Negotiating Your Salary After a Job Offer
Being offered a new job can be huge. A new job comes with all sorts of exciting possibilities, from a more senior position to a higher salary. The question is, how do you go about negotiating your new salary?
You may have been offered more money than in your previous role, but this doesn’t mean you’re getting enough to justify the career move. Especially if you now have a longer commute, with higher fuel costs.
Negotiating can be tricky at the best of times, let alone when you’re discussing money. The trick is to appear confident, even if you’re shaking on the inside! You also need to ensure that you do your research, so that you are not asking for an unrealistic salary, or come across as overly demanding.
If you’ve just been offered a new job, and want to discuss your pay with your employer, you can find a few tips below to help you negotiate your salary with ease!
Research the Market
When you were applying for jobs, you probably read a lot of similar job descriptions! You may have also noticed slightly different salaries being offered for the same job role. You can use this information as a guide, in terms of how much you should be getting paid. Perhaps speak to colleagues in a similar role too, and compare wages. It’s important to understand how you measure up when compared to others with comparable skills and experience.
Having data to back up your negotiations can also be a great way to convince your new employer that you deserve a higher salary. If you’re able to argue that the average salary for your role is a few thousand pounds more a year than what you’re being offered, there’s a good chance that you can negotiate a fairer wage.
Consider Your Budget
When it comes to how much you want to get paid, the average salary of similar roles is a good guideline. But you also need to consider your individual financial needs. Go through your budget, and work out how much you’d need to get by, which could be impacted by needing to relocate or travel further. Generally, this figure won’t be less than your current wage.
You may also wish to think about the minimum amount you’d accept before committing to a new job. Hopefully you won’t have applied for a role with an unrealistically low salary, but you may have been banking on the fact that you could negotiate your wages, should you be offered the job.
As well as your minimum salary, you should also consider your top target – as long as it’s realistic! You can then aim for a wage somewhere between these two figures, starting at the higher end and working your way down.
Other Influencing Factors
It’s important to bear in mind that there are a number of external factors that can affect your salary. For instance, if you’re working in London, you’d expect to be paid a higher wage, to compensate for the living or commuting costs. You should also take into account the size of the company you’re joining. If it’s a small startup, they may have limited funds, whereas larger organisations are likely to be open to salary negotiations.
It can also be useful to research the business’ finances and staffing changes. If the company is doing well financially, and the market seems to be steady, you may be able to negotiate a higher wage. And if there are fluctuations in the market, you can consider your arguments regarding this, in connection with your salary, ahead of time.
Negotiate Other Benefits
There’s a chance that your employer won’t be able to budge on the wage initially offered. The company may not have the funds, or you may need to renegotiate once you’ve proven yourself. If this is the case, there may be other perks you can discuss instead. Try to think about what sort of benefits you value the most, and be prepared to ask for non-financial perks during your negotiations. We’ve listed a few below for you to consider:
- Flexible working hours, with the option to work from home
- Additional annual leave, perhaps with the option to purchase extra days off
- Paid training, education or qualifications
- Validated parking
- Use of a company car or company phone
- Free gym membership
- Free breakfasts or lunches
- Regular staff outings, paid for by the company
- Access to discounts and other perks
Most of these benefits will have immediate rewards, but you should also think longer term. For example, your employer may be able to offer a clear path for progression, with the increased salary to go alongside this. As long as you’re given definitive expectations and timelines, benefits that are not directly related to your salary can be just as good as an increase in wage.
How Do You Negotiate Salary?
Once you’ve been offered a new job, there are a number of things to keep in mind when negotiating a higher salary. Firstly, it’s essential that you remain respectful throughout the conversation. While you want to come across as confident, demanding a much higher wage could result in the job being offered to someone else.
Another thing to bear in mind is that money can be a difficult thing to talk about. Especially when it’s in relation to your work ethic and value as an employee. Just remember to keep a clear head, and use facts and figures to back yourself up. Your new boss is more likely to be swayed by evidence than an emotive story about why you need more money each month!
Overall, if you can show how much of an asset you’ll be to the business, you should be able to convince your employer that giving you a higher wage is essentially an investment.