How to Negotiate for More Pay
“What’s your salary expectation?”
This question can come at the very start of the conversation with the recruiter, or right at the end of the gauntlet of interviews you’ve been through.
Either way – you can 100% guarantee you will be asked this question.
So what do you say?
When companies want to hire someone for the company, they set out a budget. This budget is based on 2 key things.
- Industry standards – what a similar role is paying within the same industry and
- Internal standards – what staff in the same roles are currently getting paid
Which means there’s a range that is in place.
Depending on the seniority and how specialised is the role, that range can be anywhere from 5k or 50k.
You don’t want to sound desperate and that you will accept any low offer. But you also don’t want to miss out the upper limit of their budget.
If your goal is to convince the company that you’re worth a big pay cheque, you’re going to have to prove it. Here’s how…
1. Know The Lingo
Lingo is short for language or terminology. Using words that are relevant to the role, level or position and industry puts you in a position of someone that knows what they’re talking about.
This is the most effective way to prove you’re worth more without even asking for it. You’ve proven it.
2. Know The Standards
Remember that Human Resources would have already done an analysis standards for that specific role within that industry beforehand, and they rely on this information to ensure they are staying competitive – use this to make yourself more competitive.
3. Do Your Research
It’s imperative to know as much as you can about the company and the role you’re applying for inside-out. A Relationship Manager in the Utilities Industry is not the same as a Relationship Manager in the Finance Industry.
Each department has a different function, it’s important to understand how your role fits into that department.
4. Be Inquisitive
Asking questions can be daunting – but it’s actually one of the most important things you can do. Despite the fact that you’ve done so much research, you’ll still need to be quite vocal in the interview if you want to have any hope of getting the job and a fair salary package.
There’s really nothing off-limits here – you’re interviewing and qualifying them just as much as they’re doing it to you, so you shouldn’t be shy. It’s a two-way street, and every bit of information helps. Furthermore, it’ll actually make you seem far more confident and suitable for the role, because you’re not afraid to say what’s on your mind and ask them tough questions.
5. Instill Trust
Have you ever came across someone trying to sell you something quite dodgy? What usually happens afterwards? You don’t trust them, so you go to someone else that you trust to get things done.
Showcasing your confidence in your ability to deliver is going to win anyone over.
Being comfortable and confidently say that “I’ve done that before really successfully and I know I can easily do that here” can be the difference between you getting the job or you coming second and the job goes to another person.
Remember, things don’t always turn out how you want them to.
Sometimes the company doesn’t have the money you want and it’s important to actually know how low is too low.
Have an internal compass of what is acceptable within your lifestyle so that you can still live comfortably. This will avoid unnecessary stress later on.
Until next time,