5 Myths About Negotiating Your Salary
A recent study showed that only 37% of people negotiate their salaries for every job interview—while an astonishing 18% never do. Furthermore, 44% of respondents claim to have never brought up the subject of a raise during their performance reviews.
Unfortunately, the majority of people are afraid to negotiate their salary. However, salary negotiations are crucial, and it’s a skill every job seeker needs. It’s alright if you’ve never negotiated a salary, but it’s time to start. Your first step, recognize these commonly believed myths about negotiating your salary.
Myth #1: I don’t have enough experience, so I don’t have any bargaining power.
Consider that the hiring manager has weeded you, and a few other candidates, out among probably hundreds of applicants. Your qualification is your leverage to raise the prospect of a raise.
Myth #2: I don’t have another offer, so I can’t negotiate.
You won’t lose an offer if you ask for negotiation unless you demand for negotiation. If a hiring manager says no to your request, you have the option to decline or graciously accept the offer.
Myth #3: The offer is higher than I expected, so I don’t need to negotiate.
If the offer is more than you expected, it probably means you’re not familiar with the company’s range of salaries. Their price may seem high to you, but it could be low for them. Do yourself service and ask for an increased offer.
Myth #4: The salary data I found online will tell me whether or not I need to negotiate.
Salary data can be general Gain more knowledge of company’s standard pay practices by using your educational and professional networks. Ask people you know in similar positions or industries what a reasonable salary offer is for your desired position.
Myth #5: Being told no means negotiating was a mistake.
When you negotiate, you demonstrate valuable skills of assertiveness and strategic thinking. Even if a hiring manager says no, you can learn and examine what ways your negotiation strategy was right and what areas need improvement.
Negotiation is a skill that requires practice, but it’s valuable. If you’re going to work with a company, your salary should be an amount that is at par with industry standards and what others pay.