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You’ve been offered the job, congratulations! But don’t accept it right away. Now you’re into negotiation time.
But where do you start? How do you know what to counter offer with? You could just pluck a random number from your mind and hope for the best. Or you could adopt a strategic, researched approach that sets you up for success.
Tip #1: Do your research
Would you walk into a shop to buy a new TV without knowing what size you can fit in and roughly what they’re going for in other places? No, you wouldn’t.
But that’s what so many of us do with salary negotiations. We don’t know what the market rate is, or what benefits or perks are important to us and try to negotiate blindly. Don’t.
Do your research so you can confidently say “The other positions I’m interviewing for fall between £XX and £XX”.
Tip #2: Do think about the whole package
Your package isn’t just your salary. Yes, that’s a big part of it and it’s definitely important. But when you’re negotiating your salary and they’re driving a hard deal, think about what else could be included in your overall offer to sweeten the deal.
That could be a pay review (agreed in writing), flexible working, pension, annual leave, there are so many components that make up your package, don’t forget about them.
Tip #3: Don’t rush to accept an offer
When an offer is made it’s like someone turns on the Countdown clock. You feel pressured and like you need to act right now.
The offer isn’t going anywhere. You have time to breathe, think, and then act.
Take your time, as long as you’re still in communication with the recruiter so they know you’re still thinking about it you can take time to consider your options, and of course, negotiate.
Tip #4: Do negotiate
Our last tip leads beautifully into this one. Negotiate. It’s not rude. It doesn’t make you look high-maintenance. It’s expected.
Negotiating is your time to show that you know your worth, and you’re going to make sure you get it. Start with your research, put it in writing, highlight what you bring and also what you’d have to leave behind to accept this offer.
Negotiating isn’t always quick but hold your nerve and you can come out on top.
Tip #5: Do know your worth
Armed with your research, you should know in the wider market what you’re worth. But now it’s time to dig deeper. What is it that you bring that others don’t? Do you have specific knowledge of a niche area? Are you a graduate with up-to-date education? Have you rolled out a tricky tech solution?
It’s those specific skills and experiences that will secure you the higher salaries, particularly in the tech sector.
Tip #6: Don’t show your cards too soon
Early on in the application process it’s likely you’ll be asked for your salary expectations. Generally speaking, that’s too early to answer it. At that point you don’t always know the full details of the role and you don’t have enough information to form a valid opinion.
The truth is that you don’t have to reveal it at this point. Informing the recruiter or interviewer that you’d like to hear more about the role before you give an answer is a perfectly valid thing to say. As soon as you say a number you’re making it harder to negotiate down the line. Hold that poker face and don’t show your hand just yet.
Tip #7: Do think long term
No future promise of promotion or progression should ever be taken in lieu of salary. But it is important to think about the opportunity and what you’ll get out of it. Is it in a bigger company, will you learn a specific skill, is it a step up? All of those points and the longer-term impact on your career should be considered, particularly when it comes to how hard you want to negotiate.
For a role that’s going to establish you on a niche path you might be happier to nudge back vs. a side step where you want to demand compensation.
Like all good tech projects, great salary negotiations start with research. Benchmarking yourself within the market is the best way to understand what’s realistic. From there the key is to be confident and understand what it is about you that makes you such a great investment. Remember, a bit of negotiation is expected just make sure you’re being polite and you get it all in writing.
Our Source Technology consultants can help you negotiate your salary, they will coach you throughout the process and ensure you get the best result. See our current live opportunities here.