Salary negotiation is a skill that is rarely taught, but very important to your long-term career success. Rarely do candidates have the opportunity to participate in the setting of their financial income, but a job offer is an obvious place to start. If you’ve received an offer, now is the time to take charge, know your value, know the market, and negotiate for the recognition you deserve. It’s about more than just salary though. Also, think about how you can get better healthcare. Would you benefit from flexible hours or a different schedule? Would you want to work off-site for some portion of your contract? Keep all these aspects in mind when talking with your hiring manager.
Here are a few steps to help you get to where you want to be.
Know Your Value
Knowing your value in the market is critical to your job search. It’s as important as preparing a quality resume or presenting yourself well in an interview. Do a thorough job of researching comparable jobs and salaries for other IT positions so that you know what salary range you should expect with a specific company. Solid examples and hard evidence are the best support you can provide to back up your request for a higher salary than what is being offered.
Providing information such as your market value in addition to your quantifiable contributions to the company as a reference to your claim. A good tip is to connect with an HR professional who can help you determine what similar positions are paying. Those industry averages and market demand are high selling points for your value and will help support your negotiations. They can also show you how much your job is worth to the company you are joining, and therefore provide a little extra leverage in your negotiations.
Research Your Company
Knowing the financial stability and overall position of the company you are going to be working for should also be one of the first things you research when you receive a job offer. Financial data for publicly traded companies is often available through their websites. You should know where your new employer stands before going into salary negotiations because it puts your requests in perspective. If the company is growing fast, they will be more likely to work with you to make you happy. If they are struggling, you will likely have fewer opportunities to ask for more than what they are offering. Look for indicators such as an increase in new hires, expansion or opening of new offices, and other signs of growth.
When the time comes to negotiate your offer, emotion and personal reasons for wanting more money should not be a factor. Whether you deserve a raise is determined by hard facts, your market value, company performance, and the quality of your work product. Present your case for a higher salary in a rational and supported manner. If you are turned down, try not to show your disappointment. Take it as an opportunity to prepare for future negotiations by asking for feedback on how you can better provide your services such that you are able to meet your salary goals in the future. Learn from the experience and you’ll be better prepared in the future.
Work With a Top Power Generation Recruiter
If you are looking for guidance during your upcoming job search, contact ESGI today and work with our team of successful recruiters in the power generation industry.