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﻿Mastering the art of salary negotiation
By researching industry standards and strategically communicating my accomplishments, I successfully secured a compensation package that not only recognises my contributions but also aligns with the organisation’s values. This skill has empowered me to assert my true worth in the workplace and has set a strong foundation for my professional growth.
NADIA JAHAN
SHAMS RASHID TONMOY
Whether you are new at your job or have been working for a long time, attempting salary negotiation can be quite stressful. There’s always the constant worry of whether or not your employer values you enough to agree with a suggested raise, or if your long-desired promotion is going to be accepted.
However, a successful salary negotiation can significantly impact your career and financial well-being, while also setting you up for further opportunities down the line to assert your self-worth.
Here are some important tips to consider to properly navigate the intricacies of salary negotiation and come out on top.
Research and preparation
The foundation of any successful salary negotiation begins with research. Make sure you are completely aware of your company’s norms and understand the current industry standards. “Before attempting a salary negotiation, an employee should be aware of crucial information, such as when promotions are awarded in their company and what factors affect it,” says Sanchia Reaz, Talent Acquisition Director, Asia-Pacific Region, Optimizely.
Your own market value is essential in establishing the grounds for a possible raise, and as such, consider factors such as your experience, qualifications, skills, and the company’s size and location. You should also keep in mind the company’s financial health, recent successes, and any relevant news.
“By researching industry standards and strategically communicating my accomplishments, I successfully secured a compensation package that not only recognises my contributions but also aligns with the organisation’s values. This skill has empowered me to assert my true worth in the workplace and has set a strong foundation for my professional growth,” said Nadia Jahan, an employee at a leading local non-profit organisation.
Timing is key
The timing of your negotiation matters. If you are seeking a raise or promotion, bring up the topic during performance review cycles or when you’ve achieved notable successes that showcase your contributions. If negotiating a new job offer, wait until you receive the offer in writing before discussing salary. Express your enthusiasm for the role while keeping the conversation focused on your qualifications and the value you bring to the table.
Practise effective communication
Approach the negotiation with confidence. Clearly articulate your achievements, skills, and the impact you’ve made thus far on the company. During the negotiation, be sure to emphasise the value you bring to the organisation. Discuss specific projects, accomplishments, and how your skills align with the company’s goals. Whenever possible, use quantifiable data to illustrate your contributions. This could be in the form of revenue growth, cost savings, or any other measurable impact.
Effective communication also involves being armed with the right knowledge related to the negotiation. “Usually, companies award salary raises based on merit cycles, which can be on year-ends or bi-yearly. The employee should be sure to ask the HR or their manager for these important details,” Sanchia adds.
Construct a solid pitch
The way you handle the conversation with your employer will make or break the chances of successful salary negotiation. As such, build a persuasive pitch that highlights your worth. Aim slightly higher than your ideal salary to give yourself room for negotiation. You should also explain why you deserve the salary you’re asking for. Leverage your research, skills, accomplishments, and industry standards to support your case.
Another way to land a successful negotiation is having a prior conversation with the employer about work performance. “An employee should have a thorough discussion with their employer regarding salary expectations before attempting negotiations. Ideally, this conversation should be before a new work year starts but not before the performance review,” states Sanchia.
Embrace flexibility
While it’s important to have a clear salary goal, be prepared for flexibility. If the company can’t meet your desired salary, consider negotiating other benefits such as signing bonuses, stock options, extra vacation days, or remote work opportunities. Try to understand the employer’s perspective and challenges. This can help you tailor your negotiation strategy and reach a mutually beneficial agreement.
“I approached negotiations with an open mind and a willingness to explore different avenues. This mindset enabled me to navigate rejections gracefully, using them as stepping stones for personal development,” said Turjo Roy, an executive at a public relations firm based out of Dhaka.
Handling offers
When you successfully receive the offer you have wanted, take some time to properly thank your employer. Express your gratitude in clear, concise words to show your enthusiasm for the role. If you feel like you shouldn’t accept the new offer right away, request time to evaluate the offer thoroughly. This prevents hasty decisions and allows you to negotiate from a position of strength.
Handling rejection
Not all negotiations will succeed. Regardless of the outcome, maintain professionalism and express gratitude for the opportunity. Politely ask for feedback on why your request couldn’t be met. This information can be valuable for future negotiations.
Practice, learn, repeat
Remember that salary negotiation is a skill that can be refined over time. After each negotiation, reflect on what went well and what could be improved. Stay updated on industry trends, company developments, and negotiation strategies to refine your approach.
In the end, salary negotiation requires the right balance of research, communication, and adaptability. By approaching negotiations with confidence and a well-reasoned approach, you can secure compensation that reflects your true value and propels your career forward.
Effective communication also involves being armed with the right knowledge related to the negotiation. “Usually, companies award salary raises based on merit cycles, which can be on year-ends or bi-yearly. The employee should be sure to ask the HR or their manager for these important details,” Sanchia adds.