5 Tips for Successful Salary Talks
As recruiters, we are fully aware that salary negotiation tends to be one of the trickiest steps of the job search/interview process candidates experience. Many job seekers find this part of the procedure to be daunting, as it does require a certain level of nuance that can feel intimidating. That said, open and honest discussion around compensation is one of the most important conversations you’ll have with recruiters and hiring managers. Remember, salary negotiation can significantly impact your future earnings and career trajectory, so it’s important to go into these talks confident and prepared. Here are five tips to tackle these dialogues effectively.
Research salary trends: One of the most impactful ways of preparing to discuss compensation is to do your research prior to entering into the conversation. Various websites like Glassdoor, Payscale, and others offer job seekers valuable data surrounding average pay ranges for industry positions based on location. Factoring in this data, along with your level of experience and skillset, can help you position yourself for an informed discussion around fair and competitive compensation.
Be upfront: If you’ve done your research and created clearly defined salary expectations, don’t keep them a secret! Be transparent about your needs at the beginning of the interview process. Trust us— it’ll save you, recruiters, and hiring managers time, energy, and disappointment if the compensation package isn’t the right fit; there’s no need to go through a lengthy interview process, only to find out at the end that it doesn’t meet your needs.
Highlight your value: So, you’ve tooted your horn in your interviews, emphasizing how your skillset, experience, and achievements would be a great asset to a potential employer— excellent! Be sure to continue to articulate your worth during salary negotiations as well. It pays to continue to remind hiring managers and companies why they should invest in you.
Be flexible and open to benefits: Salary negotiation doesn't always have to be just about the base salary. Consider the overall compensation package, including bonuses, stock options, benefits, vacation days, and professional development opportunities. Sometimes, companies may be more willing to offer additional perks if they can't meet your exact salary request.
Know when to compromise: While it’s essential to stand firm on your value as an employee, be prepared for the possibility that a company may not be able to meet your initial salary expectations. When this is the case, carefully consider all aspects of the role, as well as any '“non-negotiables” you have. Perhaps the company can’t quite meet your desired salary, but offers a sizable leave policy. Or, maybe the company culture and specific role lends itself to extensive professional growth on your career trajectory. Be open to negotiation within your level of comfort and know where you are willing to compromise. Ultimately, finding a middle ground that satisfies both parties can lead to a successful outcome.
Bear in mind that the goal of salary negotiation is to reach a mutually beneficial agreement where both you and the employer feel satisfied with the terms. Be prepared, confident, and flexible (within reason) throughout the process; you'll increase your chances of securing a fair and competitive compensation package.
