Let’s Talk Money, How to Negotiate a Salary

Salary negotiations can feel like one of the most daunting and stressful elements of the hiring process. Having a strong understanding of the nuances of negotiation tactics, and being well equipped to deal with this process, can help job candidates feel more comfortable and confident in their negotiations. Even small negotiations can have large impacts in the long run of your career. Even something as small as getting paid an additional $3 an hour may not seem like much, but over 10 years you could make an additional $62,000, even without any more raises during that time. Here are some of the best things you can do as a job candidate to effectively negotiate your salary. 

Research 

Oftentimes there is a disconnect between what somebody assumes that they should be paid for a job, and what the industry suggests is a fair price. If you go into a salary negotiation period wanting to be paid an amount that is significantly higher than what the employer is looking to pay, then chances are the offer will fall through and it will prove to be a waste of time for the employer, the job seeker, and everybody involved in the selection process. Similarly, if you are unaware of what is a fair compensation package in your industry, you could be greatly underselling yourself and you could potentially miss out on a lot of money. 

It is not just important to have an idea of fair wages in your industry, but it is also a good idea to be aware of the current industry trends as well. According to the 2022 Ag & Food HR Review, 96% of employers increased employee salaries in the past 12 months. This means that if you are not aware of trends like this, chances are you are setting yourself up to miss out on opportunities that otherwise would have been available if you had done your research.  

Know your worth 

Once you have a strong understanding of the market value for this position, you need to know what kind of value you specifically bring to the table. A good way to understand this is to look at how your credentials match up with other people in the same or similar positions. Do you have any additional education in the area? How much experience do you have in this field? Have you done any courses that will put you in a better position to do this job? 

 A great way to help determine your worth is to speak with friends and family that are working similar jobs to see how you stack up comparatively. When determining your value, it is important to always be confident, but also realistic.  

Go Beyond Salary 

It is important to understand that salary negotiation does not just mean you will only negotiate a dollar amount to be added to your income. Salary negotiation is an all-encompassing process that looks at many different aspects of your work life. Here are a few things that could also be included in this process: 

Know your needs and wants 

Understanding the difference between something that you need to have in order to agree to a job offer, and something that you want to have is very important.  

Your “needs” are certain things that you will absolutely not be able to negotiate. For example, you may have a condition that requires you to need a certain standard of benefits that you cannot alter. Or, you may need specific flexible work hours in order to attend appointments or pick up your children from school that you want to ensure is in place prior to you starting your employment. Whatever your needs are, make sure you are confident in knowing what it is that must be included with your offer prior to the start of the negotiation period. 

Your “wants”, however, are certain things that you can use to help improve your overall satisfaction with the role. Maybe you would be interested in a job that allows you to work from home so you could save money by not commuting, or maybe you want access to a company vehicle that you can use on a daily basis. Your wants are great things to include to help improve the overall benefits of the job, especially when you are unsuccessful in getting your salary as high as you had originally hoped. 

Above all, do not let the nerves that are often associated with salary negotiating consume you and make it difficult to reach a point where everybody is happy with the outcome. Make sure you are well prepared, know exactly what it is that you want, go into the process with confidence, but ensure to remain realistic in what you want to receive.