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You have done it! All the applications you have sent out have yielded results, and you have offers lined up.
Did you give an amount or range and see an amount less than the offer letter? Well, now things just got interesting. It is not very reassuring to find out that your dream job is not paying as much as you would like, but there’s something to be done. Conversations about money are tricky as you toe the line between sounding confident and crafting the right email to explain why you deserve more money.
In this article, I will guide you on how to negotiate the amount you deserve for the value you intend to provide. If a salary is a bribe you receive to forget your dream, you deserve to be bribed appropriately. Think at the level of someone at the passport office when there’s no paper to print passports. Alright, let’s get to it.
Salary Negotiation Guide
When negotiating your salary, you should understand and consider 5 factors
- What you bring to the table
- How much do you need to make
- What the talent pool is like
- What is the market rate
- What you can negotiate
What You Bring to the Table
When you are negotiating, the first thing to remember is that you are a hot cake. Evaluate the value you can offer, and let that be your guiding light, so you don’t falter. Compare your years of experience, leadership experience, skillset, education level, etc., to what is required. If you have more years of experience than was stated, you can use that as leverage. Do you have relevant certifications or a postgraduate degree? More leverage!
Use these factors to state your case and the value you bring as you negotiate for your desired salary.
How Much You Need to Make
When negotiating, consider the amount you need to maintain your lifestyle, factor in what he who must not be named has done to us and the rising price of sardines, and assess how much would be required to maintain your standard of living.
Consider your geographic location. Is this a remote role, or do you need to commute? The cost of commuting is different for people working in Lekki who live in Surulere and Iyana-Ipaja. The cost of living also varies in various states, so although a certain amount meets your needs in Kogi, it might not be in Lagos.
Then consider what you would like to earn subsequently. What are your lifestyle aspirations? Do you want a new car or would you like to move? Does this offer get you closer to your goal in the short term or long term? It would be best to evaluate what will make you happy and be realistic with your expectations.
What The Talent Pool Is Like
Specific roles have more demand than others, resulting in a smaller talent pool and more competition between employers. When there are more job openings for a position than there are people to fill them, organizations put their best foot forward with incentives. If you are a unicorn on these streets, it’s time to milk it.
What is the Market Rate
Do your research! A benchmark you can use when negotiating is the market average or rate. Knowing the market rate for the role across different organizations allows you to leverage for more money. When negotiating your salary for companies based in Nigeria, you can determine the market average for the role in Nigeria or Lagos specifically.
For remote international roles, find out the salary model for distributed team members. A local salary model can be set against the going rate in Nigeria, while the global salary model pays employees the same amount regardless of their location.
You can negotiate better when you have the data to back your ask. You can reach out to other industry professionals in your network and find out the market average or use the free salary database by CareerBuddy.
What You Can Negotiate
You should set your criteria. What is the least amount you are okay with, and what offer will make you say God forbids? Set these non-negotiable terms so you know what to compromise on.
Consider other compensation items such as stock options, performance-related bonuses, more leave days, or relocation allowance. You should also trust your instincts and skillset and understand what you want.
10 Key things to Do When Negotiating Your Salary
- Do not jump the gun.
Your negotiation begins during the interview with questions about your desired salary. Do not divulge details such as your salary history or salary requirements. It would help if you also asked for the recruiting range before stating yours, so you don’t undervalue yourself.
- Know your leverage
Your experience and proficiency make you stand out. Flaunt your certification and skillset and use them as leverage.
- Know your worth
It is one thing to be talented and another to know what you should be earning. Please do your research, find out the market value and remember the organization is not doing you a favour. When providing your range, you should set your baseline figure, which is the least amount you can accept. It would help if you negotiated for the maximum value in the range, which is higher than your goal, to make room for their counter offer. Adding 20% to your desired salary allows you to get your desired salary still after a counteroffer.
- Be reasonable
Do not jeopardize your chances by asking for the moon. Go to the negotiating table with a strong case stating why your value is worth more.
- Prepare your points
You know what you want and why you want it, but you need to express yourself clearly. Practice your answer to why you deserve more money. Do you sound convincing? Have you included previous achievements relevant to the role and the average market rate? Is your argument tight? Is the HR rep experiencing intense FOMO because you sound like the best thing since fried plantain? Go, Annalise Keaton!
- Reach out
Schedule a time to discuss your points or send an email. Be thankful for the opportunity and express your excitement to join the team, then detail your ask and the reasons. Request for an offer in writing if the negotiation was over the phone.
- Be confident
You will make a great addition to the team; you know it, and they think so. Convince the hiring manager by conveying confidence when you negotiate. Women are less likely to negotiate than men and, when they do, tend to ask for a lower figure. Do not apologize for your ask. Go straight to the point, state your reasons and trust your decision to ask for more.
- Expect the Counteroffer
The company will not give you more money just because you asked for it. You should prepare for the counteroffer and questions asking why these concessions should be made and if they are your top choice. You should also be ready if the salary is non-negotiable and all they can offer.
- Consider Non-salary Perks
Be flexible and open to non-salary perks such as extra paid time off, signing bonus, relocation allowance, or even a flexible work schedule. These alternatives are valuable in the long term and can be a compromise.
- Don’t feel pressured.
You can decline an offer and can walk away if the compensation is not equal to the value you bring. Refusing the offer should be done professionally to leave room for future opportunities.
Remember to accept the offer that is right for you. Consider your options, and do not feel pressured. Job hunting is the ghetto, but a job where you are undervalued and underpaid can have detrimental effects on your job satisfaction and mental health.
When you get the offer you want, send your acceptance and thanks and express your excitement to join the team. Sign the offer, confirm your start date, and prepare to be a badass.
The key takeaway from here is this- Dangote still dey find money. If the richest man in Africa is out hustling on these streets for money, who are you not to ask for what you want? Remember, no dey sleep on the money o.
