Salary Negotiation

This is a very important aspect of a hiring process both for an employer and a candidate. While a lot of people start off by suggesting that they really want to work for a company because they love the culture, let none of us underestimate the power of salary.

As a candidate, if you want to get paid what you’re worth, you better learn how to do it right. These dos and don’ts of salary negotiation can help you get the salary you deserve, whether you’re entertaining a job offer or asking for a raise.

No two Industries are the same: Because you know a former classmate or current friend who earns X amount of money, you expect to be paid the same. What you have forgotten is that he/she might work in a very different industry or have acquired specific experience that you don’t have. Remember, an Engineering job in an oil company will offer a completely different package than a Teacher in a primary school. If your friends aren’t working in the same field, you shouldn’t make those comparisons.

Research salaries in your field: Look at recent salary surveys, talk to others working in your own industry, and contact your trade or professional association to find out what other people are paid for doing the same work. Remember that salaries differ by industry and location. That means a job in Lagos will likely pay far more than one in Lokoja.

Relevant experience matters: This is very important – experience counts. Candidates have very high expectations of their worth. But what you think should be paid you is not neccessarily what you should be entitled to. Those with more experience will likely earn more money. Remember to talk about the amount of experience you have if it will help you negotiate a higher salary. If you don’t have a lot of experience, be realistic about the salary for which you can ask.

Reasons you deserve the salary: When you are going through salary negotiations, don’t tell your boss (or future employer) that you need to make more money because your expenses are high, your house was costly, or your children is starting University. When presenting your case during a salary negotiation, talk about how you will earn the salary you are requesting. Highlight what you have done, or will do, for the company.

Be willing to meet in the middle: When going through a salary negotiation you aren’t likely to get the exact amount of money you want. You will probably have to compromise. The trick is to figure out how much you are willing to compromise and what you will do if your prospective employer doesn’t offer you a salary you find acceptable.