1. Get Familiar with Industry Trends

2. Be Prepared to Negotiate

3. Be Open to Compromise

4. Adapt Your Salary Negotiation Style for Success

5. Be Flexible About Your Expectations

6. Launcher Tips for Effective Salary Negotiations

7. Using Seek and Salary Surveys as a benchmark

8. Review Your Performance

It’s fair to assume that most of us have been through a recruitment process or income review, charged with the task of requesting what you’re worth.

Some companies may have a process for regular reviews and increases of salaries. However, in other organisations, you may need to request a higher salary to achieve the remuneration you believe is appropriate for your experience and contribution. Different companies will vary their hiring process. You should go in to negotiate salary raises with preparation and confidence.

To ensure your chances of success are high, and you are in a good position to negotiate your package, you need to understand the market rate for your role and industry. This will give you a good indication of what you should be asking for and help you to build a case for why you deserve it.

When negotiating, be prepared to discuss a benefits package or perks that may come with your salary. Consider if there is anything else that would make you feel more valued at the job such as flexible working hours, additional paid leave, extra vacation days or relocation packages.

It’s important to understand these details and be clear on the acceptable remuneration you are asking for so that you can effectively negotiate with the employer beyond the starting rate.

When discussing a larger pay and other benefits, it’s important to remain open-minded and not get too hung up on one particular outcome. It may be helpful to have a range of options in mind to show a willingness to compromise if necessary.

You may find that your compensation expectations are beyond those of your current employer and your experience level and technical skills. Ensure you have a realistic range and reasonable expectations.

Men are traditionally better trained at asking for a pay rise and promotion over their female counterparts. Despite efforts to close the gender pay gap , the imbalance of negotiation skills may be a contributing factor to the pay gap we still see in Australian organisations.

It is also important to consider how your negotiation style may affect the outcome. Women often tend to be more collaborative in their approach, while men may be more aggressive.

To ensure a successful outcome, finding the right balance between being assertive and collaborative is important. Speak confidently and clearly articulate what you are asking for and why you believe a pay increase is justified. Be prepared to make compromises where necessary, and be firm in your position if needed.

Remember that you don’t always have to negotiate for a fixed figure. You can also ask for greater benefits such as additional leave, flexible work arrangements or professional development opportunities. This type of compensation package might be more beneficial to you than a higher salary. Be creative with your negotiations and use them to your advantage.

We sat down with some of Launch’s senior consultants to discover their top tips to negotiate salary and other benefits.

The Launch Team recommends:

• Making a list of your accomplishments – Take the time to reflect on your past accomplishments and successes and be prepared to discuss these during the negotiation process. This will help you to demonstrate the value you can bring to the organisation and will make a stronger case for a higher salary and/or other benefits.
• Doing your research and understanding the market – Before starting, it’s important to clearly understand the market rate and pay range for the position. This will give you a good starting point for negotiations and will help you to make a strong case for why you deserve a better remuneration package.
• Be open to compromise – While it’s important to advocate for yourself, it’s also important to be open to compromise. Be prepared to negotiate and be willing to consider alternative options, such as additional vacation time or benefits, if a higher base salary isn’t possible.
• Being prepared to demonstrate your value – When negotiating, be prepared to make a strong case for why you deserve higher remuneration or better package. This could include your past accomplishments, the value you can bring to the organisation, and any unique skills or experience you have that would make you a valuable addition to the team.
• Considering whether the responsibilities of your current role have changed – Explain any changes in your responsibilities and how they have increased the value you bring to the organisation. Use specific examples and data to demonstrate your contributions and the impact they have had.

It’s important to remember that the negotiation process can be difficult, and you may get a different desired result. However, by approaching the conversation professionally and respectfully and demonstrating the value you bring to the organisation, you will increase your chances of getting a fair and reasonable outcome.

One of the most common mistakes people make in approaching salary negotiations is to request based on feeling rather than evidence and understanding of the industry pay range, average salaries and current rewards for the role. You’ve been in a company long enough, acquired skills, and proven yourself invaluable to the team.

You may feel deserving of more, but this is hard to quantify when negotiating for a raise that may have to go up the chain for approval.

You need to demonstrate why, and effective discussions start with research. Salary surveys and a salary guide can be used to compare the going rate for your position and experience. SEEK is excellent for this, as it allows you to compare typical pay rates by industry and job title. It also lets you drill even further to understand salary requirements and to reflect the standards of different cities and towns.

For example, if you work in Sydney, the salaries there will be higher than in most other parts of Australia. You thus want to use that average over the national average. Gathering comprehensive data provides a solid business case that makes it easier for your manager to approve your pay rise.

The time you spend in an organisation adds value and may exceed what your employer can achieve by hiring someone new. Consider what you have delivered since you’ve been there or since your last salary review. Document all your deliverables, your contribution to the team, and the instances where you have gone above and beyond and been invaluable to the company.

Compile this evidence, your competitive salary survey findings, your market intel, and your contributions to the team. If it helps you to feel confident, present this document while pitching for your pay increase. Alternatively, simply use it as a mental reference to reinforce to yourself that you deserve what you’re requesting. It will help provide clarity in the negotiation.

Consider company benefits, non-salary benefits and career development when considering your salary negotiation strategy.

Another powerful case-building tool is to ask the market. Reach out to peers and ask what they understand about the current salary for a similar position in their companies. If you don’t know others in your field outside of your workplace, ask a recruiter . Find the consultants hiring in your field, and ask for comparative salaries in a similar job role.

Use these salary negotiation tips when you apply for your next annual pay increase or remuneration package. Be sure you are in the acceptable range and understand the basics of salary negotiations to increase your chances of success.

To chat with one of our professional consults, head to: launchrecruitment.com.au