February 17, 2022
Salary Negotiation – What Professionals Need to Know
In a tight labor market, new hires are possibly leaving money on the table if they aren’t following these simple salary negotiation tactics.
According to a study from Salary.com, around 84 percent of hiring authorities are expecting their new recruits to negotiate some form of salary or benefits package, even if it is implied that the job offer is not flexible.
Becoming a strong salary negotiator is a critical skill that working professionals will need to have in 2022 and beyond. Whether or not you are currently being recruited or have been at your company for several years, it is essential to negotiate a fair salary that will keep you satisfied with the skills you provide to the company. Successful salary negotiation will allow you to become the best version of your professional self.
Salary negotiation may seem like the scariest part of the recruiting process. Here’s why it isn’t:
The hiring manager that is beginning these negotiations is likely to also be on edge when negotiating your salary. This is an essential step to any interview or recruiting process. If the position or hiring agency is open to negotiating your salary, you should do so, as you want to be paid fairly according to your skills and qualifications. Most recruits tend to have a fear of pressing too hard on a company that just offered them a position. This is normal, but the hiring manager also doesn’t know that you could have possible other offers on the table too. To get the best out of your salary negotiation, it is also important to be clear with the hiring manager that you are deciding between multiple offers.
Researching market rates will help you at any time you feel like you are being underpaid.
By researching the market rate at which other companies are paying employees for a comparable job, you are getting the best salary for the work that is being put in. According to FlexJobs, using websites such as Salary.com or Payscale.com can help you understand the market rate for what similar job titles are being paid. This is a great first step in understanding the value of your position. Another strategy to help you find the greatest value for your salary is to look for other job listings that are similar to the title you currently hold. This allows you to see if salaries fluctuate based on areas or companies, even if they all have the same title.
The Great Resignation has empowered job candidates to hold the power in the recruiting process.
The current job market is a candidate driven one, and now more than ever, the candidates hold the power in the job search process. It is not uncommon for job offers to be countered by the candidate in today’s market. By providing counteroffers that fit the needs of the employee first, companies are having to change their views on hiring new employees that wish to be paid to the best of their abilities. According to a survey from the Conference Board, corporations are setting aside 4% of total payroll for wage increases. This is the largest percentage change since 2008, and is signaling that pay raises are accelerating across several industries as the economy rebounds from the pandemic and the highest rates of inflation seen in many decades.
The truth about salary negotiation is simple; be polite to your hiring authority or manager, and they will be open to working with you to find a fair salary solution. The most important facet of being a successful salary negotiator is to show consideration towards the company’s needs while valuing your resume and experiences. Above all, do research that pertains to the position you are being hired for, and understand the market value of your position and knowledge. As long as you do the research and enter the negotiation with all the facts at hand, you should leave the meeting feeling successful.
Visit us at https://www.mrrecruiter.com/contact-us/ if you have any further questions on salary negotiation technique or to learn more about how our Recruiters can assist your company or guide you along your next career move.