#adulting: Negotiating for higher remuneration
Part of adulting involves seeking employment, then negotiating on remuneration. Picture this: You’ve been job hunting for some time and have finally received a job offer from your dream company. Congratulations! Before you accept it, know that it is important to look at the entire remuneration package as a whole. Being adequately remunerated now has an influence on your future earning ability. Getting paid well now also allows you to comfortably achieve milestones such as marriage, buying your first car and home without feeling the financial pinch. In the long term, this allows you to enjoy the retirement lifestyle you want!
When so much is at stake, take a long hard look at your offer. If you need some tips on negotiating for higher remuneration, follow the next steps to learn more!
<a href=”https://www.freepik.com/photos/negotiation”>Negotiation photo created by yanalya – www.freepik.com</a>
Negotiation is actually one of the most important skills to have in your pocket! Consciously or subconsciously, we are always negotiating. Trying to convince your parents to buy you something? Trying to get a better offer for that phone you’re looking to buy? That’s all negotiation! Here’s how you can have a better go at increasing your negotiation ability:
Know your value
Consider your own accomplishments and skill set. At this stage, what your prospective employer is looking for is the value you can provide to the company. Prepare an elevator pitch outlining and reinforcing your professional accomplishments to justify the requested remuneration.
Do your research
The rule of thumb when it comes to negotiation is to always be armed with facts, not emotions. Research on how your experience and role are valued across the industry to ensure that the offer is congruent with market benchmarks. Online resources such as Glassdoor have publicly available information regarding the pay grade for position. With this information, come up with a reasonable range to negotiate for your remuneration.
Seek to understand
Be conscious to avoid making the conversation all about you. It is thoughtful to put yourself in the employer’s shoes and think about what areas they are likely to be flexible about and what are the things they will unlikely budge on. Remember that hiring is also a tough decision for them with many factors they have to consider, such as the company’s growth, financial health, manpower allocation and more. Identify where both parties can compromise or how you can make what you want more palatable to the employer.
Consider the entire remuneration package
One misconception is that salary is the most critical part of remuneration. However, benefits are as important as the pay. These include but are not limited to medical and dental benefits, paid time off, an annual bonus, or even a signing bonus. When looking at the bigger picture, you may even find that a job with a lower salary is worth more after factoring in the benefits.
Becoming a better negotiator
At the end of it all, the most important thing to note when negotiating for your remuneration is to seek a win-win. There are no winners or losers but it’s about finding a middle ground where both parties can stand to benefit. We hope this article has given you some insights into the art of negotiation and the confidence to say yes or no to your next job offer!
