What you should know about salary negotiation
Negotiating salary. It can be pretty scary if you’ve never done it before. If you don’t assert yourself, you’ll deprive your bank account of that extra coin. But if you get too greedy, you might find yourself without a job entirely.
But should you always negotiate your salary? The short answer is no. There’s a time and place. As much as we would all want a bigger paycheck, it’s just not realistic or productive to negotiate every job offer.
When to negotiate your salary
You’ve received the written offer
You’ll have the most negotiating power when you know a company wants you. If you start negotiating right out the gate before an offer is even extended, you’ll look a bit too presumptuous. Not a good impression, right? So once you get your formal written offer, negotiate away. If you haven’t received an official written offer, it’s best to hold back.
You can back up your value
There’s no sense in negotiating just for the fun of it. We all have bills to pay, and with the current cost of living, we would all appreciate having a few extra dollars in our accounts. But let’s be realistic, employers don’t care about your mortgage payment or paying off your student debt. What they do care about is what you can bring to the table. So if you want to negotiate, you need to prove why you’re an asset to the organization. If you can prove your value, then you’re golden.
You will decline otherwise
If you receive your job offer and the only deal breaker is the salary, then negotiate! Most companies have a bit of wiggle room, so why not try your hand at negotiation? Especially if you like the role and the company, it would be silly to pass up this opportunity. Instead of completely declining, it’s best to first propose a more desirable package first. The worst case scenario is they’ll say no, so what do you have to lose?
When to NOT negotiate your salary
You have no justification
if you don’t have any reason for wanting a higher salary other than wanting more money, don’t negotiate. If the salary offered is in line with industry standards, your location and your experience, then it’s wise to refrain from negotiating.
You already accepted the offer
You might have been too enthusiastic and accepted the offer right away. But then, after the excitement came down, you took a closer look and realized the salary wasn’t up to snuff. You realize you have car payments, rent to pay, and maybe even a wedding coming up. So should you ask for a salary bump? Unfortunately, it wouldn’t be in your best interest to try and negotiate after accepting an offer.
You need to negotiate other benefits
Salary isn’t the only thing that can be up for negotiation. When you receive an offer, you might realize that other benefits might be in need of more attention. Remember, salary isn’t the only factor to consider when managing your financial wellness. You might want to consider stock options,
They give you their best offer
As stated earlier, most companies have some buffer room when offering a salary. But sometimes, when a company really really wants you, they’ll go in with their best offer. They might even explicitly tell you this is their best offer. If this is the case, definitely don’t push for more. And if you do try to negotiate, they’ll either think you don’t listen, or you really don’t care about their budget.
Live Assets is a boutique IT Staffing/Recruiting firm specializing exclusively in building IT teams of excellence for the Information Technology sector.
We are a small, but productive team that works closely together and has had a 96% success rate for the past number of years!
We have a diverse number of clients and industries and focus on both full-time and contract I.T. opportunities.