Talking about money is something a lot of people don’t feel confident about but there is the saying ‘If you don’t ask, you don’t get’ and that applies to pay too.
How do you know your worth in terms of your job skills and whether what you’re being offered is the right amount? And more importantly, what do you do to get more than you’re being offered if you feel it’s not enough?
Well luckily for you, it’s the topic of conversation for our panel of experts this week.
Be prepared to back up your request for an increase with evidence of recent achievements and knowledge of the market place.
Kerri-Ann Hargreaves, Director, H2 Consultancy.
Talking about money can be uncomfortable. However, addressing this topic, either during the interview stage or post interview, is necessary in order to be paid the right salary. Don’t let a question like “what are your salary expectations?” catch you off guard. Research market rates by using sites like Glassdoor to see what the average salary is for your position whilst taking into consideration the location, size and industry your potential employer will be in. Furthermore, I’d advise having a ‘brag’ book up your sleeve of what you achieved at your old job. Highlight success stories, including good sales or good management, that demonstrate why you’re worth what you say you are.
Jeff Berger, CEO and Founder, Talent Inc.
Understand your personal brand and then benchmark that in the market- a specialist recruiter will be able to advise and consult you on this- and listen to them! I would always say if your potential employer is asking about salary in an interview, it is a buying signal so then ASK THEM what do they think you should be remunerated for the role? You would be surprised how this can often lead to a direct offer in the interview!
Lysha Holmes, Recruiter of Recruiters, Qui Recruitment.
Because job seekers are in the driver’s seat in today’s hiring market, part of their decision-making process can be negotiating for the desired salary and/or benefits package in their job interview.
It is important to do some research respective to the industry, job experience, and location before negotiating for a desired salary. A candidate would never want to come to the interview with a salary much lower than the market average. On the other hand, a job seeker can price themselves out of a role if they start negotiations with a salary much higher than the role traditionally calls for. Researching and finding the right range for a starting salary is the best tool to have when beginning the salary discussion.
You can learn the compensation range for your job on Indeed Salaries, where you can search by job title and location to narrow in on current compensation rates in your field.
Paul Wolfe, Indeed Senior Vice President of Global Human Resources.
Look at what the market is paying for the role and ensure you are within market rates firstly. Then talk to your value based on your experience in line with the role. You can’t immediately ask for a value where you don’t have the evidence to demonstrate why you are worth that value. Do your research and build the evidence to support this.
Rebecca Fraser, Digital Experience and Learning Manager.
Get the salary range first and wait until later in the process to negotiate. Make sure they want to hire you before you negotiate.
Ben Martinez, Principal Founder, Ramp Talent.
Preparation is your best ally when it comes to salary negotiation. It’s important for a candidate to carefully think through the reasons why they deserve a pay rise and how it relates to their worth in the wider market. Use resources like Glassdoor to understand average salaries for specific job roles.
Jo Cresswell, Corporate Communications Manager, Glassdoor.
The best starting point for negotiating a salary is knowing your worth, and what the average pay for your role is. Working this out can be difficult – finding out what your peers are paid might involve some awkward conversations, and may not always give you a balanced picture. LinkedIn’s salary tool pulls together data from jobs on the platform and assesses factors that affect pay, including location, industry and companies, making you better equipped to start the negotiations from a strong point of reference.
Darain Faraz, Careers Expert, LinkedIn.
Focus on the value you will bring with the higher salary ask. Also take into account that other parts of the total compensation package (PTO, title, flexibility, etc) can be negotiated.
Allan Leung, Lead Talent Acquisition Advisor, HCSS
Openly and honestly. Try to justify any counteroffer you make by giving a detailed reason for the negotiation (cost of living in the area, extensive experience, etc)
Chris Murdock is Senior Partner and Co-Founder at IQTalent Partners