How to negotiate your salary for a new job offer - Dos and Don’ts

New job offer in your inbox?

Excellent work! But just before you celebrate with a well-deserved celebratory lunch (because let's be honest, food is always a good idea!), there's one crucial step left: maximising your compensation package.

Now, salary negotiation can sound intimidating. Images of conversing with high-powered, well grounded executives may come to mind. Or feelings of anxiety over negotiating with a faceless human resources department  by email. However, salary negotiation is simply the process of advocating for your value in a professional and respectful manner. Think of it as building a bridge between your needs and the company's budget or fine-tuning an instrument and, as Robert Half tells us, there is a “how” to do it.

In the process of starting and settling into your dream job, the topic of salary negotiation has become a crucial step, and we'll guide you through the process, to ensure you secure a compensation package that reflects your value. Let's quickly consider some of the dos and don'ts of salary negotiation.

DOs:

• Do Your Research: Knowledge is Power (and Leverage): Before embarking on any negotiation, thorough research is paramount. The more information you have, the more confident and prepared you'll be to advocate for a better salary. Here are some key areas to explore:

  • Market Research: Utilise reliable salary data sources like Glassdoor, Salary.com, or Indeed to understand industry benchmarks for your specific position, experience level, and location.

  • Company Research: Uncover as much as possible about the company's financial health, growth projections, and employee benefits structure. This knowledge can come in handy when crafting your negotiation strategy.

  • Know Your Worth: Don't undervalue your skills and experience! Before the interview, create a list that highlights your accomplishments, relevant certifications, and the unique value you bring to the table, look at it again and bargain understanding your worth (what you are bringing to the table). 

• Do Be Confident (Yet Professional) - Strike the Right Balance: Confidence is essential during salary negotiation, but keep at the forefront of your mind, it's a collaborative conversation, not a one-sided presentation. Some ways you can achieve the perfect balance:

  • Professional Demeanour: Maintain good posture, make eye contact, and offer a genuine smile. Projecting confidence goes a long way in establishing your credibility.

  • Clarity and Concision: Articulate your thoughts and reasons for requesting a higher salary in a clear and concise manner. Professional language always makes a positive impression.

  • Respectful Communication: Negotiation is a collaborative process. Treat the employer with respect, even if they don't initially meet your full request.
    

DON’Ts

• Don't Wing It - Prepare Your Strategy (Without Being Robotic): Preparation is your anchor in negotiation. Here are some steps to ensure a smooth conversation:
  

  • Develop a Target Range: Based on your research and experience, establish a realistic target salary range. Be flexible within this range, but don't undervalue yourself.

  • Prepare Talking Points: Rehearse responses to common negotiation questions and craft arguments that support your desired salary based on your skills and qualifications.

  • Practice Makes Progress: Rehearse your negotiation strategy with a friend or colleague. This practice run will boost your confidence and allow you to refine your approach.

• Don't Be Afraid to Ask Questions: Feel empowered to ask insightful questions such as these about the total compensation package. This includes salary, benefits, and any potential bonuses. This information can help you explore possibilities for negotiation. This may involve discussing both financial aspects and intangible benefits that are important to you, like work-life balance or professional development opportunities. Here are some examples:

  • "Can you elaborate on the bonus structure?"

  • "What professional development opportunities are available for this role?”

  • "Are there any relocation benefits offered?"

• Don't Be Afraid to Walk Away (But Know When): Salary negotiation is about finding a mutually beneficial agreement. However, it's crucial to prioritise your self-worth. If the company's offer falls significantly below your target range and you've exhausted all negotiation possibilities, it's okay to walk away. Here's how to do so professionally:

  • "Thank you for your time and consideration. While I appreciate the offer, it falls short of my expectations based on (insert your research and reasoning). I wish you all the best in your search."

  • Leave the door open for future communication if the opportunity arises.

Bonus Tip: Celebrate Your Success (Big or Small!)

Negotiation can be a nerve-wracking process, so take a moment to acknowledge your accomplishment. The fact that you got the job is significant and you should celebrate that, regardless of the final outcome.

Did you land your target salary? Fantastic! Did you secure a slight raise or additional benefits? Great work! Every negotiation is a learning experience that equips you for better future success.

Additional resources can be found in this Forbes article on Ways to Master the Art of Salary Negotiation. 

At Konseye: The Mentorship Network, we're here to support you throughout your career journey. In addition to helpful articles like this one, we offer a wealth of resources - such as our mentors and the Wisdom Library. Don't hesitate to leverage the resources that we created specifically with you in mind and empower yourself to confidently navigate your career growth process.

Have a wonderful week and remember, with the right network anything is possible!

Tolani Olawore.

Team Konseye.