It is never the most enjoyable topic of discussion to talk about your salary. If you’ve landed a new job or are merely looking for a boost, when it comes to salary negotiation, you have to tread carefully.
Research by CNBC states that during the recruiting process, fewer than 40 percent of workers try to discuss their pay. The consequence of this is that “the average U.S. employee could earn $7,528, or 13.3 percent, more per year than his or her current annual base salary,
But what will workers do while negotiating their salaries to increase their chances of success? If you want your pay to reflect your true worth, here are the most important salary negotiation errors you need to avoid.
Not Doing Your Homework
Before you start the salary negotiation, you must do your due diligence. Although you have every right to start a discussion about your pay, failure to plan will lead you to failure. The first thing you need to do is to do your homework. In order to decide on a particular position that fits well in today’s labor market, try to think about the possibilities in your desired field.
For example, when talking about your salary, you can take advantage of an updated description and cover letter. Be sure to include elements in your résumé that most appeal to HR managers for a smoother conversation in your profession. Cleaning up your online presence is another important step that you have to take. This means tweaking your accounts on social media to make you appear professional or to change your privacy settings.
Finally, you should try to perfect your communication skills to ensure that you get what you want out of salary negotiations by being straightforward, concise, and stern. Only those who have regular exposure to tough discussions really master this capacity, so if you’re a little rusty, keep mock negotiations between you and your family or friends.
Negotiating at the Wrong Time
Timing, particularly during salary negotiations, is all. You must firmly consider the right time to chat about your salary before starting a meeting. That needs both the big image and the small image to be looked at. To do so, you may need to consider your prospective company’s fiscal cycles as well as the timetable of your direct report.
For one thing, you should not ask that your compensation be negotiated at the beginning of the fiscal year. At the halfway point of the year, you’ll have greater results because there is typically less pressure on the budget. Second of all, you should strive to be considerate of the schedule of your recruiter or boss. Schedule the negotiations so they have the opportunity to discuss your request in full.
Forgetting to think about the whole benefits plan
You should be able to understand that negotiations are more than just agreeing on an amount that works for you. Your salary also includes other monetary and non-monetary incentives, other than the lump sum of money you receive annually, that you should seriously consider before saying yes to a bid.
Such benefits can come in the form of childcare, paid sick days, flexible working hours, or even healthcare memberships. It’s difficult to place a particular value on non-salary products, but always take into account the advantages your business provides to end up with a better price.