Whether you’re receiving a new job offer or negotiating a raise in your current role, salary negotiation is an essential skill that can help ensure you are compensated fairly for your skills and experience.
Here’s a guide to navigating the process with confidence and professionalism:
1. Understand Your Value and Market Rates
Before entering negotiations, you need to have a clear understanding of your value. This includes recognising your unique skills, experience, education, and the contributions you bring to the role.
You also need to research the going rate for similar positions in your location, industry, and level of experience.
Websites like LinkedIn Salary Insights can give you a good idea of typical salaries for your role.
If you’re already in an existing job, reflect on your recent achievements.
Have you taken on additional responsibilities, delivered key projects, or gone above and beyond expectations? This can all contribute to making a stronger case for a raise.
2. Be Clear on Your Salary Expectations
Once you have your market research and your achievements in mind, be prepared to clearly state your salary expectations.
Having a target salary based on your research and self-assessment is crucial.
You may want to provide a range rather than a specific number to give some flexibility, but ensure that the low end of your range is still a salary you’re willing to accept.
For instance, if the market rate for your role is around ₦300,000–₦500,000, you could say something like, “Based on my experience and market research, I’m looking for a salary in the range of ₦400,000 to ₦600,000.”
3. Consider the Whole Compensation Package
While salary is important, it’s only one part of the total compensation package.
Consider benefits such as health insurance, retirement contributions, bonuses, vacation time, and other perks.
If the salary offer is slightly lower than expected but the benefits are robust, you might be able to negotiate a deal that works for you overall.
For example, if the salary is non-negotiable, you might ask for an additional vacation days, or flexible work hours.
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4. Practice Negotiation
Negotiation can be intimidating, so it’s helpful to practice. Role-play with a friend, mentor, or colleague who can simulate the conversation with you.
This can help you feel more comfortable and prepare you for counteroffers or unexpected responses.
You should also practice staying calm and composed, even if the discussion becomes tense.
5. Respond to the Offer
Once you’ve had your discussion, the company may either accept your request, provide a counteroffer, or not meet your expectations.
For example, If they accepted your offer, be sure to express your gratitude and enthusiasm for the role. If you receive a counteroffer, you should assess the offer carefully and compare it with your original expectations.
Decide if you’re comfortable with the new terms or if there are still points you’d like to negotiate. But If the offer is declined, stay professional and consider your options.
You may want to ask if there’s room for negotiation in the future or if there are other benefits that could be added.
6. Be Prepared to Walk Away (If Necessary)
If the terms don’t meet your needs and the employer is unwilling to budge, be prepared to walk away.
However, do so respectfully. Sometimes, the negotiation process will help you determine if the company is a good fit for you.
If the employer truly values you, they may come back with a better offer.
7. Get Everything in Writing
Once you’ve reached an agreement, ensure that all the terms, including salary, benefits, and any other negotiated points, are documented in your contract.
Having everything in writing ensures there are no misunderstandings later on.
Whether you’re negotiating a new job offer or a raise in your current position, these strategies will help you achieve a favorable outcome.