Salary Negotiation: 3 Tips on How to Negotiate a Higher Salary (INSIDE TIPS FROM AN INTERVIEWER)

Matt | Personal Finance

In this video, I will share with you 3 tips on how to negotiate a higher salary and total compensation & benefits for yourself, whether you’ve just received a new job offer or you’re wanting to ask for a pay rise in your current job  You will learn the negotiation techniques that I know work on how to negotiate pay and compensation that is in line with your expectations. There are many salary negotiation strategies, but it takes the right skills to get that rise in pay that matches what the market offers and what you’re worth  I hope you find the video helpful with your salary and compensation negotiations  #salarynegotiation #incomenegotiation #paynegotiation #payincrease #incomeincrease #salaryincrease #personalfinance #moneytips #personalfinancetips

Transcript

00:00hi everyone in this video I'm going to share some advice on how to negotiate your pay and benefits

00:08at work according to a survey by jobvite only 29% of people negotiated their salary at their

00:15current job that means the majority of us are simply not negotiating and just taking what is

00:20being offered to us if you look at the small percentage that did negotiate 85% of them got

00:26at least some of what they asked for that's a really high success rate if you fall into the

00:32group that doesn't normally negotiate then over your career you could be missing out on lots and

00:37lots of money I spent eight years at a big four accounting firm in London and I supported their

00:43recruitment efforts but even though I did this I still found negotiating my pay a really difficult

00:48conversation to have and I understand for a lot of people it's the same it's a hard conversation

00:54it might be that you have fears that if it's for a new job that the job offer will be taken away or

01:00that you might come across as greedy but that's simply not the case if you manage the discussion

01:05in the right way and I'm going to give you three tips on how to do this covering communicating your

01:10value doing your research and influencing techniques including the power of silence so number one

01:17communicating your value prior to your pay discussion take a bit of time to think about the

01:23value that you bring to your employer or potential employer think about the examples that you can

01:29give to help explain why you are so valuable to them for example maybe you've helped implement a new

01:36cost-saving initiative or you've supported winning a new piece of work which brings in income to the

01:42business or you have particular skills and experience that other people in the company don't have so

01:47they're relying on you try to have two or three key points for the discussion and be assertive and

01:54confident but obviously not to the point where you start to come across as too arrogant although it can

01:59feel awkward uncomfortable and difficult to do when I'm negotiating I always tell myself that ultimately

02:06both you and your employer want the same outcome they want you to be happy with the offer so you stay with

02:11them for the long term and you obviously want to be happy with the offer so you're motivated to work

02:16for them every day so I actually think negotiation done in the right way can demonstrate a really

02:21valuable skill set to your employer they can see live how you conduct yourself how you communicate and try

02:27to get your points across and these are all things that for any good employer they're going to want to

02:32really see from their employees the second point is do your research and by that I mean get some data points

02:39on what your market value is and arm yourself with that information before any pay discussions with

02:45your employer or potential employer there are lots of tools out there that can help you with the

02:49research such as websites like Glassdoor or you can see job adverts on platforms like LinkedIn where

02:56you can get indicative pay ranges for the type of work you do I think one of the best ways is to

03:01actually connect with a recruiter to understand if you move to a similar job at another company what the

03:08pay would be the key is to make sure you get robust data which is comparable to the job you have or are

03:14going for so for example it's in the same industry and in the same location prior to your pay discussions

03:21think about your ideal pay number and the number that you're willing to settle on always start with

03:27your ideal number when you're asked what your salary expectations are and don't give away the number

03:32that you would settle on one thing to avoid is giving a pay range as they'll just offer the bottom

03:38of that range and consider everything relating to compensation and benefits as negotiable so think of

03:45the other parts beyond just pay that you would like to have for example additional holiday entitlement medical

03:52care pension a car allowance or even a sign-on bonus if you can't get your salary target then you can

04:00negotiate these other elements of compensation to make your total package better for you so the

04:06third and final topic on this video is doing an example pay discussion and using influencing

04:12techniques there are loads of books and speakers online about negotiation and the different principles

04:19and techniques that you can use for me combining the points we've talked about on this video with the

04:25power of silence is very effective so I'll give you an example of how a pay conversation might go you'll

04:32see across the desk from your employer and they offer you a pay number which is only a two percent

04:37increase from last year you should take some time to consider it remain silent and let your employer

04:43start to think that you're not happy with the offer and they'll get concerned let them speak first and

04:50then the first words that you should say are to thank them for the offer and then articulate the one or two

04:55key points which demonstrate your value and then share your understanding on your market worth based

05:02on the research that you've done and finish with the pay number that you're expecting and start with

05:07that ideal pay number and then go silent and let the ball go back into your employer's court on what

05:14next steps to take to give you a revised offer I personally found this technique really helpful I think if

05:21you find it uncomfortable at first then perhaps try it with friends and family maybe not for money

05:27and then if you're still not able to get to your ideal pay number that's when you start to negotiate on

05:34the other elements of compensation benefits so if you're in pay negotiations with your employer or a

05:41potential employer think about the three things in this video on communicating your value doing your research

05:47research and combining this with the power of silence I hope this video can help others in getting the

05:53best possible outcome from your pay discussions feel free to add any questions in the comments and

05:59give the video a like and a subscribe I'll see you on the next video take care and bye for now

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