Salary Negotiation
If don’t ask, you don’t get
This is a well-known saying that people apply in their lives in many different ways – and as such – its relevance is usually always acknowledged when it comes to negotiating for a salary. Put simply, not asking for something gains you nothing, whereas on the other hand – if your employer doesn’t want to offer you more money, they will simply tell you so. Settling for a lower salary than you might otherwise could’ve had can have very negative financial consequences over the course of your career! Not only are you earning less, but you’ll receive smaller raises too (most raises are based on a percentage of your salary), which means that as the years go on if you’re considering retiring this means you will end up with a smaller pension, (as pensions contributions are based on a percentage of your salary too).
Also, when you consider the physiological well-being that financial stability can often bring, it means you stand to gain worlds more by negotiating for a salary you’ll be happy with, especially when you consider the negative impact this could have on your job happiness and future performance if you are earning less than you would like, particularly in instances where some of your co-workers may be earning more than you…
It also goes without saying. Whenever conducting a salary negotiation, remain professional at all times. Negotiating for your salary is usually likened to negotiating for your very livelihood, in that not only will it decide the level of compensation you receive each week or month for the work you perform, but it will directly affect the life you can lead and the financial security that you are able to enjoy. That’s why you should always think clearly and act decisively whenever negotiating for a salary, trying not to let nervousness or emotion affect your thinking – because doing so will give you the best chance of obtaining the desired outcome that you deserve!
It is very rare that a person will ever find themselves in a job where they will realistically be in a position to negotiate for their own salary. Normally this is taken care of by collective bargaining agreements or is set as part of a minimum wage by the government. That’s why salary negotiation is a practice normally reserved for those in executive positions, or ironically enough for those on the other end of the spectrum who work on an informal basis and may receive ad hoc wages from an employer. For the rest of us in between these two spectrums, the best we can hope for are things like unions to do our negotiating for us, and (or) gradual yearly raises given by our employers based on the annual rise of inflation
However, for those of you who are in the position to negotiate for yourselves, or those of you merely curious about learning more about the process itself, read on and gain an insight into the most effective tactics and strategies used to negotiate a great salary increase…
