Salary Negotiation (2024)

FAQs

What is the best answer for salary negotiation? ›

During salary negotiations, consider various factors such as cost of living, your current pay package, and any additional employment benefits like pension, leave entitlement, and employee stock option. A recommended approach is to present your expected salary within a range rather than a fixed figure.

For example, if a company offers you a low salary, you can say, "Thank you so much for the offer. If possible, I would like a week to read through the details before giving you my final answer."

In the intricate dance of career progression, salary negotiation stands as a pivotal moment, shaping your financial future and professional trajectory. Amidst the myriad of advice circulating the web, one rule emerges as the lodestar guiding successful negotiations: Know Your Worth and Articulate It Confidently.

Is it ok to put 'negotiable' for salary requirements? Yes, it's generally acceptable to write 'negotiable' as your salary expectation. However, some forms only accept numeric values, so it's not always possible.

“Thank you so much for the offer. I'm really excited about the company and the role. I want to be upfront with you that the salary is lower than I was expecting based on my skills and experience.

Accepting or rejecting a salary offer right away: It's always a good idea to take some time to consider a salary offers before you decide whether to accept or reject it or to give a counteroffer. Take 24-48 hours to think it over and talk with other decision-makers in your life.

How high should I counter offer salary? ›

The rule of thumb when you negotiate salary with a counteroffer is between 10% and 20% of the offer amount. If you like the job and would accept the first offer rather than pass on the job, a counteroffer of 10% to 15% above the initial offer is not too aggressive.

But the tactic has an upper limit. Their research found that asking for any range that would be more than 25% did not produce better results. Taking the Paysa survey and the Columbia Business School survey results together, it might make the most sense to consider negotiating for an increase in pay between 5-10%.

Here are a few example answers to “What's your desired salary?”: I don't have a specific number in mind, but I'd expect to be paid what you think is fair based on the industry standard and my level of experience. I don't have a concrete number in mind. What do you have budgeted for this position?

Considering my level of experience and the responsibilities associated with the position, I would anticipate a salary range of [insert range]. However, I am also interested in the overall compensation package, which includes benefits, bonuses, and opportunities for growth.

Be honest. Ask for a reasonable increase and emphasise why you deserve more by referencing market value, what other companies are paying for the same work and detailing how your expertise can add value to their company. Also keep an eye out for additional benefits instead of a salary increase.