Everyone should be focused on negotiating a better salary. Regardless of when you last negotiated for a higher wage, there will come a moment when the value of your labor is not reflected in the remuneration you receive.
This tutorial will teach you how to negotiate your salary for a high paying job, the fundamentals of salary negotiations, how to determine your objective value using job market data, best practices for salary negotiations, how to negotiate a raise, and what to do after a wage negotiation.
How to Negotiate Your Salary for a High Paying Job
Look to the Job Description
Research is the first step in understanding how to negotiate pay. Before you ask for something, you should first determine how much you can reasonably expect.
This ensures that you arrive at each interaction prepared with a sense of what the employer might offer, the market rate for your role, and your compensation expectations. The first place to look is in the job description.
Before you speak with them, you may be able to get a sense of what the organization is thinking about in terms of compensation ranges.
Many organizations are required to publish wage ranges in their job descriptions as pay transparency rules become more prevalent.
Some companies may give a single number; others may include a range; and a few may add pay bands, which have distinct ranges for each position depending on where you live.
Examine Publicly Available Salary Information
Glassdoor, Payscale, wage.com, and the Bureau of Labor Statistics collect wage data from people who have held various professional positions.
If you’re looking for a job with an unusual title, you may need to be more imaginative.
Regardless of the role you’re looking for, you must look beyond the ordinary and filter for a few different things:
- Experience level: The pay listed for various positions online is generally the average for all experience levels. Filter by the number of years of experience you have.
- Location: Companies in New York pay different wages than those in Minnesota. Filter by the location of the firm you’re interested in. Alternatively, if you’re looking for remote jobs, filter by the state you live in.
- Company Position: Startups may have different pay structures than major enterprises. While you cannot filter for the type of firm you are applying for, you should research the titles you are searching for and how the wage average varies amongst companies.
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Consider Your Credentials
Aside from your years of professional job experience, other factors can influence your pay negotiation, such as:
- Education: Do you hold a suitable bachelor’s or advanced degree?
- Skills: Do you possess specialized or technical skills?
- Certifications: Are you certified or licenced in your industry? Have you completed any other courses in the field? Do you hold a certain license?
Depending on the role, these elements can be a useful supplement to your negotiations.
Ask During the Interview
Should you ask about income during the interview? Yes. According to Elisa Pineda, a recruiter and talent acquisition expert, waiting until the offer is on the table before negotiating your compensation is old-school professional advice.
The recruiter may bring up salary during your initial conversation. If they don’t, it’s fine to bring it up if you know you won’t accept the position unless they provide a specific wage.
To align expectations, ask about the wage range for the role. Can you tell me about the current range you offer?
“If you’ve built rapport with your recruiter (which you absolutely should!) you can always ask something like, ‘Where do you think I fall within the salary band?’, or ‘I was hoping to get closer to the top of the band, do you think that’s doable for someone with my skills and experience?'” Herrera says. “If the company you’re interested in is transparent with its offers, the recruiter might be able to give you some insight and advice before getting to the interview round.”
Discussing salary early on ensures that no one is surprised or dissatisfied later in the interview and that no one wastes anyone else’s time.
Just like you expect the recruiter to be upfront about their salary range, be transparent about your expectations.
The first conversation with the recruiter is a good time to inform them that you would not accept a job offer below a certain amount.
Determine a range
Once you’ve gathered enough information about the company’s offerings, industry norms, and skills, you’ll need to determine an appropriate salary range.
You must comprehend the bottom of your range: the number you cannot or will not accept (and use our take-home pay calculator to determine how much you should want).
Then you need the top end of your range. You want to get what you deserve, but you don’t want to raise your expectations so much that you miss out on an offer.
Prepare Your Case
You’ve done your research, studied the wage range, and decided how much to ask for. It’s time to think about how to prepare your case.
Begin by writing down why you believe you deserve the salary you are asking for. A firm will rarely offer you money for the sake of money.
They want to understand why upping your offer is worthwhile. When you’re an entry-level employee, you may not have as much prior experience, but that doesn’t mean you don’t have unique abilities and value to offer the firm. Show how hiring you will benefit the company’s bottom line.
After you’ve collected your thoughts, rehearse with a trusted friend, mentor, or even in front of the mirror.
These talks can be nerve-racking, and being confident can not only make the interaction go more smoothly but will also benefit your case!
Negotiate respectfully
It’s time to put your plans into action. Begin by thanking the recruiter or recruiting manager for their offer, then present your case. When negotiating, be careful to be:
- Friendly: Even if you’re disputing what the recruiter has said or offered you, you should negotiate courteously.
- Confident: Negotiating is intimidating, but you should be confident in your position. As long as you are not asking for significantly more than the stated wage range, you have every right to ask the employer to budge on salary.
- Gracious: Even if the offer isn’t what you’re searching for, you should express your gratitude for it before beginning negotiations. This includes expressing “thank you” before diving in—the recruiter will appreciate your gratitude!
Get it in writing
Congratulations if you successfully negotiate a wage that you are willing to accept! The next step is to record the verbal agreement in writing.
Sometimes, the recruiter or recruiting manager will automatically include the compensation in your formal offer; otherwise, you might ask them directly for documentation.
Conclusion
Many Canadians are uncomfortable discussing money, which adds to the mystery and misunderstanding surrounding how much you should be paid.
Do not be afraid to discuss compensation with your friends, family, coworkers, recruiters, and supervisors.
The only way you’ll be paid fairly is if you understand what that means for you and how to ask for it.
So, start negotiating! Do you have any pay negotiating advice? Please share your ideas in the comments below.
Read Also: Apply Now: Jobs in Canada Without a Degree
Read Also: Best Online Courses for Landing High Paying Jobs
Read Also: Insider Tips for Nailing Interviews for High Paying Jobs
Read Also: Top Certifications That Will Get You High Paying Jobs Fast
Read Also: Secret Strategies to Secure High Paying Remote Jobs in 2024