Let’s be real- no one enjoys talking about money. But if you want to earn the amount you deserve, you’ll have to confront the issue.
This can be a tricky situation that requires delicate and strategic maneuvering. Sometimes, you can blunder this process if you aren’t prepared.
Don’t despair! This article will teach you the seven most made salary negotiation mistakes so that you don’t repeat them.
1. Opting Out
For some, the idea of having to negotiate their pay is so intimidating that they avoid the topic altogether.
They reason that they are lucky to get the job and they should just be happy with it.
In reality, however, the hiring company is expecting a negotiation of some sort and can be even surprised if the applicant opts out of a negotiation.
In other words, if the job post lists an expected pay, this is a ballpark number, not a set-in-stone offer.
Some job postings don’t even list a pay range because they expect to come to a mutually beneficial agreement with the right candidate.
2. Accepting the First Offer
Another mistake that many potential employees make during a salary negotiation is to accept the very first offer the employer makes.
Similar to avoiding negotiations altogether, this move is an easy escape from a tough subject.
You may not like asking for more money or better benefits, but simply accepting what is offered, even if you deserve more, does more than just leave out potential income.
This move sets the tone for the rest of your professional relationship with this company. They will consider you someone that can be easily pleased and will treat you as such.
3. Giving Out Too Much Information
Sometimes, it can be tempting to divulge income information to the employer before negotiations even start to tempt them to offer you the job.
You may think that stating a number will improve your odds, but this will only hurt you in the long run. Rarely will an employer choose a candidate based on how much they are willing to accept.
Instead, they look for the value that you would bring to the company. Focus your conversations on that and leave the money issue to the actual negotiating.
If you don’t, you risk losing out on the income you deserve. If they know you will work for less, they will offer you less. It’s as simple as that.
4. Failing to Know Your Market Worth
Knowledge is power, especially when it comes to negotiations. Knowing how much a person in your position with your experience is being paid on average can help you to have more power at the negotiation table.
How can you find this information out? Sometimes you need to enlist the help of a professional. You can talk to recruiters, check out income tracking websites, or speak to your peers.
There are some websites that provide a lot of salary information based on position, titles, experience, and even location.
Before you enter into negotiations with your potential employer about how much you will earn, be armed with the knowledge of how much you are worth.
5. Being Too Pushy
While some have the tendency to accept an offer too early, there are others out there that won’t accept anything less than a certain number.
While having a limit to your desired salary is a good thing, getting this across to your prospective employer needs to be done in a respectful and professional manner.
Remember that any good company will be money savvy. If you receive an offer that is below your desired rate, don’t take it personally.
Kindly deny their offer and return a counteroffer explaining why you deserve what you are asking for. Again, it helps to have done your research on your market worth.
Becoming aggressive in salary negotiations will not help your cause. You would be more likely to lose the job than raise your salary.
6. Not Following the Right Timing
There is a typical process that is followed during the hiring process and salary negotiations have their place in the process. Trying to negotiate too early or too late could have devastating effects on the whole process.
When is the right time to talk about money? Wait until the job has been offered to you.
However, don’t accept the job before you’ve discussed your salary. This doesn’t mean that you should immediately declare your desired pay after they’ve offered you the job.
Allow the employer to be the first to set a starting number. This way you know their ballpoint range.
If they don’t offer any information about salary, ask them pointed questions such as, “How much could an employee in my position make at your company?”
This throws the ball back into their court to make the first move.
7. Accepting Before Having a Second Opinion
Even when you are excited about the job and are happy with the salary offered, it is always wise to have a professional look over your employment contract before you sign on the dotted line.
To protect yourself from any fine print or unexplained benefit limitations, you should have a contract review done by legal and financial advisors.
Don’t allow yourself to commit these seven salary negotiation mistakes. The best way to ensure that you earn what you deserve is to start outright.
The initial negotiations with your new employers can either be a great success or an unfortunate event. To ensure that yours are the former, follow the tips lined out in this article.