How to Negotitate a Higher Salary
17th March 2023
It’s no surprise that negotiating a higher salary can be a daunting task for many people, but it is an important skill to master. Hiring appears to have exceeded pre-pandemic levels in many markets and on top of that, there's a shortage of skilled talent, which is increasing competition for top professionals and this drives up salaries.
Now, let’s not forget that your salary is a critical component of your overall compensation and can have a significant impact on your quality of life. In this article, we'll provide some tips on how to negotiate a higher salary.
Do Your Research
Before you enter into salary negotiations, it's important to do your research. Get familiar with industry trends and make sure you are informed. You need to know what the market rate is for your position, taking into account your skills and experience level. There are a number of online tools and resources you can use to research salary ranges for your industry and location, including sites like Glassdoor and LinkedIn.
Know Your Value
Once you have a sense of what the market rate is for your position, it's important to know your own value. You need to be able to articulate why you are worth the salary you are asking for. Show how your skills and experience will benefit the company’s bottom line, as well as any contributions you have made to the company in the past. Make a list of your accomplishments and be prepared to share specific examples of how you have added value to the organization.
Consider Your Timing
Timing can be critical when it comes to salary negotiations. If you're asking for a raise, it's important to choose the right moment to make your case. For example, if your company is going through a tough financial period, it may not be the best time to ask for more money. On the other hand, if you've just completed a major project or achieved a significant milestone, that may be the perfect time to pitch your case.
Be Open to Other Forms of Compensation
Sometimes, an employer may not be able to offer you the salary increase you're asking for. In this case, it's important to be open to other forms of compensation. For example, you may be able to negotiate for additional holiday, flexible/hybrid work schedule, or other benefits that are important to you. Consider what is valuable to you, be clear about what you are willing to accept, and be open to creative solutions that may not involve a salary increase.
Practice Your Pitch
Before you enter into salary negotiations, practice your pitch. Ask a friend or mentor to practice with you the conversation you’re likely to have with the hiring manager. This was you can get feedback on your delivery and make any necessary adjustments.This will also help you feel more confident and prepared. Rehearse what you want to say, and practice answering potential questions or objections.
Negotiating a higher salary requires preparation, research, and confidence. By doing your homework, knowing your own value, practicing your pitch, choosing the right timing, and being open to alternative forms of compensation, you can increase your chances of success. Good luck!
If you feel you are undervalued and getting nowhere securing the right salary level, please reach out to Oaklands Global today. Our team of recruitment experts would love to help you with your next move.
by William Finden
William Finden is the Founder and MD of Oaklands Global. He is a seasoned executive search and recruitment specialist with over 16 years of experience, dedicated to the international aviation & aerospace markets. William leads Oaklands Global’s C-Suite practice and has had a successful career delivering at the executive level for a diverse portfolio of clientele including Business Jet Operators, OEM’s, MRO’s, FBO’s Airlines and Rotary businesses. To learn more about how William can assist with your next career move or to discuss your next director level hire please contact him by email: firstname.lastname@example.org