Dr. Anshul Mishra Never Let The “What If" get in the way of what you do! “I think therefore I am”. I’m on my journey.
Negotiating a pay raise is no easy feat, with the impact of today’s pandemic making it even more stressful for employees to ask for more at work.
A recent survey from staffing agencies shows that 86% of senior managers are just as likely or more likely to negotiate salary with new hires today than they were a year ago. According to another survey conducted, only 39% of the 2,700 job candidates polled tried to negotiate a higher salary at their last job offer. 46% of men negotiated salary compared to 34% of women. Workers ages 18–34 (45%) were more likely to negotiate salary than those ages 35–54 (40 %) and 55 or older (30 %). But asking for more money does pay off. According to a study by recruiting software providers, 84% of those who negotiated ended up receiving higher salaries. 25% received 11- 20% percent more!
Negotiating can be stressful, but you can make it less so by following strategies. Don’t negotiate until you have an offer. Tempting as it may be to start negotiating while you’re interviewing, don’t do it! Until the employer has decided that you’re the person they want for the job, you run the risk of making money the focus of the interview instead of what you can bring to the table. Once an offer has been made, you have more leverage to negotiate because the employer is vested in you.
Take an agreeable approach. Recognize that the negotiation process is a collaborative conversation that should result in a win-win scenario. Emphasize the value that you would add to the team. Strive to try to be amicable throughout the process — especially during these difficult times when everyone is trying to do more with less. Employers appreciate thoughtful candidates. Don’t underestimate the importance of likeability. Recognize the opportunity to help a negotiation go smoothly. “For example, don’t say, ‘To work here, you’ll need to pay me.’” “Do say, ‘I’d like the opportunity to work with your talented team — I know I could learn and contribute so much. I’d like to discuss an equitable compensation package of $.. to make this possible for us both.”
When you discuss the offer, remember to show your interest and enthusiasm. If your negotiation attempts don’t pan out, don’t get discouraged. Consider which aspects of the work culture are most important to you and prioritize them. You may be able to ask for professional development opportunities or certifications, for example. Asking about professional development opportunities shows the employer that you are willing to do the work it takes to earn that salary increase in the future and better yourself professionally. And if the employer has a hard limit on the starting salary, consider negotiating for the future. Perhaps you can identify clear metrics to trigger an increase in salary a few months into the job.
This content reflects the personal opinions of the author. It is accurate and true to the best of the author’s knowledge and should not be substituted for impartial fact or advice in legal, political, or personal matters.
© 2020 Dr Anshul Mishra