{"id":25246,"date":"2024-06-11T16:43:48","date_gmt":"2024-06-11T06:43:48","guid":{"rendered":"https:\/\/explorecareers.com.au\/?p=25246"},"modified":"2024-08-05T16:30:53","modified_gmt":"2024-08-05T06:30:53","slug":"know-your-worth-and-negotiate-your-salary-like-a-pro","status":"publish","type":"post","link":"https:\/\/explorecareers.com.au\/know-your-worth-and-negotiate-your-salary-like-a-pro\/","title":{"rendered":"Know Your Worth and Negotiate Your Salary Like a Pro!"},"content":{"rendered":"

When searching for a new job, there’s one topic of conversation that many young professionals find tricky: salary negotiation. If you find the idea of negotiating your wage nerve-wracking, you\u2019re certainly not alone. However, that doesn\u2019t mean it isn\u2019t an important skill to master.\u00a0<\/span>\u00a0<\/span><\/p>\n

Keep reading to discover our top salary negotiation tips to add to your tool belt, as well as some compelling reasons why it isn\u2019t as scary as you might think!<\/span>\u00a0<\/span><\/p>\n

Why Should You Negotiate Your Salary<\/span>\u00a0<\/span><\/h2>\n

In <\/span>a study done by Indeed<\/span><\/a>, 58% of respondents claim to never, or rarely ever, initiate <\/span>salary negotiations<\/span> and trust us, you\u2019ll want to be in the remaining 42%. Those who negotiate their salaries are much more likely to secure a better pay rate than those who don\u2019t. What\u2019s more, 70% of managers <\/span>expect <\/span><\/i>candidates to negotiate their salary and benefits, so you may as well ask!\u00a0<\/span>\u00a0<\/span><\/p>\n

These kinds of conversations may feel scary, but they happen often, and great managers won\u2019t blame you for knowing your worth. If you think you\u2019re ready to dive into a <\/span>salary negotiation<\/span> discussion, read on; we have a tonne of tips for great <\/span>negotiation skills<\/span> and <\/span>career advancement<\/span>!<\/span>\u00a0<\/span><\/p>\n

Hone Your People Skills<\/span>\u00a0<\/span><\/h2>\n

This tip might seem a little simple, but having strong interpersonal skills is the key to successful <\/span>salary negotiation<\/span>s.\u00a0 It\u2019s important that you\u2019re seen as reasonable and approachable during your meeting, so be prepared to listen to what your manager has to say and remain positive \u2013 it is a two-way conversation after all! The more entitled, greedy, or ungrateful you act during negotiation situations, the less likely the other side is to fight to get you a better offer.\u00a0<\/span>\u00a0<\/span><\/p>\n

Establish Rapport<\/span>\u00a0<\/span><\/h3>\n

If you have opportunities to engage with your manager directly, ensure you\u2019re making a great impression. When your manager witnesses how dedicated, responsible, reliable and skilled you are, they\u2019re going to be much more amenable when you ask for a pay increase. In fact, maintaining a spot in your manager\u2019s good books might even help with overall <\/span>career advancement<\/span> too!<\/span>\u00a0<\/span><\/p>\n

Know Who You\u2019re Dealing With<\/span>\u00a0<\/span><\/h3>\n

This tip relates to your ability to get inside the head of the person who decides your <\/span>compensation<\/span>-related fate. By taking time to understand what they value most (and also what they <\/span>don\u2019t<\/span><\/i> like), it\u2019ll be a whole lot easier to figure out the perfect angle to take.\u00a0<\/span>\u00a0<\/span><\/p>\n

It\u2019s also worth considering the position of the person you\u2019re negotiating with. <\/span>Harvard Business Review<\/span><\/a> states that negotiating with a prospective boss is very different from negotiating with an HR representative. While the former directly benefits from your presence at the company and is, therefore, personally involved, HR reps are able to maintain an unbiased perspective and may be less likely to break precedent. Understanding these dynamics is key to formulating your <\/span>salary negotiation<\/span> strategy.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\"studentLevel Up Your <\/span>Negotiation Skills<\/span>\u00a0<\/span><\/h2>\n

When you\u2019ve perfected your people skills, the next step is to refine your bargaining abilities. There are lots of qualities and strategies utilised by successful negotiators, but here are some unmissable ones:\u00a0<\/span>\u00a0<\/span><\/p>\n

Research the Job Market<\/span>\u00a0<\/span><\/h3>\n

If you\u2019re running to your manager for a pay raise but don\u2019t even know what you should be asking for, you\u2019re <\/span>definitely <\/span><\/i>not ready to start the <\/span>salary negotiation<\/span> process.\u00a0<\/span>\u00a0<\/span><\/p>\n

The very first step you must take when planning a compensation conversation is researching the average pay for your position. Find this out by googling [your industry\/job title] + salary Australia. There are plenty of websites with pay rate information on all kinds of industries (if you\u2019re stuck, try checking out <\/span>Indeed<\/span><\/a> and <\/span>Glassdoor<\/span><\/a>!)<\/span>\u00a0<\/span><\/p>\n

Ask for the Top of Your Range<\/span>\u00a0<\/span><\/h3>\n

Once you\u2019ve figured out where your pay range <\/span>should <\/span><\/i>be, you\u2019ll want to ask for a number at the high end of the pay spectrum (or, at the least, a number that\u2019s just a little higher than your minimum increase). This way, there\u2019s plenty of room for negotiation if the company comes back with a lower rate of <\/span>compensation<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Negotiate The Entire Package<\/span>\u00a0<\/span><\/h3>\n

If you have a couple of different requests that you want to secure, make sure to present them all at once. For instance, if you\u2019re wanting a raise <\/span>and <\/span><\/i>the ability to work from home on certain days, don\u2019t get one accepted before following up with the other; do it all in one go!<\/span>\u00a0<\/span><\/p>\n

Doing the opposite way shows poor <\/span>negotiation skills<\/span> and will likely irk the hiring manager, thus making them less likely to accept your requests.<\/span>\u00a0<\/span><\/p>\n

Understand Constraints<\/span>\u00a0<\/span><\/h3>\n

We all know that the economy isn\u2019t in a great place right now, and most of us feel the pinch of a rapidly rising cost of living. While you might feel that a higher salary is only fair, remember that not every company <\/span>can <\/span><\/i>give you the <\/span>compensation<\/span> you need.\u00a0<\/span>\u00a0<\/span><\/p>\n

By understanding the financial constraints of the people you\u2019re negotiating with, you\u2019ll find it easier to pick a fair rate for both parties (or, alternatively, decide that the job might not be for you).<\/span>\u00a0<\/span><\/p>\n

Pick Your Fight<\/span>\u00a0<\/span><\/h3>\n

While it can be fun to flex your <\/span>negotiation skills<\/span>, remember that <\/span>salary negotiation<\/span> isn\u2019t <\/span>always<\/span><\/i> necessary.\u00a0<\/span>\u00a0<\/span><\/p>\n

Picture this: You\u2019ve just received a job offer from your dream company. They\u2019ve offered well above market rate, they allow you to work from home multiple days per week, and you get access to a work phone and laptop. In this situation, any negotiation will likely come across as greedy, so go with the original deal. In short, don\u2019t negotiate just for the sake of negotiating.\u00a0<\/span>\u00a0<\/span><\/p>\n

Don\u2019t Offer Ultimatums<\/span>\u00a0<\/span><\/h3>\n

This tip links back to the idea of being likeable; forcing ultimatums on your boss <\/span>definitely<\/span><\/i> isn\u2019t<\/span> likable. People don\u2019t like being told, \u2018Give me this or face the repercussions!\u2019 It\u2019s an understandable irk, but it can be tricky to avoid in certain situations.\u00a0<\/span>\u00a0<\/span><\/p>\n

If you need a certain wage to accept a role, or if you\u2019ve been offered a better wage from another company and need it to be met, try to downplay the ultimatum aspect of this and show humility. It\u2019ll come across way better than any kind of arrogant approach.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"student<\/p>\n

Highlight Your Worth<\/span>\u00a0<\/span><\/h2>\n

Another skill of successful <\/span>salary negotiators<\/span> is being capable of showing their worth. If you\u2019re asking for something, you need to back up why you deserve it. To do so, try using some of these prompts:<\/span>\u00a0<\/span><\/p>\n