Use these tips to negotiate your salary
Salary renegotiation can be a daunting business. However, how we approach it can determine a lot, not only in terms of financial outcomes, but also for healthy working relationships and job satisfaction.
There are some simple steps to navigating your negotiations successfully.
Prepare
You can’t ask for what you want until you know what you want; preparation is the key to the whole process.
Approaching your renegotiation with all possible information, from demands of your role, to your salary ambitions, and financial commitments, will help draw a full picture of where you are at and where you want to be.
Not all this information needs to be shared with your employer, but can help to focus your mind on your ultimate desired outcome.
Know your worth
Inevitably, salary gets tied up in how we perceive our self-worth. Many of us find it difficult to assert that self-worth, but if we don’t value ourselves, no one else will.
Assertiveness need not cross the line into arrogance in a negotiation situation. A dive into your contribution to your company’s success could arm you with real evidence of your value to them, while presenting evidence of learning in your role also demonstrates
desire and ability for growth.
Appreciate your employer’s position
The last thing you want to be in a salary negotiation situation is confrontational, thus running the risk of putting your employer in a defensive role.
Avoid taking the position of making a demand, and adjust your perspective to one of collaboration with your employer rather than competition. This is a situation where everyone can be a winner.
According to Harvard Law School research,
collaborative negotiators end up more satisfied with their ultimate outcomes. Examples of a collaborative approach include giving notice of your intention to seek a salary increase instead of charging and asking unannounced; making clear that you appreciate
your employer’s abilities to meet your requirements; and giving them time and space to process your pitch.
Explore your alternatives
In advance of any negotiation, it’s crucial to explore the best alternative to a negotiated agreement, or
BATNA.
Originally coined in the 1981 book, Getting to Yes: Negotiating Without Giving In, your BATNA means that if negotiations don’t go your way, you have a well-considered backup to which you can pivot, if necessary. This can mean an alternative within
your current role, or even the option of another job.
Negotiations might not go your way, but knowing you have alternatives helps to avoid making decisions in a panic or feeling trapped. You may never need the backup plan, but just familiarising yourself with it and knowing it’s there can boost confidence and
clarity in any salary negotiation.
To discover other options, explore alternatives or simply do your research before asserting your value, check out the wide selection of jobs on the
Fintextra Jobs board.
Senior Cloud/Systems Engineer - Fintech, Client Server, London
Are you a talented
Senior Cloud/Systems Engineer who is proficient in Python and has a strong knowledge of AWS? Client Server is working with a software company
that is rapidly expanding and using cutting-edge technologies to build fintech solutions.
In this role, you will develop and deploy cloud-based infrastructure for the core trading analytics platform utilising IaC templates, which is offered to clients as either a hosted service or as a software product to help traders make more accurate and informed
decisions.
Sound like something you might be interested in exploring?
Get more information here.
.NET Developer – Fintech Start-Up, Noir Consulting, Manchester
Want to work with the sharpest minds in private wealth management and financial software development? Noir Consulting has an opportunity for a
.NET Developer to join an ambitious fintech start-up based in Manchester.
To be suitable for this role you will need experience in experience in .NET, .NET Core/ASP.NET MVC, C#, and SQL Server. However, training in will provided in .NET 7, JavaScript, React, Angular 14, Microservices, MongoDB, Vue.js, TypeScript, Azure, AWS, Web
API 2, Entity Framework, Node.js, Elasticsearch, Agile, TDD, BDD, Scrum, Kanban, and SQL Server 2022.
See the full job description here.
Core Systems Support Analyst - Castle Trust Bank, Basingstoke
Having become a fully authorised bank in 2020, Castle Trust Bank prides itself on being a fintech challenger bank, providing specialist property mortgages, retail finance lending and savings accounts to a variety of customers.
As a
Core Systems Support Analyst you will be responsible for supporting commercially available and in-house developed applications. This is an internal
servicing and support role where you will be the intermediary of business users, suppliers and, where applicable, those that develop the systems to integrate the changes.
View additional details here.
For more opportunities to hone your negotiation skills, start exploring the open roles on Finextra today.