Achieve Pay Equity With These Tips
If you’re looking to increase your pay when seeking a raise or interviewing for another job, it can be hard to know when to start the money conversation. In fact, many workers don’t negotiate their salaries at all – instead accepting the first offer that HR hands them. This is especially common among Millennials, who now comprise the majority of the workforce.
In this guide, we’ll help you understand how to negotiate and achieve pay equity. Follow these simple business negotiation tips, and you’re sure to get a better offer – whether it’s from your existing employer, or when you’re seeking new employment.
- Be Prepared
First things first, you should be prepared with as much information as you can. You will want to know information about your intended position – such as the average salary and other compensation – as well as information about the company, gathered from websites like Glassdoor or LinkedIn.
Do as much research as you can before you go into any meeting that’s about salary negotiations. By understanding your value, as well as the salaries of people who are currently working at the company, you’ll be able to get a much better deal.
- Be Professional, But Firm
Throughout the entire negotiation process, it’s important to be professional. If an offer is far below what you expected, for example, don’t become exasperated or frustrated. Keep things polite and let them know that number won’t work for you. Ask if they can explore alternatives.
Becoming frustrated or otherwise being unprofessional during negotiations will never help your case. Keep things on the level.
- Never Give The First Number
If you are asked what your intended salary would be, you don’t have to answer first. Obviously, a prospective or current employer may be aware of how much money you made in an older position, but that doesn’t necessarily reflect how much you’re entitled to in a new position.
When you’re asked what your intended salary may be, simply say that you’re wondering what their intended offer is. Or, use our favorite tactic…
- Ask About The “Whole Package”
This includes benefits, 401(k) matching, stock options, insurance, paid vacations – everything else you may be entitled to as part of your work.
By avoiding the question “how much are you expecting to be paid”, and instead asking about the total compensation – and benefits – you’re entitled to, it’s usually quite easy to get an employer to tell you how much they’re willing to pay. That puts you in a better negotiating position.
In addition, it may help explain why you are being offered a slightly lower salary. For example, maybe you would make 5% less per year at a new position – but have improved 401(k) matching, more days off, and a better, more expensive health insurance plan that helps to make up the difference.
Follow These Tips – And Bring More To The Table During Negotiations
Asking for more money is not easy. But with these handy tips, it will be much easier to negotiate when seeking a promotion, raise, or a new position. Knowing your true value is the first hurdle to having success at the negotiation table.