How to Negotiate Your Salary When Joining a Company
Many people only manage to negotiate higher salaries when they change jobs. This is mainly because asking for a raise from your current boss can be tricky and because many work places discourage such initiatives.
The situations which keep people from asking for more money at the current job are many and this is only one reason why negotiating a better salary when starting a new job is the safest bet. Especially if you’re attempting to get a job at some of the more progressive companies in the world, like Spotify or Casumo.
Here are some ideas on how to handle the situation and make the best of it.
GO PREPARED
Let’s say that the job is yours and all that is left to do is to negotiate the salary. The best thing to do is to prepare, for yourself, a very honest appraisal of your performance at the former place of employment.
Think long and hard about what you used to do, how much of that was properly compensated and what you would have liked to change.
If your job description said one thing, but you ended up taking on various other tasks for the same money, you can add this to experience and demand for fair pay for your skills. If there is little chance of this happening in your new job, then make a proper assessment of the job and how well you can do it.
TRY TO FIND OUT SOME ON THE OTHER SALARIES IN THE COMPANY
We know that salary confidentiality is a big thing and that HR departments will keep things under tight wraps. However, some information may still leak, and it would be great to get an idea of the general level of salaries.
There are two perils here. You either ask for too little from a company that affords to pay you more, or you have too high expectations from a company that is more renowned than generous. Asking for too little means both an under evaluation of your own skills and a risk of giving the employer the idea that you are not worth the effort.
Asking for too much might get the employers thinking that you are too expensive for them to afford.
A good idea would be to track down former employees and talk to them. If people are still too reluctant to give away information, you can at least run by them some numbers and see how they react.
CONSIDER PERKS
Some companies may be reluctant in giving their employees more money, but they might be ok with throwing in some perks.
As far as negotiating them is concerned, it all depends on what you think is a perk. A company car, a laptop, a phone, a great position that can open the way to new opportunities for you, access to some great company resources and learning opportunities.
However, keep in mind the fact that these learning perks can only go as far as a certain point in your career. Not to say that you ever get to a point where you do not need to learn anything anymore. But that at some point, your skills must be acknowledged and compensated accordingly. While accepting learning opportunities is a young man’s game, an established professional takes his training opportunities separate from the compensation he is due based on years of already added experience.
DO NOT COMPROMISE ON YOUR OWN FREE TIME
One big mistake many people make is to accept the idea that the employer is making a financial effort or an exception upon hiring them, and that they constantly need to do over time and to push back getting any days off.
This is wrong as the salary you are negotiating is for the work done within some parameters – your experience, the time spent at the office, the job description. Selling your free time for a higher salary negotiated in the beginning is wrong because if extra time is what you are already offering, what will you offer when you want a raise? When will you find the time to make an extra effort?
What is more, vacation days should also be considered perks and it would be a good idea to discuss a bit about company work policy.
DISCUSS BONUSES, PROMOTION CALENDAR AND POSSIBLE RAISES
It sounds too soon? This couldn’t be less true.
Do not take for granted the fact that employers will pay you more or promote you all based on their own will. You need to ask about these things and even get a promise for a potential salary increase. This gives you a good opportunity to start the conversation when you feel the time has come.
Changing the job is a great opportunity to get more money. If you play your cards right, you can even show your new employer just how professional you are.
