How to negotiate for your salary in an interview

However, when it comes to negotiating your compensation for a new job, it’s critical that you find a way to dive into the conversation confidently and appropriately. It might seem scary, but it's important to ensure you’ll be getting paid fairly to set yourself up for financial success in the future.

Understand your worth

Before you start negotiating, it's important to know how much you're worth in the job market. You can do this by researching what other people in similar jobs are getting paid in your area and taking into account things such as your experience, education and any special skills you have. There are various online resources, industry reports and professional networks that can help you figure out what you should expect to get paid.

Researching beforehand can help you feel more confident and prepared. It's also helpful to learn about the best wording and tactics to use during different stages of the negotiation process.

Know your bottom line

It's important to know the lowest salary or compensation package you're willing to accept. This is called your ‘bottom line’. Think about how much money you need to live on and what your long-term career goals are when deciding this number. Knowing your bottom line will help you feel more confident during negotiations. Make sure you don't end up settling for less than you deserve.

Highlight your value

After your research, you should know what you’re worth, but do your future employers know? When you're negotiating, it's important to show the employer what makes you special and how you can help the company succeed.

Talk about your skills, accomplishments and experiences that are relevant to the job. If you can, give specific examples of things you've done that have made a difference, such as increasing sales or saving money. By showing the employer how valuable you are, you make a stronger case for why you should be paid what you're asking for.

There’s more to a salary than meets the eye

While monetary value is an essential part of your salary, it might not be the entire package. There could be other perks and benefits that could significantly impact your overall financial well-being; this is called the cost to company and may include benefits such as the following:

• Medical aid
• Retirement plans and life insurance
• Paid leave days
• Flexible work arrangements (remote or hybrid options)  
• Professional development opportunities
• Performance bonuses or profit-sharing incentives

Negotiating beyond your salary could enhance the overall value of your compensation and better align it with your needs and priorities.

Be clear and confident in your communication

Be clear about your expectations in a professional way and be prepared to advocate for your worth and express it confidently.

Remember that salary negotiation is a give-and-take process, so be flexible and open to a solution that works for everyone or consider alternative benefits that satisfy your and the employer’s financial requirements.

_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}