You have been interviewing for a job you really want with a company that provides everything you would want from your perfect employer. You know you have given a great account of yourself, and you feel you really deserve to win this opportunity.
The employer agrees and offers you the position. Great, you think. Until, that is, the formal offer comes through and the salary on the table is lower than you expected. So, what can you do about it?
One of the biggest mistakes we see candidates make is thinking that the salary being presented is fixed – non-negotiable. In some instances it is, but our experience shows that asking for a revised offer that is more favourable can and often does lead to a mutually beneficial outcome for both candidate and employer.
So, how can you ensure that you get the salary you deserve? Here we share with you some of the most effective tried and tested tips to enable you to do just that.
1. Do your homework
The first rule of salary negotiation is to do your research. Look at the advertised salaries of other companies hiring for similar roles in your area, or search Google for salary guides that relate to your sector so that you can benchmark the offer made to you against the industry ‘average’.
Better still, and faster, speak to your recruitment consultant – they deal with roles like yours daily and will be able to tell you what other employers are currently paying (and are prepared to pay!) for such positions.
2. Empathise with the employer
Salaries are the biggest costs for every business – typically making up 55 – 65 per cent of their total revenue each year. The employer will be mindful of the need to keep a good control of their costs, so the best way to persuade these companies to meet your salary requirements is to ‘sell’ to the return they will likely get on their investment in you. Remind them of what you can bring to the table, the ways in which you helped your previous employer, and how you will become an invaluable asset to them.
3. If at first you don’t succeed
Sometimes the offer on the table is the best one available... in the here and now that is. If your new employer cannot budge on salary, then ask them how regularly they conduct pay reviews. Some companies assess employee earnings at set times every 12 months and the next round of revisions may be coming up in a few months. In which case it is worth accepting their offer now because you might get what you wanted before you know it.
Finally
Research shows that those candidates who negotiate their salary instead of accepting the first offer on the table can increase their starting pay by as much as £4,000, according to Harvard University. We have seen this at first hand ourselves. Our job is to do the negotiation for you, but if you are not working with a recruiter for your next role just be sure to check if the salary being offered is both fair and reasonable. If not, try some of the approaches above and see the difference it can make for you.