Admit it. We work to earn money. And one of the most important part of your job is to negotiate your salary with your employer.
Here are 10 tips on how to negotiate your salary:
1. Know your value
Before entering into any negotiation, first know what’s the current market rate for the position you have applied for. If you go without a figure, chances are high that your experienced employer will be at control. Also make sure you don’t fall victim to gender biased pay.
2. Be realistic
It’s good to aim high, but understand the difference between aspiration and reality. Keep the number as realistic as possible so that you don’t have to negotiate much.
3. Learn to persuade
Make your employer understand your worth. Explain to him why hiring or increasing your salary will be beneficial for his company.
Keep that voice tone right. Don’t emotionally blackmail him or give an ultimatum or give any threats. Such behaviours are too unprofessional.
4. Take care of your boss’ interest
By this, we mean, professional interest though! Anticipate ideas that might make your boss happy and the more number of times he says “yes” to your ideas, the more are the chances that your salary negotiations with him will be smoother.
5. Speak up
Unless you ask, you won’t get. When it’s time for a salary raise, if you find your employer not bringing up the topic, volunteer. After all, it’s you who will be getting more money every month after the appraisal.
6. Make the first offer
Be at the job interview or at office during appraisal time, always try to make the first offer with a specific number. Most of the times, employers tend to throw a small number at you and open the table for negotiation. However, if the number is too small, you might feel uncomfortable asking for too high a number (that you already have in mind).
7. Time it right
Often employees wait for performance review season to be over and then ask employers for a raise. But by that time, chances are high that the employers have already decided on respective raises of their teams. Instead, start talking about your expected raise to your boss three to four months in advance. It is around this time they decide the budget.
8. Ask for a raise on a Thursday
No matter how strange it sounds, but studies have found you are more likely to get your desired raise if you ask it on a Thursday.
According to Psychology Today: “As hard-line behavior disappears, we become more flexible and accommodating. Thursdays and Fridays find us most open to negotiation and compromise because we want to finish our work before the week is out.”
9. Drink coffee before negotiating
Drink some coffee as it will help you hold on to your grounds firmly. Don’t believe it? Well, a study by the European Journal of Social Psychology has found that caffeine makes people more resistant to persuasion. So, a cup of coffee will make you stick to your expected number and negotiate with determination.
10. Be ready to walk away
You must be ready to say “no” and willing to walk away, no matter how hard it seems, in case your employer stay adamant at a number too low. You must feel good about the money you will be bringing home as your salary.