How to Leverage a New Job Offer to Re-Negotiate Your Current Salary?

Negotiating a salary is not always easy. Salary negotiations are most likely the most challenging aspect of your professional life. But at some point in their career, everyone must engage in these negotiations. Negotiating a wage offer is by no means a straightforward process. Many candidates do not even consider salary negotiations because of the element of dread involved. However, it is essential because your salary will determine your future work prospects.

It all comes down to knowing your worth. You were content with the way things were going at work and weren’t even looking about it, but then a recruiter contacts you and offers you a lucrative position, leaving you to worry if you aren’t getting paid enough. This gives you an idea that you should use your new job offer as leverage to obtain a raise in your current salary.

Even if you might think your claim is unfounded, you should fight the impulse to let your mind trick you. Consider your options carefully and understand that you are making a bet; if it pays off, your financial situation will improve.

In this article, we will guide you on how to leverage a new job offer to re-negotiate your current salary. So read on.

Define Why You Ought to Negotiate Your Salary

Always keep your options in the back of your mind in case your firm throws you a curve ball. Along with knowing how to ask for higher compensation, you also need to know when to negotiate salary. If your company is having trouble, it would be impractical to ask for a raise because there is a good chance you will be denied at that time.

Consider whether you require a larger wage than you currently receive. It can be beneficial if you have the answers when employers ask you these questions.

Make Your Argument on Why You Want Higher Salary

Candidates frequently wonder how to bargain down a salary proposal.  If your employer asks you why you desire a rise in pay, you should always be able to give them a detailed response. Describe how you arrived at the figure you mentioned. Being humble is something that is crucial to remember.

Giving a thorough explanation will allow you to demonstrate your abilities. Avoid raising issues like growing housing costs and school loans in your justification. These issues might potentially be affecting your employer. Instead, highlight your contributions to the organization. This can be a clear strategy for making your point.

Master the Art of Negotiation

It takes some practice to perfect the best pay negotiation technique. Discover the tactics that will work in your favor. Utilize online resources to discover how company professionals handle this process in their day-to-day work. Some of the tactics are as follows:

1. Identify Facts of Salary Negotiation

The thought of salary negotiations throughout the hiring process naturally crosses our minds. The first thing to do in this situation is to research what people’s opinions are on salary negotiations. Find out why people request pay increases and what motivates them to do so.

Salary negotiations can be laborious, and many people frequently fail in their efforts. If you are knowledgeable with facts like the percentage of people who negotiate salaries and whether there is a gender pay gap, you can put yourself in a better position to do so.

2. Prioritize the Future, Not the Past

Candidates are regularly questioned about their current salaries by employers throughout the interview process. You may not want to disclose the facts because you are underpaid or looking for a higher income, which could make it risky for you. Give them the number truthfully, then go on to the next amount you’re looking for.

Your abilities and how they will affect the company’s market value should be your main concerns. Describe your vision for growth while maintaining a future-oriented perspective. If you’re not sure how to ask for a higher wage offer, keep in mind that you should never look back.

3. Familiarize Yourself With Industry Salary Trends

You must research your possible salary if you want to keep up. If your employer ever asks you a strange question, you can answer by referencing the knowledge you have. Consult websites like PayScale and Indeed to find out about the most recent trends in your field.

By speaking with others you know who work in your field, you can get a rough idea of your predicted salary. Examine qualifications and years of experience while studying pay patterns.

Demand Written Confirmation

Whatever the outcome of the bargaining process, always request a written document from the employer. Keep this in mind more than anything else when asking for tips on how to haggle over a wage. A written confirmation is necessary to show that your salary negotiation with the company was successful and that it was accepted.

Never rely on an oral guarantee given by an employer since they might later retract it. Make many copies of the document, and always carry one with you. The business won’t be able to reject your higher wage if you do this.

In Conclusion

Salary negotiations are never enjoyable, but they are a necessary skill for success in life. The aforementioned pay negotiation advice can be useful for both salary increases and job interviews. Learning how to negotiate on your own might be difficult. In such situations, you can use several online resources that have information on salary bargaining strategies to your advantage.

Also Read: Focus on What’s Ahead Knowing & Solving Talent Acquisition Challenges in 2023