An increase in salary is one of the many reasons why you may be looking for your next big role in the general insurance industry. So what do you do when you’re offered a role at a company that ticks all the boxes, but the salary offered is lower than what you would have hoped?
If you’ve gone through a recruiter, you hopefully won’t be faced with this situation as they should have sold your skillset to the employer and taken your salary requirements into consideration. Whether you’ve applied for an Account Executive role, a Broker role or even a job at a Director level, it is important that you work with a recruiter who will listen to you and help you get the best salary possible.
If you’ve been in contact with the employer directly, negotiating your salary shouldn’t take anyone by surprise as long as you are armed with the ‘know how’ in negotiation. Knowing your worth is important, and asking to negotiate salary is a common practice.
Can you lose a job offer by negotiating salary?
Negotiation is an art, and if you do it correctly, you shouldn’t lose your employment offer.
Remember, you shouldn’t really be applying for roles that offer pay way below your base line anyway, so be reasonable with your expectations and set yourself a minimum. If, however, you know how to sell yourself correctly, a future employer should be keen to adjust the pay grade somewhat to keep you on board. All you need to do is demonstrate to your employer that you are worth it and would be a valuable asset to the company further down the line.
Should you accept the first salary offer?
You don’t need to accept the first offer; unless you feel the offer is fair and you are happy with it. If you are unsure then ask for some time to mull it over, you will rarely be expected to decide on the spot. However, always avoid burning bridges.
Taking a few days to think about an offer is perfectly reasonable but you don’t want a lot of back and forth if you’re not going to accept the offer.
Even if you don’t accept this role, you may cross paths with this employer or Manager again and you don’t want to be remembered as a time waster. The best way to avoid causing any friction with a potential employer is to do your research. You may want to research the job market and find out what similar roles are offering.
The three golden rules for negotiating salary:
Have realistic expectations - If you are seeking employment with a large multi-national company then you will have less wiggle room than if you applied for a role with a ‘small independent’, as larger firms have more defined salary bands that can be difficult to break through, so research the organisation and have an understanding of what they can afford.
Know your worth - If you are going to ask for a higher salary then you need to be armed with solid reasoning for your worth, be that your experience or education, have these arguments well-rehearsed and ready to hash out.
Negotiate additional perks - If your employer can’t afford to pay you a higher salary there may be scope for other perks such as home working days or extra holiday so bear this in mind.