25.08.2022

HOW TO NEGOTIATE YOUR SALARY DURING A CRISIS

Are salary negotiations still important at a time when jobs aren't as plentiful as they used to be?

Salary negotiations during a crisis are on the agenda, but you may need to rethink exactly what you're negotiating for. "Trust me, we expect you to negotiate, even in a recession," says Cara Brennan Alamano, chief human resources officer at Lattice. "But instead of just negotiating a salary, you can negotiate an opportunity — and the latter can have a much bigger payoff in the long run."

Negotiate for opportunity

In light of the huge changes in the market over the last few years and the potential challenges ahead, we need to rethink salary negotiations. It's about so much more than money these days.

Alamano says you should start by knowing what you want from the role you're negotiating for. “Ask yourself: How does this role fit into your career goals? What specifically do you want to achieve with your next step?”

This line of thinking, Alamano says, will help you expand your negotiation tactics and make you look beyond the hard numbers. "Negotiate for opportunity, not just money," she says.

This means starting a conversation about what project work, growth opportunities or other learning experiences the company is willing to engage in as part of your role. "Ask what kind of exposure you'll have to other parts of the business, or whether you'll have access to mentorship from senior executives on your team or elsewhere in the organization," urges Alamano. "All of these factors have been proven to accelerate career progression, lead to faster promotions and ultimately increase your base salary."

If you're still having trouble seeing beyond the numbers, try answering these questions:

• What do you want your future resume to look like?
• What is your dream job in 5 years?
• What opportunities and places do you want your career journey to take you?

"Creating and ultimately choosing the next role that will bring you closer to them is the first step in achieving the results you want for yourself," says Alamano.

5 Negotiation Strategies

Of course, your salary number still matters. Here's what to do when that offer comes along and you want to push things a little further.

• Create a personal priority list: Alamano advises job seekers to make a list of priorities for themselves in advance. "Would you be willing to take a pay cut if stock options, profit sharing, or other long-term incentives are appropriate?" Would you consider taking a pay cut if it meant a better work-life balance or the chance to work in any city of your choice?'
• Remember the total package: It's important to consider the full scope of compensation, or what industry professionals call “total rewards”—your total package of benefits, paid time off, flexibility and other additional incentives. "Make sure that when you're bringing a number forward, you're referring to these other parts of the overall package," Alamano says.
• Consider asking for cash bonuses: Even in a tougher economy, cash offers can be on the table for strong applicants, Alamano says. “Many companies have expanded these offerings in new ways as the pandemic has highlighted how employee expectations have evolved around things like mental health and family leave.” A healthy work-life balance is a critical part of your long-term success.
• Never view a negotiation as a one-way street: Instead, Alamano says, always think about the value you can provide to the company, and then view the negotiation as a two-way partnership. “What can you give the company in return to get the most valuable for your career development? The most important thing is to make sure you communicate your value and feel comfortable with what this company can offer you beyond the bottom line.”
• Don't get discouraged: If an offer falls short of what you hoped for, don't let it get you down. Instead, look at the big picture before making a decision. "The best job in this environment may be about growth and skill acquisition — because that's what's going to prepare you for the next economic boom," Alamano says.

Play the long game

While getting a new job is the fastest way to get a significant pay raise, there is a long game that goes beyond just the salary. And it might be worth playing.

Some employees experience resignation regret after jumping too quickly into new roles, even returning to their previous employers. Before you leave your current job, Alamano believes a little thought is in order. "I would suggest using this moment of uncertainty, however difficult it may be, to think more consciously about your next move and really look before you leap," she says.

"And while it can be tempting to take the best deal, there are other factors—from culture to learning opportunities—that can mean just as much, if not more, to your future success and continued growth."

This is one of the reasons why salary negotiations need to expand to mean just negotiations—because salary isn't everything, and negotiations shouldn't just happen during the hiring process. Current employees must also be able to initiate negotiations with the employer.

Perhaps your current employer can offer training grants, extra vacation days, or some other non-monetary benefit that might be exciting for you and aligned with your career. "Be open to hearing value propositions that speak to you, even if they look different from things you've valued in the past," Alamano says. "You might be surprised at what your employer is willing to do to keep you happy and engaged."

Whatever your next career move, keep the long game in mind. When it comes to negotiation, it's not just about the money—it's the long-term growth, personal satisfaction, and work-life balance that make your career one you truly enjoy.