Tuesday, August 1, 2023

Tips to negotiate a salary

You may be leaving some money on the table if you don't try to negotiate your salary. It is a tool available to you during the hiring process and may not come again, so don't be shy. The worst response is no, which you expect anyway, and the best response is a little more money added in your pocket.

Before you negotiate your salary, you have to know how much you are worth. What is the market rate in general for the same position in your area?

  1. Do an online search for comparable salaries for your job and position in your area. Websites such as PayScale and Salary.com, as well as IndeedGlassdoor,etc., are very useful. Some companies also post a salary range; check or ask if this is available and where you can find it in the company.
  2. Incorporate your years of experience and career level.
  3. Reiterate your education and any licenses and certifications. 
  4. If you are flexible to work overtime or odd hours or ready whenever need, mention it.
  5. Factor in the location. A person working in a city has a different living expense compared to a person living in a city.
  6. Don't forget any other skills you may bring with you and how valuable they may be to the company. Mention specific examples, if you have any, of what you did or what you implemented, what was achieved, and how it benefited coworkers and the company.
  7. Ask if your position is eligible for benefits and compensation other than just a salary. Things that a salary cannot offer but are very vital to your life includes:
    • Health insurance (including but not limited to medical, dental, vision, pharmacy, supplemental health, HSA, or FSA)
    • Legal Plan
    • Retirement Plans (pension). Additionally in the US ask for 401(k)/403(b)/457(b))
    • Employee Stock Option (ESO) 
    • Tuition Assistance or reimbursement
    • Paid Time Off (PTO): some with cash-out option
    • Maternity or paternity leave
    • Childcare resources
    • Adoption Assistance
    • Short-term and long-term disabilities
    • Free one year Life and AD&D insurance
    • Resources for Living (EAP)
    • Credit Union membership
    • Leadership Training to climb the corporate ladder
    • Voluntary Benefits
    • Employee Discounts from third parties
    • Transportation and commute benefits or ability to work from home (WFH)
    • Moving or relocation cost reimbursement
    • Severance package
    • Signing bonus
Don't feel guilty if you ask for a higher salary to meet your needs.
Use this information as a guide to help you determine a reasonable salary range. Be your own advocate and build a case for why you deserve a fair salary.