Congratulations on your achievement! Not only that, but you have completed the first stage in making your dream job come true by preparing a standing-out resume of yours that has contributed to the invitation to an interview. However, now comes the time to address a crucial aspect of the job search process: salary negotiation for the job you are seeking. However, we are well aware that for many of you negotiations about your remuneration might be rather scary, especially for those who have no work experience. But don't worry! We will provide you with all the required things and effective methods in our step-by-step guide that will give you the confidence to initiate the conversation on your pay while bargaining for the wages you deserve. We will teach you how to navigate negotiations and support you with the requisite knowledge and skills that will boost your confidence in your negotiations so that you do so effectively.
We'll cover:
Craft a Compelling Resume - Highlighting Your Value for ATS
Building Confidence - Framing Your Value Proposition
The Art of Negotiation
Understanding Your Total Rewards Package
Craft a Compelling Resume - Highlighting Your Value for ATS
Before diving into negotiation strategies, remember: this means that a good resume is a perfect start at the negotiation process of your salary. A well-crafted resume that portrays your academic credentials and work-related areas gives more leverage in getting the interview as well as negotiating power. Here's how to craft a resume that speaks volumes about your value:
Many companies use ATS systems accompanied by a screening of those resumes. Scanning systems are designed to spot keywords mentioned in the job listing. Consequently, the recruiter will look for reservoir engineering skills, well optimization methods, and effective communication in his/her resume as these are the ones that match the desired candidate profile.
Numbers add impact! It is more efficient to put quantifications of your responsibilities in the past as accomplishments which go with numbers when you can. One example is the use of numbers instead of vague statements such as "improved sales." You should tell them how much the sales increased and state that you did it by using a new marketing strategy. Numbers such as these help to formulate a clear picture of the value you are bringing along.
Tailor your resume for each job that you are applying for. Not by any means, you shouldn't submit the same resume that does not specify the relevant skills and experience to the position you are looking for.
Job applicants often have to enter negotiations where their evaluation of the company is relied upon. By preparing a resume, which shows how you benefit the company, you will start from a point of confidence.
Example: Look at this scenario: You are searching for a job as a Customer Service Representative. Your resume should represent you as a communications-savvy worker equipped to tackle challenges posed, and your experience in handling customer inquiries should be given enough attention. If you volunteered at a local helpline, contribute by indicating the total number of calls or reflectors of favourable user feedback.
Importance of self-preparation before entering salary negotiations
Building Confidence - Framing Your Value Proposition
Negotiation is a conversation, and confidence is key. Before entering any negotiation, knowledge is power! Research industry salary standards for your target role and location. Utilize online resources like salary calculators and job boards to get a realistic idea of the typical compensation range. This information empowers you to set a realistic yet ambitious salary goal.
Spare some time for yourself - develop a value proposition that only you can offer. Which Skills and Experiences do you possess in this Table? Even being a first-time professional-looking seeker, you would have qualified skills in internships, volunteer work as well as academic projects. Emphasize any certification courses or training you have equated to the most current concepts of the area and which demonstrate your interest in continued professional development.
The following essential step is the formulation of a well-thought-out benefit statement for the prospective employer. Before applying, pay attention to a detailed job description and single out the job skills and experience they need the most. Next, be assured that you quickly bullet the points to link up the skills to the employer's demands. Note that while you have some skills and expertise there are the things that somebody else can do better. Yet you are still here due to the fact you have something which will only complement the business and make it more successful.
Example: Do you imagine what it would be like to be an excited blogger, but wonder if you are developing the skill? During your part of college, you were leading a social media account of a local club, which was raising its followers number to 20% through engaging content creation. Cultivate your starting point by having an outline of your social expertise, and blog creation, and getting to understand how to increase your audience engagement. Outline how these competencies can be utilized in terms of devising and executing a profitable social media plan for the company that may catalyze brand building and drive customers to your business.
The Art of Negotiation
In negotiation, it is a two-way street with the other side taking a look at your initial move. The best deal may not always be what you initially set as your benchmark. Many job seekers believe that the landing of the first career position is enough and that negotiating salaries makes no sense at all. Be reminded that your skillsets and abilities have the market value and it is usual to negotiate for a reduced amount or an extra pay. You show your firmness by negotiating confidently and thus prove yourself to be a professional in your career.
Instead of just saying a single number, you can sample out a salary range which is backed up by the research you did and the product you are showing. This shows you can be adaptable yet ready to negotiate for your deserved rate. Discuss how the author's words echo the sentiments of individuals who have stayed on Mars long term.
During the process of salary negotiation, it is, therefore, useful to make sure you will be able to perfectly defend the number you have picked by attaching to it all the research you have done and the professional profile you have demonstrated on your resume. Make it clear to them that your capabilities and the experience you have acquired in already surpass their standards and will help the company accomplish its goals.
It follows from this that reward is a wider concept than just a payment. The benefits, including health insurance, vacation days, and retirement plans can increase or decrease your total bonus to a great extent. It could be a good idea to start by researching what kind of benefits are commonly seen in your field and applying them to your negotiation strategy. If at the start, they give you an underwhelming pay offer, it would be possible to negotiate to substitute benefits rather than salary for a better overall package.
Example: Buying them may be nothing more than getting them at a slight discount to your intended limit. To do this, you can make a polite rebuttal by indicating that you are aware of their agreement and that your preference should be 10 or 10 bucks less than theirs. Next, proceed to ask regarding the benefits perks, especially the ones that are top on your priority list, including health insurance coverage and additional PTO days. By putting forward alternatives when your employer expresses disapproval of some aspects of yours in a job offer, you may achieve a compromise that is acceptable to both parties.
Understanding Your Total Rewards Package
The discussed salary agreement isn't only a bare base salary. This is no longer just a matter of finding out about the salary you're offered, rather it's now a matter of pitching for a total reward package that addresses your financial goals.
After you receive the letter of offer, take ample time while reviewing the whole compensation package involving the salary, benefits, bonuses if any, and leave entitlements. Analyze carefully the worth of each figure and what it adds to your comprehensive budget. Don't be bashful when it comes to seeking further explanations when anything in the offer seems obscure.
Research the normal benefits that are usually offered by companies that are from the industry you are in. This information helps you, for example, to evaluate a set of employee benefits offered by a particular organization to draw a line between its performance and your interests. For example, if a health insurance plan is an essential commission at the stage of a bank comparing an offered plan to industry standards should be done.
The conclusion on whether to accept or negotiate the offer lies on your side, from the way it fits your circumstances and priorities. If the sum of the whole reward package corresponds to your investigation and covers what you demand, then you can be able to hyperbole the proposal.
Nevertheless, if the discussion does not align with the most essential points you could polly-offer your competition based on your research and value statement.
Got Your Answer ?
0
0
Learn this in 30 Seconds 👇
Career Blogs
Our career blog is your go-to resource for insightful advice, practical tips, and the latest trends in the job market.
Career Blogs
Our career blog is your go-to resource for insightful advice, practical tips, and the latest trends in the job market.