You’re now at the final point of your job search. A job offer is fantastic news. The employer may have been hiring for your role for months. They might have received 100s of CVs. They could have interviewed more people than they care to remember, but they have chosen YOU! It’s important to remember that as you go into salary negotiations.
Many people fear asking for more money as they worry the employer will rescind the job offer. In all my years of recruiting, this has never happened. Not once! Employers expect you to ask for more money. If you settle for the first job offer made, you could be leaving money on the table. It is worth noting that men are more likely to ask for more money than women. Ladies – we need to get more confident in asking for more money if we hope to close the gender pay gap.
But perhaps the thought of asking for more money brings you out in a cold sweat. Don’t worry, my friends; I’ve got you covered. This is where my step-by-step guide on negotiating your best starting salary comes in…
Step One – Market research
Hopefully, you did this during your job search. You need to have a realistic idea of how much money the type of role you have been offered generally pays, so you don’t undersell yourself (or ask for a completely unrealistic figure!).
You can do market research by speaking with Recruiters and Headhunters. They generally have the most up-to-date salary information. They often have salary guides they can send you.
You could ask people you know who do a similar job what the market rate is. This is probably more socially acceptable than asking them directly about their salary.
Remember to visit Glassdoor to obtain one of their salary guides. Take the figures they provide with a pinch of salt, as they are always overinflated. Remember to adjust for location—London-based roles will always pay more than the regions.
Step Two – Give a number, not a range
Don’t be the first party to offer your salary expectations. If you mention your expectations too early in the process, you’ll appear money-motivated (rather than role-motivated). However, when asked about your salary expectations, be bold. Give an actual number, not a range. For example, if you want £50,000, say £50,000 rather than £45,000-£50,000 pa. If you give the hiring managers a range, they’ll always offer at the lower end.
This number should be your ideal number. I.e. you would dance on the spot if they were to offer this salary! To determine your ideal number, you first need to work out what your settle number would be. Your settle number is the salary you think is justified for the role, what you need to cover your living expenses (plus a bit extra for days out, savings and the odd holiday) and what you deserve to be paid based on your previous experience. Add 10% to your settle number to calculate your ideal number. Hopefully, you and the Hiring Managers will then be able to meet somewhere in the middle.
Negotiating your way to a higher job offer is an art, and it starts with knowing your worth and presenting yourself confidently. If you’re looking to sharpen your negotiation skills or need that extra boost of confidence, our Interview Confidence Boost session is just what you need. We provide tailored advice and practice scenarios to ensure you walk into any negotiation feeling prepared and empowered. Discover how our Interview Confidence Boost can help you secure the offer you deserve.
Step Three – Justify your salary expectations
Now, I need you to refer to your CV and the notes you made when preparing for your interview. Consider your previous work experience using the STAR technique: the Situation, the Task YOU undertook to overcome the challenge, what YOU Achieved and the Result. I referred to the STAR technique in the following blog posts if you need a reminder:
Discover the Secret to Writing a Great CV in Just Six Easy Steps
How to Confidently Prepare for an Interview and Secure YOUR Dream Job
Make some notes – why are you special? What makes you unique? What experiences can you bring to the company that no other candidate can? By referring back to your key achievements, you can articulate this. Have you saved a previous employer time or money with a new initiative or automation? Did you win a large contract that generated significant extra revenue? If you’ve been out of work for a while, what excellent skills have you learned during your break?
Chances are you won’t need to justify your salary expectations at all and will just get an ‘ok’, but if you do, then let the Hiring Manager know calmly and confidently what makes you such a great hire (remember they already know this as they have offered you the job, but may need a gentle reminder!)
Step Four – Leverage
If you have other job offers on the table, let the Hiring Manager know. Believe me—they don’t want to lose you to a competitor. They could have been hiring for your role for MONTHS! They may have a backup candidate if you turn down the role, but you’re the candidate they want above everyone else! The thought of starting the entire process again fills them with dread. Recruitment is time-consuming, labour-intensive, and takes individuals away from their day jobs.
Let the Hiring Manager know if you’re walking away from a bonus with your current employer. Letting them know the sacrifice you are making to join them may encourage them to increase your job offer to compensate for a lost bonus or offer you a sign-on bonus to sweeten the deal.
Step Five – Ask for details of the full job offer package
OK, so perhaps the salary isn’t quite as much as you had hoped, but the company may have great benefits. Some employers offer free lunches (this adds up). Others will offer flexible hours and remote working (saves you money on a commute). Some employers provide free on-site gyms, excellent medical insurance, or the chance to gain professional qualifications. It’s essential to ask what each benefit is worth – it can be quite a lot! Remember to find out what the employer pension contribution is and what you need to contribute as an employee. A final salary pension is like gold dust!
Top Tip – If disappointed with your job offer, ask if the business can make up the shortfall with a sign-on bonus. An employer may be more willing to do this as there isn’t an annual cost associated with this.
Step Six – Take your time
Don’t accept a job offer or start negotiating straight away. Ask for details of the whole package, then take them away to think through. Hiring Managers expect you to take a few days to review the offer with friends and family. Please don’t feel you have to accept it straight away.
The job offer has to be right for you. No one wants you to start and leave shortly afterwards because you were not happy with the package after all. Remember, the easiest time to get a salary increase is BEFORE you start. Once you are in place, getting significant annual pay rises is much harder.
Step Seven – Timing is key
Think about a typical week for most people. No one likes Mondays! Therefore, you’re more likely to get a negative response if you ask for more money on a Monday. If you can start negotiations towards the end of the week when people have cleared their inboxes and are in a better mood, you’re more likely to get the desired response. People want to wrap things up by Friday, so start your negotiations on a Wednesday or Thursday.
Step Eight – Remember you are on the same team
Who likes negotiating? The Hiring Manager hates it as much as you do! Don’t forget that. Remember, they could be your future boss and someone you will be working with day in and day out. To have got to this point, you want to work for them, and they want you to work for them! It’s the same goal. Neither of you wants to start the process again.
Step Nine – Know when to walk away
If you are unhappy with the salary offered and the employer is not budging, know when to quit. The worst thing you can do is keep dragging out the negotiations, which will leave a sour taste in everyone’s mouth. Respectfully thank the Hiring Manager for their time, walk away, and look for other opportunities.
Step Ten – Get everything in writing
Verbally negotiating your salary is excellent, but it doesn’t mean anything until the employer puts it in writing. And remember, don’t hand in your notice to your current employer until you have your contract in your hands. Until you have been sent your contract, an employer can legally withdraw their job offer. I’m telling you this one from my own experience!
Remember, an employer expects you to negotiate. If you don’t, you’re selling yourself short and potentially leaving money on the table!
Good luck! And if you’re currently in a job but want to negotiate a pay rise, our blog post – How to Successfully Negotiate a Pay Rise, is for you. Check it out here.
Blog Summary:
Remember Your Value: Remember, the employer chose you among all the other applicants, which means you have some leverage. Fear of negotiating should not discourage you from asking for a fair salary.
Do Your Homework: Research the market rate for your role to determine a realistic salary range. Use resources like recruitment agency salary guides and industry insights to inform your negotiations.
Be Specific with Your Salary Request: When discussing salary, offer a precise figure rather than a range. Start with your ideal number, knowing negotiations may bring it closer to your minimum acceptable salary.
Justify Your Ask: Prepare to explain why you’re worth the salary you’re asking for. Highlight specific achievements and contributions that demonstrate your value to the company.
Consider the Full Package: Salary is just one part of your compensation. Evaluate the entire offer, including benefits, work-life balance options, and other perks that may compensate for a lower salary.