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Advice on Salary and Term Negotiations – Rules to Know

by | Oct 8, 2021

You may be starting out at a new workplace, or you may be planning to get a promotion at your current job. Regardless of the situation, the best way to get your skills’ worth is to negotiate your salary and terms. Negotiations can be scary for many, but if you follow our tips, you should be able to slay your negotiations. Here’s what you’ll have to do: 

1. Know Your Value

If you have any hopes of getting the pay that you deserve, then you’ll need to know your value. How much are people generally paid in your industry and your area of expertise? Given your experience, what are the average terms of the salary? If you go without a number in mind into the negotiations room, then you are at the mercy of a potentially experienced manager that will control everything, from the salary to your terms.

2. Don’t Negotiate Based on History

Many people make the mistake of disclosing their salary, which will cause them to negotiate against themselves and their history. Your previous salary is never relevant, and neither are the peripheral factors around you. Your salary should be negotiated based on your experience and skills. 

3. Factor In Perks and Benefits

Oh, so you may not be able to get the higher salary that you want. Even so, money isn’t all that matters in a negotiation. For example, some people might not mind an average salary – but instead, might be more attracted to the benefit of extra vacation days or the possibility of working from home. They are often less costly than higher pay, but to the employee, they can be very important – and if they are willing to compromise with you on that, then they are worth working for.

4. Prepare Talking Points

When you walk into the negotiations, you need to be well-prepared – and we’re not only talking about knowing your value. You need to prepare for all the other talking points as well. Think about why you believe you deserve better pay compared to what they are offering. Do you have more skills and certifications? Perhaps you have more experience than others in the company. You need to have answers to any potential questions.   

5. Have a Walk-Away Point

When you are considering your numbers, aside from your desired salary, you also need to have a walk-away point. This would be a final salary offer that is so low, you’ll have to walk away from it. This point can be based on a variety of things, from the market value to your financial needs. It’s not easy to walk away from a job offer but knowing when to say “no” is just as important – and when they cannot come to a compromise with you, there’s no point in sticking around. 

The Bottom Line

If you want to negotiate your salary, you need to prepare yourself for it. Do your research and state your points with confidence. By doing that, you’ll be able to get some good terms.