Here’s What You Need To Know About Salary Negotiations

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To prepare for salary negotiations, you must gather market intelligence on what similarly positioned institutions offer. Ask about your corporate title, vacation days, health benefits and work styles. Prioritize your non-negotiables, and decide what you're willing to let go of.

In addition to salary, you want to learn about the health benefits packages, the appropriate corporate title, bonus structure, 401 plans and stock options. Does the company offer remote or hybrid work options, or are employees expected to work from the office five days a week? Look at sites that calculate compensation for various roles, but take that information with a grain of salt. The numbers are not always accurate.

You will need to have evidence to support your demands. Throughout this process, you should continually sell yourself and remind the company why you are the best candidate. It's acceptable practice to negotiate and make a counteroffer if you are unhappy with the standing offer.If the firm cannot meet your salary demands, here are some perks and benefits you could ask for, which would help compensate for the lower pay.

In addition to the extra time off, you could request an option to work from home on one or two days out of the week. The chance to avoid the annoying commute and its accompanying wear and tear on your body and soul is worth a fair amount of money. Usually companies have an annual review. Part of this performance review would include a yearly pay increase. Request a mid-year review, in addition to the annual review. If you exceed expectations, they may be inclined to enhance your salary without waiting an entire year.

 

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