Want a Raise? You Have More Bargaining Power Than You Think
As employers face a talent crunch in today's market, workers have more bargaining power than they might think when it comes to their salaries.
But a new Robert Half survey shows only 39 percent of professionals say they tried to negotiate salary during their last job offer.
Ryan Gatto, regional vice president of Robert Half in Saddlebrook, says 46 percent of men negotiate their salary compared to 34 percent of women, according to the survey.
He says fewer people are asking to negotiate their salary because of a lack of preparation. People have not done their research or homework on the market rates and what the competitive salary is for the position.
Another reason is emotion. Some people may tie their self-worth with their salary.
There's also a fear of outcome.
"Some aren't prepared to hear no and negotiate from there. And the biggest thing we believe is just lack of confidence," says Gatto.
Millennials are 45 percent more likely than any other generation to negotiate salaries, according to the survey. Gatto says it's because the younger generation has confidence coming to the table with what they believe their market value is and they're willing to negotiate a higher pay.
Gatto encourages everyone to research salary and to practice salary negotiations.
But if you don't have the confidence to negotiate a higher pay, Gatto suggests think about utilizing a specialized recruiter who can help negotiate on your behalf.
He says companies go through a shorter hiring process these days because they know many highly-skilled candidates are offered positions from multiple organizations so they bring up the salary negotiation right out of the gate.
They want to make sure that the salary expectation of the candidate they are interviewing does match with the range that they're looking to offer.
When negotiating pay, Gatto says be confident. Most companies expect professionals to negotiate salary and benefits so "be prepared to show how the company's investment in you will pay off by providing quantitative examples of your contributions to previous employers."
Make sure to get all the specifics of the offer in writing, says Gatto. Be gracious, professional and courteous regardless how it turns out. You don't want to walk away from a job offer with a bad taste in your mouth and have potential employers think negatively of you.