Why It Doesn’t Hurt To Negotiate Your Salary

Most people would settle for earning the same salary from the first day of work until the day they leave their jobs. They will be happy to receive the same salary for years as long as they have a stable source of income. Besides, earning a small salary is better than not earning at all, right?

Having such an attitude will only limit your opportunity to earn more in life. In fact, if you are confident about your skills in the workplace, you should definitely reach out to your employer and negotiate your salary. Salary negotiation is a common practice in the business arena that, if done right, can become your ticket to improving the quality of your life.

Here are some of the reasons why it doesn’t hurt to negotiate your salary:

1. Because Your Salary Is More Than Just A Salary

The common notion that earning a small salary is better than not earning at all is a misconception. This is especially true if you have the necessary skills and training to perform the job at hand. Moreover, the amount you earn is important as it affects your ability to spend.

You should try to negotiate your salary at the outset because your starting salary forms the basis of your future raises. If you start working for a small paycheck and don’t put any effort into negotiating a higher salary, then you’re likely to keep earning a low salary for the rest of your life. You can still get a raise in the future, but because you started with a small paycheck, expect that any upcoming raises won’t be sufficient for your increasing expenses.

If you want to attain financial stability in life, you should definitely muster up the courage to negotiate your salary. This can be very nerve-wracking, but once you are able to command a higher wage and earn more from your raises in the future, you’ll be thankful for all the efforts you put into negotiating your salary.

2. Because You’ll Regret Not Negotiating Your Salary When You’re Retired

The pension you’ll receive when you retire is computed based on the salary you earned when you were still working. This means that individuals who have a higher base salary will receive a higher pension when they retire.

The amount of money you get post retirement can significantly affect your comfort and safety. Since you won’t be working once you retire, you will rely heavily on your pension to pay for your cost of living and other expenses.

Negotiating your salary now is a great way to ensure a good life when you retire. Starting with a high-paying job allows you to receive a bigger pension when you retire. The amount of money you’ll regularly receive from your future pension will make or break your ability to live a reasonable life. You won’t want to sacrifice your medications or the quality of your nutrition as a senior just because you no longer have a job, right?

3. Because Not Negotiating Will Cost You

Earning a small paycheck might still help you live every single day, but if you’re thinking long-term, you shouldn’t only focus on covering your day-to-day expenses; you should also consider how your current salary will affect your life in the future.

One of the biggest reasons why you should definitely negotiate your salary is because failure to do so can adversely impact your future lifestyle. If you only settle for the salary you have right now, you’ll likely suffer as you’ll never have any emergency money, attain financial stability, and you will also earn a smaller pension as a senior.

4. Because You’re Worth It

Your employer hired you because they believed in your skills and work ethics – and you deserved to be paid based on your true value. Hard work always deserves fair pay, which is why you should always negotiate your salary and make sure that you are properly compensated based on the quality of your work.

If you believe that the first salary offer won’t help you make ends meet, then don’t settle for less. Instead, negotiate your salary with your employer and ask for more. After all, you’ll be working for at least eight hours every day to make life easier, not to make it more challenging.

But even if you think you are overqualified for the job and deserve higher pay, it’s important to have a plan before you start negotiating with your employer. Spend time to practice your negotiation skills and come up with another plan if your employer doesn’t agree with your proposal.

5. Because It Helps You Grow

Regardless of how prepared you are, you can never predict how your negotiation with your employer will go. Your employer has to consider several factors before they can decide whether or not to give you a raise. Quite often, an employer might not give you a raise because the company has limited funds, or is still testing the waters.

But even if the negotiation with your employer goes downhill, you don’t have to worry as the experience is bound to teach you skills that will be very helpful in the corporate world. For one, negotiating your salary with your employer teaches you a lot about handling difficult situations at work. Having this skill can be very beneficial when you work in a stressful and fast-paced work environment.

Additionally, negotiating your salary is a great platform for you to hone your negotiation skills and practice patience while being cooperative and professional. All of these skills can also help you excel at and manage situations outside of your place of work.

Use The Right Techniques

Before you talk to your employer for salary negotiation, make sure that you’re fully prepared for it. Avoid disclosing your current or expected salary, and instead give a salary range that you’re comfortable with. And of course, don’t get too excited as this might create a wrong or negative impression on your employer. 

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.