Just about everyone knows their ideal salary figure when starting their job search, but does your work experience, position and location warrant that number? Finding a happy medium between your desired salary and what your future employer’s budget allows can be a complicated procedure. So how can you ensure your dream job comes with a competitive compensation package? Check out our guide to negotiating a fair salary.
The interview process is stressful but impressing an HR department to make a positive hiring decision is only half the battle. After all, getting the job means nothing if you aren’t fairly compensated for the new role and responsibilities. Read on for our salary negotiation tips to help ensure your dream job comes with a matching compensation package.
Facts are your friend
Getting what you’re worth can only happen when you know what that is. It’s not enough to have a number in mind; back it up by researching the salary ranges in your labour market as a good starting point.
Websites such as Payscale.com, Glassdoor and the Government of Canada – Job Bank will provide you with salary ranges of positions based on experience and location, often with a breakdown of comparable companies. This will give you a better understanding of industry pay standards to help guide your negotiation. Salaries will vary not only by industry and experience but also by size of company and region of employment. Make sure to consult the appropriate salary information for the job specifications.
Be critical about your skills, experience and how you measure up as a candidate in the industry. Gaining a better understanding of whether you are above average, average or still developing will help you set realistic expectations in your field.
Check out our Salary Guide for salary ranges for your job, experience, company size and location.
Negotiating at your best
Once armed with an honest self-assessment and reliable sources of data about salaries in your field and region, its time to put these tools to work to ensure you get what you’re worth. Rarely will you lose an offer by negotiating a higher salary, but if you absolutely cannot afford to lose a job offer, wait for them to discuss salary first and delicately suggest a higher number.
Consider alternative compensation bargaining chips such as a signing bonus, vacation time, the option to work from home or biannual reviews. Not only does this give you the ability to negotiate a better compensation package that best suits your lifestyle, it also demonstrates your flexibility to your future employer.
Still nervous about how your potential employer will react to negotiation? Reiterate your enthusiasm for joining the company and the position. Use phrases such as “I am really excited to work here” and “I appreciate your offer” and follow up with a request to consider a higher salary based on your skills/experience or research of the industry.
Regardless of whether you are met with silence or pushback, don’t let your confidence or enthusiasm dissipate! According to an analysis by Salary.com, avoiding salary negotiations can cost employees big in lost wages over the course of your career. Which makes this the million dollar question: are you really going to settle for less than you’re worth?
Lēad Blog is part of Adecco and Roevin Canada. Find and apply to your dream job, or get more career advice from our experts.