Whether you are pursuing a promotion at work, applying for a new job, or considering an offer for a new role, understanding your worth in the market is imperative so that you are best placed to negotiate on your salary.
At Hamilton Forth, we are often asked by our candidates in the digital and technology sector how they should go about asking for an increase in salary whether with their current employers or with perspective employers.
The truth is, there is no single right or wrong answer here. How you go about it will somewhat vary depending on your given situation, particularly in our current world of increased hybrid and remote working.
That being said, there are some key points to consider that will help you negotiate a salary that best reflects your expertise, commitment, and value in the market:
Know your Market Value
Make sure you have done your research about your skills in the local market and fully understand your worth. Speak to a trusted career adviser and your wider industry network to get their take. There is lots of available information out there in the form of blogs, and salary guides, such as the Hamilton Forth Technology and Change Market Insights and Salary Guide.
Communicate your Expectations
Whether applying for a new role through a recruiter or directly to an organisation, be clear from the outset around your salary expectations. This way you can avoid getting to the offer stage before finding out that there is just not the budget to meet your expectations.
Consider the Full Package
Always look at the overall benefits package rather than just focusing on salary. Pension contributions can vary a great deal from company to company so make sure you take this into account as it could change your overall salary expectations. You may find that options for remote working, longer holidays, or flexibility also add more value to you.
Be Honest and Respectful
Often, the person you are negotiating with is someone you will be working with if you do accept the role you are going for. Honesty and respectfulness are vital not only to successfully negotiating a salary you deserve, but also in getting off on the right foot with new colleagues.
Get Everything in Writing
If you are successful in negotiating on the salary package offered for your new role, ensure that once verbal negotiations have concluded, that you have the new agreement in writing. This will ensure clarity on both sides and avoid any misunderstandings when you are in your new role.
Take your Time (but not too long!)
On average, candidates tend to take two to three days to review any offers and come to a decision. It is important that you take your time and make the right decision, particularly if you have multiple offers to choose from.
If you feel you require more time, make sure you communicate that to the relevant party from the start to set expectations. This ensures you are not rushed, and the other party are aware of your timelines.
Once you have considered the above factors you are likely to be on your way to making an informed decision when it comes to understanding your own market value and negotiating a salary that you deserve. Good luck!
For advice on taking the next step in your technology career, contact [email protected]