present. In the case of our professional career, we do the same. But sometimes, we must be able to connect and negotiate our way to success. One of the most prominent negotiations to conquer? Salary negotiation.
Now, you may ask, “is it really that difficult?” Moreover, what are some of the top salary negotiation mistakes to watch out for? For some professionals, the act alone is daunting. Intimidation is one reason why most will just stick it out on a meager salary. Some take the leap and get an in, but the rest do the same and fall flat. The latter can fall into the traps of top salary negotiation mistakes, and end up not getting what they want.
So whether you are a jobseeker in the midst of getting hired or an employee yearning for a promotion, negotiation is an interpersonal life skill to adapt and learn. Not thoroughly convinced? Here are several benefits to learning about the art of negotiation.
Yes, we hear you. It can be an intimidating task to step into the office or put your foot down on the salary that you want versus what they are offering.
But just like everything else in life, you cannot always be saying “yes,” especially if it is something you do not agree to. So believe us when we say that there are several benefits to doing salary negotiations. Here are some of them now:
When employers usually give you an offer, the benchmark is usually that of what the industry it falls under is offering. If you are a neophyte to the industry, you can have a sense of what the average pay is for the role you seek. Most likely, save for some perks and non-monetary remuneration, the rate is the same, especially for entry-level positions.
But if you do a bit of research, you can also see for yourself if the employer you are in talks with is not sticking out the best offer. If you have a certain price tag on yourself, you can balance it out with the average industry rate and put it on the table for your future employer to review. If you are looking for a promotion, you can research your counterpart salaries in other companies and share that in your talk with your supervisor.
Face it, you will be spending most of your time in the office (or at home, wherever applicable). You have to know if the place you are investing most of your life in is worth it. If you are working for low pay and are unable to seek the salary you are worth receiving, it can help you re-think working for a company that does not see your worth.
Everybody makes mistakes. But as your partner, we are helping you avoid plunging into these pitfalls before you even get a chance to. Aside from identifying the mistakes, we also supply action points you can take to counteract these mistakes.
One of the most common mistakes jobseekers (or even current employees!) make is the failure to be aware of industry news. In particular, there is a lack of knowledge in terms of what each role’s pay is worth. Much like coming into an interview without researching the company, not knowing how much the benchmark price is for your role is a failure in the first degree already.
How can you negotiate something you are unaware of? This can also make you privy of employers who will mark you down in the end, and you might end up saying yes to it.
Do this instead:Check out our Explore Salary to see how your offer compares with the average pay for the same role. Come in with a figure based on 3-5 average salaries of your exact role or similar role to be sure. This is so you can prepare a figure or at least know if your employer is selling you short.
If you have work experience, take into account your past performance reviews. For example, talk about the time you received a raise following a performance review.
Actions speak louder than words. Knowing your worth is different from showcasing it in the office. If the latter is not aligning with what you are promising, then there is nothing much to look forward to in terms of monetary returns.
Do this instead:Perform better at the office. If you are negotiating with another company, produce quantifiable proof that you deserve a higher salary than what you are getting. If you have to print out data sheets, reports, and the like to prove your worth, do it. You can also pull out results from your past performance reviews to remind your supervisor that you are more than eligible to receive the raise.
This is where it gets tricky. Sometimes, you do not know if the non-monetary perks outweigh the salary. But if your company pulls out all the stops for you, it may be a bit much to ask for more than what you already have. Remember, your worth can also be computed through company care, or how the company looks out for youasidefrom the money. Negotiatingandoverlooking the non-monetary portion of what you will receive may be a regret you did not see coming.
Do this instead:Take a look at perks like vacation leaves, sick leaves, and even mental health leaves. Check if the health insurance your company partners with has room for dependents and how many you can take on. What about company property you can utilize like a laptop, a phone, or gas money? Do you have a development plan? These can all be helpful for you to assess whether an offer is worth negotiating or not. Add or subtract as needed.
A big reason why some professionals prefernotto undergo the procedure is because of the word “no.” Aside from that, there is a perception of “offense,” wherein questioning the current salary offer feels somehow wrong. But when other professionals do have the gall to ask, they end up sulking in the corner if they do not get what they want. At the end of the day, the negotiation process is both a risk and a lesson. It also is within business premises.
Employees can also perceive this as a company looking down on them or seeing them as unworthy. This results in taking it too personally and crosses the boundary of professionalism.
Do this instead:Reframe your mindset. If they do not see your worth, move on. It is as simple as that. Rationalize more than making things emotional. The company does not hate you. There may be other reasons, but it is certainly not about that. At the end of the day, it is not personal. It is just business.
Sometimes, the offer can excite us too much. Other times, it is our fear of negotiating itself. Both reasons can be to our disadvantage, though, because we may just be jumping at the first offer we see.
Do this instead:If the company has an offer, do not say yes right away. Ask to get back to them and have an offer that is 10% to 20% higher than the number. It is so the company can also negotiate based on its budget as well. At least you can meet in the happy middle.
Once again, check out Explore Salary to see how yours compares to industry standards.
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