Once you have finally landed your dream job, you might wonder how to negotiate the salary for a new job. It’s better not to set the bar too low and not get paid what you’re worth. Also, do not aim too high and place a wedge between yourself and your employer.
You have conquered the hardest part, actually finding a job in Toronto. Now comes the next step – salary negotiation. Here are some tips on how to successfully negotiate a salary for your new career.
Advice on How to Negotiate Salary for a New Job
Here are some important salary negotiation tips:
Know when to start the Negotiation Process
Typically, employers will discuss your desired salary during the initial or follow-up job interview. Once they have made it clear that they are about to make an offer, you can then start to ask questions. Start with questions about benefits and such before bringing up the job salary. If they do not mention the salary once they have offered you the job, feel free to ask. It will be too late to discuss your salary once you set a start date and sign an employment contract.
Familiarize yourself with salary trends in your chosen field
It’s wise to take some time and research the current salary rate for your new career. You can easily obtain this information online. Keep in mind that both your education level and degree of experience may also impact your salary.
Ask for a specific amount
Probably the manager will ask early in the hiring process what you desire for your starting salary. While it seems like a good idea to give a wide salary range, it might actually hinder your chances of getting that job. For example, if you say your salary range is $50,000 to $80,000, you might end up at the lower end of the specified salary range. Keep in mind that benefits, including health insurance, retirement benefits, vacation time, and so forth are also a part of the salary negotiation process.
You should always give a specific number that is your starting point. If you and the hiring manager can come to a reasonable agreement, you can then begin the final negotiation.
Know when to wrap it up
Decent employers will not withdraw their job offer simply because you tried to negotiate your salary. However, dragging out the process can get your relationship with the company off to a bad start. If you do not feel that the company can meet your desired salary, then you can politely decline the offer.
Get it in writing
Once you come to an agreement on your compensation package with the hiring manager, it is advisable to ask for some written documentation of the agreed conditions. Make sure to read the document before signing as well as ensuring that the hiring manager signs and dates the document. Ensure that you have a hard copy of any documentation regarding your salary negotiation in case there are any discrepancies in the future.
If you are still unsure how to negotiate salary for a new job, contact us here at Team Global/ MSM. We will help you with every step of the way in finding your dream job!