Job Compensation: 5 Strategies to Close the Deal

The interview isn't the only hard part of your job hunt. You must ensure that you get the right job compensation and other employment terms that fit your skills, job title, and needs. Keep in mind that you don't have to accept the first offer that the employer gives.

Making an effort to meet the company at a price you feel equals the value you bring can set the tone for your job. Boost your chances of getting the job compensation you want with the list of compensation negotiation strategies below.

What is a Job Compensation?

Job compensation is the pay workers receive in exchange for labor or service they've done for a business. Fair job payment can make workers feel valued for their work. When employees feel good and find worth in the work that they're doing, they're more likely to put in more effort to maintain high work standards.

In your job search, you may notice that some employers don't include an exact salary amount in the job listing. It clears the table for compensation negotiation strategies you can use to get the highest pay that the company is willing to pay for your skills and work experience.

Job Compensation Negotiation Strategies

1. Know your worth

   Highlight the skills and values you bring to the job to support your counter in starting the compensation offer. The hiring team may want to consider your price when they better understand how you can contribute to the business.

   Provide instances from your work history wherein your effort and output earned you success. Explain how you can work hard to reach the same success and possibly more at the right price.

   Making a far-fetched offer can look like you're not taking matters seriously and confuse or even offend your employer. There's nothing wrong with seeing yourself and your skills at a higher value. But making a significantly higher counteroffer without a rational basis can risk your job offer.

2. Do your research

   It's a good idea to look up the salary industry standard for your job title. You'll be able to know if the salary offer is reasonable for the work that your job needs. At the same time, you can support a higher salary counteroffer by adjusting it to the industry standards.

   Look through online job forums or try to connect to others with similar, if not the same, job title as yours on social platforms like LinkedIn. Salaries, and money as a whole, can be a matter that others don't discuss lightly. Remember to be respectful and professional when asking for salary ranges, especially from strangers.

3. Consider your benefits

   Many workers forget the added benefits you can receive and your basic salary in a compensation package.

   Companies approach benefits in various ways. Some only offer basic ones such as social security, insurance, and paid leaves. At the same time, others provide additional benefits like commute and clothing allowances, 401(k), free meals, and more. Keep in mind that companies also take some money from your monthly payment to cover the costs of these benefits.

4. Let the employer make the first move

   Allow the company to make their initial offer before giving them your expected salary range. It gives you an idea of how much the company will pay you. Knowing this can help you avoid giving an amount under their salary range when you can get more.

   Hiring managers almost always expect you to negotiate your salary. If the initial offer is too low, don't be afraid to counter their offer with a higher salary range. It's worth giving your best shot in making a respectful counteroffer. Remember to prepare a reason and explain why the company should meet you at that price point.

5. Pick the top of your range

   Once you've settled on a reasonable salary range based on your industry research and self-assessment, consider building a case on why you deserve a compensation offer at the high end.

   For example, your research shows that your job position, with your skills and work experience, would most likely fall into the $20,000 to $30,000 salary range. Consider saying, 'Please correct me if I'm wrong, but I've heard that people in my position earn around $30,000 to $40,000 range.'

   It gives a salary suggestion rather than a demand. Going for the upper range of your expected pay allows you more elbow room to negotiate with your employer to your actual expected salary.

Get the Job Compensation You Deserve

Start your career on the right tone and continue working your way up the ladder of success by learning compensation negotiation strategies for your next job hunt. If you're ready to accept job offers, apply for your next interview at Career.com today!