Salary negotiations are not usually the easiest things to do. Many times, you want to have the negotiations but are not so sure how to navigate that lane.
Sometimes, you are very happy in your current job and are not looking to change jobs, then an offer comes your way. You may be ready to take on more responsibility at work with a better title and higher salary but are not sure of how to go about it. Should you, therefore, use this offer to negotiate for a higher salary?
It is a huge risk to take as you have to choose between tarnishing the relationship with your current employer, or jumping the ship should your manager call your bluff. However, the end result could be positive and result in a healthy salary increase.
Here are some dos and don’ts to help you in your negotiations should you find yourself in the following situations:
#Situation1: You love your current job but you’re willing to leave and accept the external offer if your current organization is unwilling to match the pay
Only have the conversation if you’re 100 percent ready to take your new external offer. Assume you are going into the conversation with the mentality that you should take the offer should your manager not be willing to match. If you’re not fully ready to accept the new offer, you could be left in a worse off position than before as you risk hurting the relationship with your employer.
Be hostile in any way. Rather, highlight your loyalty to the organization, passion for the role, and desire to stay on board it is important to highlight that you really want to stay.
#Situation2: You love your job, but you’re not willing to take the external offer should the conversation not go in your favor.
Gain data and confidence. If you’re not in a space where accepting the alternative offer is a realistic option for you, you can use this offer as data about your value within the market.
Use your external offer as a negotiation bluff. If you’re not prepared to follow through with the offer, then going into talks makes you vulnerable.
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1. You can only get what you’re worth if you know what you’re worth. You only need to put in a little effort to know your current market value and what recruiters are likely to offer. Regardless of whether you know how to negotiate a salary, this research will give you a better understanding of the market for your services and your value in that market, which will serve you well in all your interviews.
2. Whatever happens during your salary discussions, always stay professional. Even if negotiations break down or ultimately go nowhere, graciously thank the employer for the opportunity, and move on. Don’t burn bridges; they may decide to up their offer later.
3. Always ask for time to review an offer and respect the time limit agreed upon to make your decision. If they asked for a decision within a week, all negotiating should be done within that time frame.
4. The ideal time for talking salary is when you have the most leverage, which is once you get the job offer. It’s at that point when you can ask for more specifics about salary, bonuses, commissions, health insurance, and other perks.