4 Salary and Benefits Negotiation Tips for Today's Job Market
Navigating salary negotiations in today's competitive job market demands strategic finesse and practical insights. Gain valuable perspectives from a Founder and Chief Visionary Officer and a Business Owner, who share their proven techniques for success. Discover why presenting research on fair pay can set the stage for a favorable outcome and how asking for a salary range can close the deal. With a total of four expert insights, this article provides actionable tips that can empower both employers and candidates to achieve their goals.
- Present Research on Fair Pay
- Highlight Tangible Contributions
- Stand Firm on Your Offer
- Ask for Salary Range
Present Research on Fair Pay
Many, and perhaps most, candidates believe that employers understand the prevailing wage for the positions for which they're hiring. The reality, sadly, is that many don't.
The largest employers tend to have sophisticated human-resource departments with compensation specialists whose job it is to determine what the employer should pay each of its employees. Those employers are the exceptions, not the rule. The vast majority of employers merely guess at what they should pay and often underestimate the current, prevailing wage.
Just because an employer is inclined to pay you less than what they should does not mean that you should look at jobs with other employers. If the job is right but the pay is less than fair, present to the recruiter, hiring manager, or other person from whom you receive your offer of employment research that shows what you should be paid. Look at job search sites like Indeed, LinkedIn, and College Recruiter to see what similar jobs with similar employers in similar geographic areas are paying. Send those to the person who extended the offer to you.
Most employers want to pay their employees fairly, but many just don't know what fair is. Help them learn what is fair. It will help them and you.
Highlight Tangible Contributions
In today's competitive job-market, a smart approach to salary negotiation is to lead with the value you bring, grounding your case in the tangible contributions you can make. For example, when I was just starting to expand Ponce Tree Services, I knew the difference that skilled, dedicated arborists could bring to our growing company. I didn't just look at base salary as a factor; I focused on structuring offers that included robust benefits like training for TRAQ certification and a pathway for growth within the company. This approach helped me attract experienced professionals who valued skill development and career advancement. When candidates can see that you're investing in their future, they are more likely to accept a balanced package, which builds mutual loyalty and reduces turnover.
For candidates, my best advice is to highlight specific experiences that directly relate to the role and demonstrate why you're the ideal fit for the job. If you're a certified arborist, for instance, share examples of how your experience in tree risk assessment led to safer, more efficient outcomes in past positions, showing the employer how you'll directly benefit their bottom line. By being prepared to discuss both your credentials and the measurable value you bring to the table, you shift the negotiation toward a collaborative conversation about what you can achieve together, often leading to more favorable offers.
Stand Firm on Your Offer
My top tip for candidates in the negotiating stage is: Don't waver. Once you've made your offer, the worst thing you can do is rethink it out loud. Now you have little to stand on, and worse, you look like someone lacking in conviction.
No matter how long it takes, resist the urge to reach back out to your employer with a compromise. It's easy to get into your head imagining that you've offended them, but I promise hiring managers and HR professionals are tougher than that. It's far more likely they're simply taking the time required to accurately assess industry standards.
More than once I've been about to agree to a salary or benefit package, only to have the candidate reach out with a lower suggestion. They've shot themselves in the foot without even realizing it, all because they were impatient.
Ask for Salary Range
When someone asks you for your desired salary, do not give a direct answer. Instead, ask them for the salary bracket or range for the position. If they are unable or unwilling to answer, let them know you're interested in better understanding the role and responsibilities before continuing compensation conversations.
Bonus tip: If the offer is a little lower than anticipated, ask for a signing bonus to bridge the gap.
