How to negotiate a better salary & benefits package

Are you considering making a career move? Perhaps you find yourself questioning whether to take the leap into the unknown or stay put in your familiar surroundings. Well, you're not alone in experiencing those feelings and thought processes.

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An important skill to acquire to help you through this journey is negotiation. This skill doesn’t come naturally to some people but its well worthwhile learning how to negotiate effectively. By following our tips below and adopting the right mindset and approach, you can smoothly navigate the negotiation process and secure the salary and benefits package you deserve.

1) Do Your Research

It is absolutely paramount to conduct extensive research before entering into any negotiations regarding your remuneration and benefits package. Make sure that you familiarise yourself with your industry’s standards, as well as the standards for the type of role you wish to find. This will aid you in comprehending how much you ought to be requesting and make it much simpler for you to provide a convincing argument for why you are deserving of a higher salary and superior benefits.

Moreover, conducting thorough research beforehand will allow you to generate specific reasons as to why you believe that you are deserving of more. For instance, if your research reveals that numerous rival companies are offering more lucrative salaries or more favorable benefits than your present employer, then you can employ this knowledge to support your case. It is also of utmost importance to establish practical expectations based on your research. This will ensure that negotiations progress smoothly.

When you’re doing your research, take a look at job ads for similar positions in other companies in your industry. And remember, it’s a good idea to ask colleagues or mentors who have experience in negotiating salaries for their advice – they can give you really helpful tips. Just make sure you’re well-prepared and informed about the job you’re negotiating for, and always be professional and respectful during the process.

2) Prepare for the Negotiation

Negotiating can be a daunting task, but preparation is key. Before entering the conversation, take time to develop a strategy and practice what you’ll say. Consider potential questions or objections that may arise and rehearse your responses. It’s also helpful to practice negotiating with trusted friends or family members to gain confidence.

During the negotiation, remember to maintain a professional and respectful tone, even if things don’t go as planned. But, before entering into negotiations, determine what benefits package you’d find acceptable. Would you prefer more vacation days over a higher salary? Would you be willing to accept lower pay for better health benefits? Knowing your own expectations and limits beforehand will enable you to make informed decisions during the negotiation process.

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3) Be clear about what you’re asking for

The best way of standing a chance to get what you’re after is to be clear and direct in your negotiation. If you genuinely feel you deserve a higher salary or other additional benefits, then don’t hesitate to speak up and articulate the reasons why you should be awarded more. Present your case clearly and confidently remaining professional at all times, acting in a composed manner.

At the end of the day though, negotiations almost always involve compromise, so you might not end up with exactly what you’re after. Both parties need to find common ground in the negotiation, so concessions are a normal part of the process. Just stay positive and communicate effectively throughout the negotiation. And as importantly, if you don’t get agreement to all your terms, don’t take it personally. use the experience to understand how you can do better the next time around.

4) Follow Up After the Negotiation

After you complete your negotiation, it’s very wise to follow up promptly for two reasons.

Firstly to say thank you to your employer for their time as well as agreeing to discuss your compensation package whilst assure them that you remain committed to the company’s goals.

Secondly, the follow-up allows you to make sure that any agreements made during the negotiation are clear to both you and your employer, thereby getting rid of any confusion, and, potential embarrassment down the line.

Additionally, a follow up lets you track any required steps or actions that may be needed before any agreed new deal comes in to effect. This way, you can avoid any potential issues or challenges that may arise during the transition process. It’s crucial to ensure that everything runs smoothly, and following up is one of the best ways to do that.

Remember, negotiating for a better salary and benefits package need not be daunting. You must do your research beforehand and enter negotiations with confidence. By utilizing these tips and practicing, you’ll be better prepared to secure the compensation package you desire.