One of the most significant by-products of your job is also one of the trickiest to navigate – your salary. Statistics show that millennials and women are far less likely to convince their way into higher pay – in fact a report by TIME indicated that only 38% of millennials negotiate their first salary offer, with 80% of them being successful.
The facts are clear – companies may have some wiggle room from their initial offer and it’s usually up to you to encourage them to increase their offer by demonstrating the value you’ll provide. Here are a few things to keep in mind if you want to bump up that offer:
Preparation is key
Do as Sherlock would and conduct a mini-investigation into the average salaries of people in your field. This is a good way to gauge some benchmarks and make sure you’re not asking for something that’s wildly unattainable.
If you can, speak to recruiters or recruitment agencies, most of whom will have valuable insight as to salary ranges in your field, which should help to keep your expectations realistic.
Be specific from the start
Speaking of salary ranges, it’s important to be specific when a prospective employer asks you about yours. Some experts recommend going over what you may expect – employers will almost certainly try to bring that figure down and you will be left with an amount that is closer to what you wished for.
Researchers at Columbia Business School have also found the importance of being precise rather than generic in the number you request – this will prove to employers that you have done research and know precisely how much you are worth.
Whether it be dealing with your first job, or asking for a raise one year into your role, requesting a hike in salary is an intimidating thing to do. In the same survey reported by TIME, 90% of hiring managers reported they would not retract an offer made to an employee who attempts to negotiate, and 76% said they appeared more confident in doing so.
So if you’ve done your homework and have a plan in place, there is no need to fear- most employers appreciate an employee who shows initiative and confidence, as it reflects on how they will perform within their role as well.
Factor in Company benefits
If you find yourself in talks for a salary that is lower than you’d like, an attractive benefits package may be reason enough to stay. Longer leave or travel allowances, insurance, and education within the company are all things that would require spending from you anyway.
If a company is willing to offer unparalleled experience or is open about extending holiday allowances, it may be worth accepting a lower salary and leveraging company schemes or benefits instead.