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Salary negotiation: how to know your value to a company

October 5, 2022
man at an interview

 It could be that they’re not sure of what their true worth in the marketplace is, or that they don’t know exactly how to go about salary negotiation. 

Long before you receive a job offer, you have to start preparing for the salary negotiation that will surely come up. Keep reading for some negotiation tips that should help you get as close to your goal salary as possible. 

Research the job market first

Before going to chat with a recruiter or into the job interview, make sure you do your job market research. There are a lot of different factors that could affect your salary negotiation, and the biggest one of them is what the job market is like at the moment.

You might have a figure in your head, and it might be pretty high, but if the job market is in a downturn at the moment, you’ll want to adjust your expectations. This doesn’t mean that you cannot renegotiate down the road, when the market goes back up again. 

The best way to do this is by chatting with as many recruiters as possible and asking them what your experience and skills are worth in the marketplace. They’ll have a clear idea of it, because they deal with so many different job seekers every day. 

There are also many websites online that have salary ranges for different roles, depending on where you’re located and what your responsibilities include. Take these numbers with a grain of salt, but use them to build your own salary range when negotiating.

Gauge your resume - skills, experience, achievements

You need to know that timing matters when it comes to salary negotiations. Not only do you need to be concerned about the job market situation, but also the timing related to your career. Where exactly are you in your career and how long have you been working in your current role?

A good tip is to make sure that you try different roles and responsibilities at each company you land at, so you can build up a varied skill set, rather than being too specialized in one specific role.

Employers nowadays are looking for folks who can transition into a new role quickly and be adaptable with what their role entails, so keep this in mind. 

Ask for the higher end of the salary range

Whenever there’s a salary range you’re working with, always go with the higher end of the spectrum. Yes, it might give you a bit of imposter syndrome as you wonder if you’re worth that number.

Just remember that this is how negotiating works. You don’t just quote a number and get it approved right away. 

Most of the time, you’ll quote a figure and the recruiter or interviewer will come back with a lower figure. Then you negotiate from there. It’s a back-and-forth situation in which hopefully you come out with a salary amount that works for your needs and skills. 

Ask for a specific number

This is an important one to remember. Rather than having a figure like 65,000 Euros, use a number like 65,750 Euros.

It might seem silly, but psychology plays a big role in negotiating salary. And if you come up with a specific figure, the recruiter or interviewer is likely to imagine that you did a lot of research on salaries beforehand.

They are more likely to give you your asked-for salary figure, or close to it if that’s the case. Also, according to research, the best time to negotiate a salary is on Thursday, because as the week passes by, we become more flexible and accepting. 

Practice, rehearse, and do dry runs

Don’t go into salary negotiations without first doing a bit of practice on exactly what you’ll say. You don’t want to stumble over your words, or feel shy by the negotiation process that you never end up negotiating at all. 

Sit down with a trusted friend or family member and go through the interview process, particularly the negotiation bit. Use the exact words you’re planning to use in the interview process. 

This will allow you to become comfortable asking for the salary you desire without feeling awkward about it. Practice several times, until it feels natural to you to negotiate without hesitation. 

Be prepared to walk away

This is a big aspect of negotiating that all career gurus teach. You need to know that you’re the one holding all the cards. 

You have the skills, talent, and abilities that the organization is seeking. And in return, you should be able to ask for what you believe your value is. 

That’s why you need to be confident when walking into the interview. Don’t feel like you have to be humble or negate your value in any way. Also, do not ever backtrack when you see that the interviewer is not happy with your proposed figure.

If necessary, be all right with walking away from an interview because they’re not offering you the right salary amount. That’s quite all right.

There will be other interviews coming your way. Or they will come back to you with the salary amount you want. 

Believe you’ll get the salary you desire

You’re worth it: L'oreal says it all the time in their advertisements. But it is true! 

You’ve been working for a while in your career now, and have built up the skills that organizations are seeking. Believe that about yourself and go into every job interview and salary negotiation with that can-do attitude. 

Looking to advance your career and join the banking revolution? Check out bunq’s openings and get started today.

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