How to negotiate for a higher salary in 2020

There are many ways that a company can go about recognising the work of its employees. It can be done in the form of promotions or even special rewards for jobs well done. And while these are certainly welcoming from an employee’s point of view, most of them will also agree that, when it comes to recognition, few things mean more than a raise — and it is not just for existing employees, either. For job applicants, salary too is a huge factor when choosing between potential employers. In this article, we will explore how employees and job applicants alike can evaluate their worth as contributors to the company, as well as how they can negotiate for the salary they deserve, be it during a job interview or the annual appraisal.

Not everybody is a born negotiator. Just like how price bargaining is an acquired skill, salary negotiation, too, requires a very different mind set that not everybody has. In fact, most candidates do a less-than-desirable job when it comes to negotiating for a higher salary. Some don’t even realise that it is in fact an expected part of the interview process.

Instead of settling for the first salary amount put on the table, try some of the following tips and tricks to increase the offer.

One mistake that many job candidates make is to base your salary negotiations on your last drawn salary. While it is always better to earn more than your previous job, using your last drawn salary as a yardstick is by no means a good gauge. Unless you feel that you have gained zero skill since your last job, ignore your previous salary altogether. Instead, look at your objective value to the company and compare that to the industry standard that everybody else is getting.

Calling it ‘salary negotiation’ is, admittedly, not accurate, since you are actually negotiating more than just the base dollar value. Aside from the salary, you are looking at the basic benefits that come along with your employment.

When you are negotiating your salary, a good idea is to give an amount on the higher end and, mentally, work your way down from there. If the higher offer is accepted, then it is good news for everybody. If it is rejected, adjust accordingly and try again. After all, what’s the worst thing that could happen? Rejection just means you need to recalibrate and renegotiate, and if the company cannot appreciate what you can potentially bring to the table, at least you know to take your expertise someplace else. Remember: if you don’t ask for a pay raise, you are likely not going to get it; if you do ask for a pay raise, there is at least a chance that you might just get one. As such,

At the end of the day, there are no real guarantees in salary negotiations. Beyond the value you can potentially bring to the company, there are many considerations to be had from the employer and HR point of view also, such as tight budgets and even tighter competitions. With that said, if you don’t even attempt at salary negotiation, then you are doing yourself a great disservice in the long run. So do your research, enter a negotiation and take the conversation on from there.

Related posts:

Labor-intensive industries requires a lot of human input in order to produce their output. A classical examples is the industry of services (like restaurants or hotel) or even old manufacturing…

Have you ever thought about moving out of the United States? You’re not alone — the U.S. Department of State estimates that nine million Americans live abroad, and this Washington Post report from…

Select the Windows edition to download. Select the Windows 10 edition to download (normally the top one, which is the latest) and press the Confirm button. Next, you will need to select the product…