Are you scared of salary negotiation? You’re not alone. A recent survey by Payscale found that 28 per cent of people that had never negotiated salary refrained from doing so because they were uncomfortable talking about money.
We get it. Discussions about money can feel awkward or seems like a taboo, but it’s important not to let that stop you from getting what is a fair price for your skills and services. If you don’t negotiate, you could be missing out on hundreds of thousands of dollars over the course of your career. And this goes for people just starting out too – even if you’re looking at your very first job, it’s important to get the best salary you can. This is the first step in ensuring you maximize your earnings over your lifetime.
Sure, I know it’s easier said (or typed) than done, but there are a few things to keep in mind to help you get started on the rights salary path.
Here are some common negotiation mistakes to try to avoid next time you sit down for a conversation about salary. Keep them in mind as you research a reasonable range and prepare for the back and forth:
Negotiating by Email
It’s really better to stick to negotiating either in person or on the phone. The risk with email is that your tone can easily be misinterpreted, and salary negotiation can be a sensitive issue. Instead, use email as a tool to schedule phone calls and meetings, so that the conversation can be a true exchange that’s not plagued by misunderstandings.
Overlooking Other Perks
While salary is certainly important, don’t lose sight of what initially attracted you to a job in the first place. Whether it’s the impressive title, a chance to develop new skills, or an excellent benefits package, keep it in mind so that you don’t push for an unrealistic salary. Money isn’t everything when it comes to job satisfaction.
Being Afraid to Make the Opening Offer
It goes against conventional wisdom, but if you wait for the company to bring the first salary offer, you could be missing out. The anchoring principle offers you the advantage if you throw out the first number or range, because you are then setting the parameters of the conversation. It’s important to do your research on the position and organization first, so that this number is realistic. Don’t be afraid to get the conversation rolling. (Of course, there are two schools of thought on this one; if you prefer to let the hiring manager start the conversation,
Giving Into Your Nerves
The most crucial element of negotiating salary is to remember that the person you’re negotiating with expects it. It’s a routine part of looking for a job, so try not to let your nerves dissuade you from negotiation. Don’t rush yourself, don’t simply accept the first number that’s offered, and come prepared with current research that backs up your requests.