Preparing for salary negotiation

08/22/2018

sack with salary and wooden blocksYou have made an effective application, impressed at interview, been offered the position and now you just need to negotiate your salary. In order to negotiate effectively you must know what you are worth in the marketplace, the salary you are looking for and what the organisation is able to offer. If an employer asks you about salary and you cannot confidently answer, it may put you in a weak position.

To be in the strongest possible position to negotiate salary you must ensure that your expectations are realistic. Know what you and the position are worth. Be ready to justify why you are demanding this salary. Find out what the employer is willing and able to pay.  Before you go into any salary negotiation you must be clear about the salary you are looking for and at what point you are prepared to walk away from the negotiation.

Research externally

Different factors will have an impact on salary levels. For example a role in one organisation might offer higher pay than the same role in another organisation due to the location or the size of the company. If you are unsure what the role on offer is worth in the market place, or what your current experience is worth, it can be useful to research using external salary comparison websites. There are many different salary scale tools available. This can help to ensure that the salary on offer for the role you are interested in is fair for your level of experience.

Talk to recruiters or industry professionals

If you are dealing with a recruiter relevant to your specific industry they will be able to advise you on what your experience will be worth in the market place. They will deal with roles similar to yours on a daily basis and will have a clear indication of what employers are willing to pay.  They also have an awareness of trends in the market and can advise you accordingly. Keep in mind if a recruiter is negotiating salary on your behalf it is in their best interest to get you as much money as possible, as their fee is based on a percentage of your salary.

Think about your network if you talk to any hiring managers that work for organisations who regularly recruit for positions similar to yours. They may be able to give you an indication of the salary range they would offer someone with your experience.

Job Boards

Look for similar roles being advertised on a range of Job Boards and the salaries they are offering. Take into account the level of experience required for the role and location where the role is based.

Know the role

Get a formal job description that outlines the specific and general responsibilities of the position. This will assist you with your research on industry or market rates.

Know what you have to offer

To be in the strongest position possible you must be able to sell your experience and achievements and demonstrate how relevant they are for the role. Make sure you have prepared examples of how you are able to add value to the organisation so you are able to justify the salary you are asking for.

Know your priorities

In an ideal world we would all like our salary to be as high as possible but due to the current market conditions this is not always possible. Know the minimum figure that you are able to accept due to your own priorities and financial situation. This will help you to be aware of the point that you will need to walk away from the negotiation.

Be clear about other factors you need to take into consideration when negotiating your package. Money may not be the only motivating factor when applying for a role and should not be all you base your negotiations on. For example, based on your current priorities it may be that you need a minimum number of day’s annual leave so you could use this in order to negotiate.   Also think about the benefits of the role and use this to see if the salary is realistic for example if location is closer to home and you are spending less money and time commuting. This also has a value and may be a consideration when looking at what initially seems like a lower salary.

Renovo is one of the UK’s leading providers of outplacement and career transition support. We work with both organisations and individuals to support all their career transition requirements. If you would like to understand how Renovo can help you please call 0800 612 2011 or email info@renovo.uk.com

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