How To Negotiate Salary After Job Offer - Everything You Need To Know About Salary Negotiation

you're probably leaving money on the table at your job and you're definitely missing out on thousands of dollars over the course of your career if you aren't negotiating your salary and unfortunately a lot of people don't negotiate their salary even though negotiation is a key part of the recruitment process now depending on the industry many companies actually expect you to negotiate and sometimes they'll even set their initial offer lower for that reason so if you're not negotiating that means that you're ending up with a salary that's even lower than what the company thinks you should be landing at for me personally i went from a starting salary when i was just out of university of thirty nine thousand dollars and i was able to move that all the way up to seventy two thousand dollars with fifteen thousand bonuses within three years now that's a thirty three thousand dollar increase and close to double what i started out with and i did it through a combination of switching jobs and also negotiating my salary now dennis is going to be in this video too in just a second and he also moved his salary from 50 000 to 78 000 in three years and now we both want to share with you our tips on negotiating your salary so after you give this video a big like down below because it really helps out our channel and we appreciate it a lot then we'll jump into it okay so let's focus on talking about negotiating your salary once you've actually finished interviewing at a new company and they're giving you an offer so first things first you need to take in that if you're at the negotiation stage that's obviously a great start because you've clearly been offered the position that you wanted a lot of people often get to this stage and they're either so excited that they've been offered the job that they're basically just like yup i'll accept any offer or they're so nervous that the job could be taken away now that they're so close to getting in that they don't want to do anything to actually mess it up but really this is the most important part of the process up until this point and you finally actually have a little bit more leverage and also keep in mind guys like i totally get the fear that creeps in for people especially when you're dealing with a recruiter who literally does this on the daily but at this stage you know that the company wants to hire you right and it's important for you to get an offer and compensation package that you actually deserve and are worth relative to the specific job and another thing to keep in mind is that the company is prepared for you to negotiate right so they actually typically offer the lowest possible salary they can to you within their designated salary band or they'll even offer you lower if you lowballed yourself when you're initially giving your salary expectations now they do this so that they're in the best spot to negotiate so basically there's likely more room for you to go up you just need to actually ask for it now if you're someone who still thinks that negotiating your salary isn't worth the stress of going back and forth and in your mind you're literally like well i'd rather secure the job than negotiate here's a couple things that you need to consider so statistically your pay now dictates your future pay so it's not just about a couple thousand dollars now but it actually means that you'll be at a disadvantage moving forward to different positions down the line usually what ends up happening is that anytime you're up for a new role or if it's performance review time your prior role salary is often used as a starting point for that next positions raise and that's both internally at your company or even externally and obviously this shouldn't be the case but what this means is that you could literally be missing out on thousands of dollars later on and it's important to realize how this one interaction so you negotiating your salary is actually something that can impact you well into the future i actually want to build off of that point really quickly because you know before that i mentioned that i brought up my salary from 39 000 all the way to 72 000 in three years well even during that time i was still being underpaid relative to my colleagues in the position i was in because i made that low starting salary at my old company coming in even with big salary increases like going from 47 to 60k and one jump it still meant that i was consistently at the bottom or very low end of the salary ban for each new promotion or position i was in it ends up taking years to make up for that low start anyways my last point here is that the worst thing that can happen is that they'll say no in most cases it's rare that an offer is actually going to be fully revoked or taken away just by negotiating and especially if you negotiate properly and again we'll talk about what that means really soon and in general the fear of that happening really shouldn't stop you from being compensated fairly it's probably a sign that the company actually wouldn't continue to pay you right in the future either and also remember that these conversations usually happen with the recruiter or with hr not your future manager and that means that there's this extra layer of comfort as you wouldn't actually be working directly with this person and also remember that they negotiate all the time it's only you that doesn't do it very often and the recruiter's goal is to get you hired and to not have to go through this whole process again so look at it more as like a collaborative effort to get you hired okay so now it's time to get into how you actually go about negotiating the salary offer now first of all earlier in the interview process you're likely going to be asked to give your salary expectations and the company is doing this for a few reasons one because they actually do want to know if you're even within the range because maybe somehow you're way higher than what they expect and also too so that they can offer you no more than the minimum expectation that you have now ideally you don't want to be giving them your salary expectations first because just like how you have an idea of what you want they also have that salary ban that they already know they want to pay you within or lower now if you can get them to tell you that then you have a lot more information and then you're able to make a more informed decision but of course they might not end up telling you that either so then what do you do if they ask you for your salary expectations really on in the process like maybe an interview number one then you can say something like i'm still learning about the scope of this role and all the responsibilities involved so i don't really have a set expectation yet could you actually tell me about the salary ban for this position and if they aren't going to tell you that then you can still ask about things like compensation structure benefits bonuses and all of that and then tell them that you'll get back to them about the salary later so if they give you their salary band at some point then that's obviously great because you can actually make your decision based on that now on the other hand if they don't then you still need to find out what you should actually be asking for and that's kind of where market research comes in so we always say that the best research is going to by far come from actually asking people that you know we're in similar positions and companies what they're being paid in order to get a good starting point now what you can do is you can actually reach out to friends people you want to school with or even try asking people that you're connected with on linkedin what they're making but you have to keep in mind that people aren't always on board with the whole transparency thing like you know like i remember when i was at deloitte more often than not people hated talking about their salary or what their raise was that year which once again is what the companies want from us so if you are asking people make sure you explain why you're asking and more importantly you have to share your salary too now in addition to asking people that you know there's also sites like glassdoor or pay scale that can help you determine at least an average salary for your role level and location now the thing that you have to remember though with this method is that the research is just your starting point you still need to back up the reason as to why they should actually give you the salary in the first place and some facts and why you deserve the market rate for that position now this could be your degree or any additional certifications skills experience that you're bringing from a prior role or even mentioning that you want to boost from your previous salary because this new role is a step up and the compensation should obviously match that assuming that the role is actually a step up once you know the number that you believe you deserve and you know how to explain why you deserve that salary then it's all about how you deliver it remember that if you're able to not share your expectations and instead have them present an offer based on their salary band then it's obviously that's obviously gonna be more ideal right and you have to keep in mind that the offer that they're gonna give you anyways is probably gonna be at the bottom of their salary ban or potentially even lower than that so at the end of the day you should have some room to negotiate above that initial offer now what i will tell you though is that if you're in a situation where you have to share your salary expectations whether before the offer or after the offer this is how you should say it first you'll want to give them a small range instead of just like a specific number but keep in mind that there are people out there who will tell you not to give a range because the company will then just give you the lowest number in that range anyways but here's what we've always done to get around that now you'll want to give a small range but you also want to make sure that the number that you're looking for that actual salary that you want to receive is at the very bottom of the range you get so that way as long as the offer is something within your range even if it's the lowest possible offering it would actually be exactly what you're hoping for now for example if you're looking for 50k then you could say you're hoping for between 50 and 55 000 and you can even put the range slightly higher to provide a little extra security in there so in that case if you wanted 75k you could say you were looking for between 77 and 82 000 now the reason that the range is key is because it shows that you're willing to negotiate you have room to discuss and it also makes it seem like that lowest number you gave is actually a better deal for them even though it's exactly what you want because they don't have to know that also when it comes to actually delivering the message you also need to remember that a negotiation is a collaboration so you're going to want to keep it clear concise firm but also collaborative so here's the basic structure that we would use if you're negotiating after receiving an offer you're going to want to thank them for making you the offer in the first place let them know that you're excited to accept the position and also that the only concern that you have is with the proposed salary and then end all that off with a question now if you're able to do this in an email then obviously that's going to be ideal because then the company has time to receive it they have time to decide what they're going to do on their end and what they're able to do before actually getting back to you so here's an example of what you actually might send to them thank you so much for sending over the offer after reviewing the contract i'm very excited to accept the position my only concern is with the proposed salary based on the average salary for this position in the market as well as the experience i'm bringing to the role and also my current compensation i was expecting to receive between 80 to 85k what can we do to increase this offer to match my expectations and if you want to discuss these points further i'm happy to connect with you on a call if you're available you can reach me on my cell and then make sure you include your phone number here too now at the end of that i mentioned hopping on a phone call and the main reason for this is because now they actually know what you want and you've told them the salary you're looking for it's potentially easier to talk through exactly what your reasons for on a call and you can also get your excitement across for the position so they're reassured that this is going to be a worthwhile negotiation for them but if you're going to do this you'll have to hold yourself accountable and stay firm to what you're asking for now i also want you to remember that just because you are negotiating and you're trying to ask them for a different salary it doesn't mean they're automatically going to increase your offer they might and it's definitely worth asking but there's also a chance that they're just going to say nope this is the final offer now in that case you can still try and negotiate the total compensation package like vacation time benefits signing bonus all the different things like that but just remember that the base salary is the most important thing now something we get asked sometimes is whether you're still able to negotiate your salary once you've accepted the role but before you start the job now the quick answer is yes obviously if you aren't happy with the salary before you start the job then that's obviously not a great start so you can definitely reach out to the recruiter and say that you're still excited about starting with the company but you just have some concerns about the salary after sitting on it for a few weeks now you have to remember that you do have a little bit less leverage because you've already accepted what they gave you before but again the worst case scenario is going to be them saying no so don't sweat it now with that being said if you guys are interested in another video on negotiating your salary especially for a job that you're currently in let us know down in the comment box below and we'll try and bring you guys another one and yeah make sure you uh like the video down below if you haven't already liked it make sure you subscribe right there in the corner and yeah if you haven't seen any of our previous videos make sure you check them out next door door we will be back you know the vibes let's go you

Channel: Steph & Den

Views: 103,450

Keywords: Steph & Den, How To Negotiate Salary After Job Offer, Everything You Need To Know About Salary Negotiation, How To Negotiate Salary, How To Negotiate Your Salary, How To Negotiate A Higher Salary, How To Negotiate A Salary Offer, Negotiating Salary After Job Offer, Salary Negotiation After Offer, How To Negotiate A New Job Offer, How To Counter A Job Offer, How To Ask For More Money Job Offer, Salary Negotiation In Interview, How To Do Salary Negotiation With HR, Negotiate Salary

Id: UZsL1czrALM

Length: 11min 1sec (661 seconds)

Published: Fri Jul 29 2022