3 Crucial Things to Know About Salary Negotiation
The day finally arrives when you receive a phone call letting you know you’ve been offered a position! All of your hard work updating your resume, networking and preparing for the interview have paid off.
But before you accept the offer, it’s time to negotiate.
Though you may not realize it, companies expect you to negotiate their initial offer.
According to a Salary.com survey, 84% of companies expect you to negotiate and those negotiations can lead to an average increase of 7%.
However, only 37% of workers actually take the time to negotiate which means a lot of people are leaving a lot of compensation on the table.
I understand how scary and uncomfortable it is to talk about your salary, especially when you’re ready to start a position, but it’s a necessary step to make sure you aren’t undervaluing yourself.
So today I want to share 3 crucial things to you need to know as you go through the salary negotiation process.
1. Ask for a written offer
Always ask for a written offer of your salary and benefits package. Most companies will send you a copy via email and then a formal offer letter by mail once you accept the position. When you’re offered a position, you can say something like, “Thank you for the offer, I’m excited about the next steps. When can I expect to see a written offer letter?”
2. Take 24 hours to review the offer
It’s tempting to immediately say “Yes” to an offer, but you want to make sure you’re being fairly compensated from both a salary and benefits perspective. Don’t be afraid to say something like “Great! May I take 24 hours to read through it?” You want to sound excited, but not committed. If for any reason they ask why you need 24 hours, tell them you want to take time to process the offer and read through the benefits to see if you have any questions.
3. Be aware of your tone of voice
Tone of voice plays a huge role in salary negotiation. A louder tone gives the impression of you being aggressive and not willing to compromise, while a quieter tone makes you seem insecure and unsure about what you’re asking for. You want to maintain as neutral a voice as possible to keep the conversation calm and help minimize emotions. You want the other party to know you’re willing to make this work and want to come to an agreement.
Negotiating your salary isn’t easy at first. It’s a skill that takes time and lots of practice to develop, so don’t get discouraged. Remember it’s a normal part of the process, so don’t let fear stop you from negotiating or else you could be leaving money on the table. The most important thing is to not let another job offer go unnegotiated.