Every candidate who applies for a job is looking for a steady amount of paycheck. Yes, there are other deciding factors to do that job, but fulfilling your financial needs is every applicant’s priority. The salary that will be paid to you will depend on two situations
- Does the company need you more than you do?
- You need that job more than anything.
How much money an employer is willing to pay for your job according to your skillset is an important thing to keep in the mind. Your salary is depending upon two deciding factors: one is the market value of the position that you have applied for combined with the size of the company, and the other is an individual’s negotiation skills.
- 1 What are Negotiation Skills?
- 2 Things to Keep in Mind Before Making a Counter Offer
- 3 How to Make a Great Salary Counter Offer?
- 4 Conclusion
- 5 References
What are Negotiation Skills?
Negotiation skills are the skills required to get involves in a discussion that is aimed at reaching a mutual agreement between two or more parties. It is an interactive process that takes place between two or more persons who are called ‘negotiators’ seeking to reach on common ground, often leading to a compromise.
Importance of Negotiation Skills in making a great salary counter offer:
- These skills help in long-term career success.
- It helps a candidate get the pay he deserves.
- If you negotiate your current salary, there are 100% chances of increasing your pay in the future.
- Better the negotiation skills, better the salary.
- It helps to close the pay gap.
- It shows the employer that you are aware of your worth.
- It helps you get what you want.
If you do not negotiate for your salary at the interview stage, then your salary will be less and you won’t even get to complain about it like you used to do to your father for handing you less pocket money.
Things to Keep in Mind Before Making a Counter Offer
- Be polite and courteous to the employer. Your counteroffer should not turn into a counterargument.
- Do not make the employer think that the salary is the sole motive yours to work for that company.
- Research about the market value and the industry salary trends in order to make a better salary counter offer.
- Know your worth if you are being underpaid by the employer and be confident enough to mention it in your offer in a very professional manner.
- Be open about what you expect from the company.
- Do not ask for more than what you deserve.
How to Make a Great Salary Counter Offer?
Start by showing an interest in the job
You can only negotiate your way to your desired pay, once the employer is sure that you are interested to work for his company. You can demonstrate your interest by saying,
“I am looking forward to work as [job position] in your company”.
Or “I am excited for the opportunity to work with you and this company”.
These are some starters that will show the employer that salary is not your top priority and the actual priority is to work. Such sentences will be a great build-up argument to move forward with negotiating the paycheck.
Research your market value
Do your homework and find out what is the actual value of the work that you have to offer to the employer in terms of employment in the current market. If the value is less than what the company is offering you then you have no reasons to negotiate the pay further. Only if the market value of your job is more than what the employer will be paying you, you are open to negotiation. Though, the employment value will depend on the economic boom and economic recession as per the situations that arise in the market.
So, when an employer asks a candidate, “What is your desired pay?”, don’t come up with miraculous numbers that you’d dream of being a paycheck, focus on reality. Start negotiating by saying,
“Based on my research, the current market value of the position and the sort of work I have applied for is $x. So, I would wish to be paid at least this amount.”
Or “I have researched the industry we are a part of and the current market value of my work. With a set of my qualifications and my work experience, I would be comfortable to work for this company for a salary of $x”.
Be cautious when you mention a number because even if the employer agrees to your counteroffer, he would pay you exactly the amount you have asked for and never more than what you mentioned.
This is the statement you say when you know that the company is offering less money than the value you bring to the employer. This statement would prove to be a great negotiation starter.
Other statements like,
“I would appreciate if my salary could be…”
“I would be more comfortable to work here, at this position, if my salary would be…” could also be used.
You could always do research regarding what your other co-workers in the same position are being paid to check whether it matches the offer that has been given to you.
Use your last paycheck as a reference
In case you were earning more in your previous job than the job you have applied for, you can mention that to the new employer. Most of the time that wouldn’t be the case, but if it is, then use it to your benefit.
Talk about your future with the company
When the employer will come to know that you have mapped out some projects or ideas in advance for the company then he would possibly be interested in the counteroffer that you make because if you add value to their company, they will offer you the price that you desire.
There could also be a possible case where you have applied for two interviews at once and one company is paying you better than another company, but you like the other company’s work environment better than what the first one has to offer, in that case, mention it to the other employer by asking that,
“As you know that I have also been called for an interview by so and so the company and they have offered me a paycheck of $x. By any chance do you think that you would be able to amend your offer to get closer to that salary as I would be more comfortable working at that amount of pay?”
An employee can also negotiate the perks and the incentives offered by the company if the employer is not comfortable negotiating the salary amount.
Do not hesitate to ask for the salary that you deserve as most of the candidates do not make a salary counter offer because they fear that the employer would not hire them for the job or it will look like he is asking for too much at this early stage of the work. Remember that employers are always ready for the counter offers and they expect the candidate to come up with that offer. If the company doesn’t agree with your counteroffer, you can always turn down their current offer and search for something that is a better fit for you.
I hope this article helps you to make a great salary counter offer. Comment what you liked about this article and share.