So you’ve made it through the gruelling interview process, completed assessments and met the senior executives within the company. The great news is the company would like to offer you the role, congratulations! But there is still some work to do; you still need to negotiate your salary.
- The starting point is to understand the role fully. You can’t effectively negotiate a salary package without knowing the responsibilities and expectations of the role. You should have this understanding from the interview process but if not, go back and ask questions until you have a clear understanding. Also, consider your current role. Is this a promotion or a sideways step?
- Look at the wider market. What are similar roles paying in your area? Conduct research via job boards, LinkedIn or research specific salary surveys that can provide you with accurate, up to date information.
- Be crystal clear on your salary expectations as early as possible and once you understand all of the above. Know the ideal salary package you are looking for and how you would like this made up in terms of base salary, superannuation, bonus or commission, car etc. But most of all know your reasons why.
- Be prepared for some negotiation. Some Hiring Managers will offer a lower salary to start with, just because they expect you to ask for more. Therefore, as well as your ideal salary, you need to know your minimum requirements, your ‘walk away’ point.
- Understand your professional worth. Your skills, qualifications, and experience are what have got you to this point; ensure you clearly articulate these when negotiating your salary. Don’t be afraid to re-visit key points from your interview.
- Don’t move the goal posts. Changing your mind part way through a negotiation will look unprofessional. Unless the roles or responsibilities change, in which case you have a good reason.
If you follow all of the above you will be able to confidently negotiate a salary appropriate for the role and your skillset. Once you have, review the offer and take the right amount of time to make the right decision. If the offer isn’t quite right in the dollar department, but you feel it’s a good career move, don’t be afraid to accept the role and ask for a salary review after six months.
Finally, remember, it’s not just about the figures, also consider what else the company offers such as a shorter commute, career development, training, travel, opportunities for promotion, share schemes, and employee benefit schemes.