Negotiating pay for your new position does not have to be intimidating. You know you are good at what you do, so don’t ever feel like the company you are interviewing with is doing you any favors. Its a two way street! They need you just as much as you need them. Otherwise, they wouldn’t be advertising the position. Be confident that you are a quality employee and you know you will be a great asset to their organization.
If you want to be satisfied with your new position and not regret your decision to accept a lower offer, you have to get what you need coming into the job. You can’t expect that the employer will pay you what you want to get paid after you are hired. Once the agreement is made upon hire, that is pretty much what you will get paid unless you happen to get a raise/promotion after your first year. Even then, you may be simply catching up to what you actually need rather than reaping the benefits of the increase.
I have had many colleagues and friends tell me stories that they are not paid enough for what they give to the company. My response always is simple:”That is what you agreed to!”Get what you need when you are hired”. See, here is the issue: many people think that once they get the job and show the company they are good at what they do and they believe they are valuable, then the company is supposed to recognize this and give them a raise/promotion. Well I have some news for you my dear friend…..that RARELY happens. Actually, the opposite happens. They see your potential and give you more work to do because you are good at it. Then being the ambitious person you are, you take it. Now six months later, you are wondering why you are doing all this work and still being paid a lower salary than you deserve. You get frustrated, fed up and eventually leave. At this point you have wasted time and have to show yet another transition on your résumé. Instead of going through all of these un-necessary life changes, I recommend you do the following:
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The best time to look for another job is when you have one! If you are without a job then its harder to negotiate pay because the employer knows they have the upper hand. Remember: to get what you want, you have to play the demand card. If you are already employed, you are then considered to be a good investment and a prospective employer will be more likely to entertain a higher salary. You see, they have to give you a reason to leave. Same pay doesn’t cut it.
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Get your money coming into the job. If you want 5k more than the last position, then ask for it. If they tell you that they are not offering that much for this position, then its OK to walk away. Its better to walk away from a low offer than take it and regret it later. You never know what you are walking into when you accept a job until you are actually in it!
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Remind the employer of your skills and knowledge when negotiating pay. Let them know that although they are only offering a certain amount for the position, you are certain that you can perform and exceed expectations for the company.
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Look at the going rate for pay. Do some research online and find out what the median pay is for the position you are seeking. You want to take that information and compare it to your work history. Its okay to take the average amount of salary and increase it by 3-5k more if your experience permits. Experience is everything in negotiation.
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Be reasonable. Don’t expect an employer to pay you an outrageous sum of money if you have never made anywhere near that amount in your previous work history. Remember, your employer knows the industry and knows what the going rate is; however they also consider your experience and work history as well. Be respectful, confident, yet stern in your negotiations.
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Never, ever, ever rely on overtime or bonuses to compensate for a reduced base salary. Overtime and bonuses are not constant and can change as the company makes budgeting decisions. Organizations always have the right to freeze overtime and reduce or eliminate bonuses as they set fit. This is why it is important to make sure your base salary is what you can survive off of. Anything like bonuses or overtime would be an added perk for your savings account.
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If the employer is willing to pay you what you want, but not up-front and you really want the job then agree. But ONLY if you have the terms IN WRITING. Never take their word for it. Many employers easily get amnesia regarding pay. You don’t want to be in a situation where you are reminding them of the verbal conversation you and the HR manager had when the HR manager is no longer employed there or they “have no recollection of such a conversation”. If its not in writing, then it doesn’t exist. Having the terms of the acceptance in writing is the best way to hold them to the agreement. Its likely that once you ask for it in writing before accepting then they will make sure to put a note in the system automatically because now they are legally obligated to honor the agreement.