Candidates who set a high value on themselves display confidence, but before demanding a high salary it is well worth while researching the market to find out just what sort of salary level their skills and experience might command.
Doing your research before going into the interview, shows that you are a serious candidate and aware of the market rate for the job, and should a job offer be made, will enable you to negotiate your package from a position of strength. According to CV Library, Britain’s leading independent job board over half of British job seekers haggle over the package a prospective employer offers.
The key word here is “package”, in today’s world it isn’t all about money, work life balance, employee benefits, the potential for progression within the organisation all feature very highly on the modern job seeker’s list of priorities, so before going entering into any negotiation decide they should decide where their priorities lie.
It certainly seems to be worth the effort to do the background research and negotiate, the same research found that 72.8% stated that they got what they wanted as a result. When asked what the key areas were that they would negotiate on within a job offer, respondents cited the following:
1. Salary (73.3%)
2. Working hours (46.4%)
3. Flexible working (42.1%)
4. Benefits (36.3%)
5. Holiday allowance (25.5%)
The survey, which explored the views of 1,200 UK workers, found that nearly two thirds (61.8%) of British job applicants admit to having high expectations when it comes to looking and applying for jobs, with 50.8% stating that they would feel comfortable negotiating a job offer. This figure rose to 66.7% amongst those under the age of 18.
Lee Biggins, founder and managing director of CV-Library comments: “It’s fair to say that Britain is a nation of hagglers in every respect. Nowadays, negotiations aren’t just made at the local market, but in shops, hotels and even during the job-hunting process! The shift in power within the job market means that many candidates know their worth and will only move for a job that meets all of their criteria.
“Salary continues to be the main driver for job hunters, with many refusing to move jobs unless they’re receiving a significant pay increase. What’s more, with work/life balance becoming more important in today’s working world, today’s candidates want confirmation that they’re not going to be glued to their desks for all hours of the day. Ensuring that you leave room for negotiation in your job offers is clearly more important now than ever.”
Despite workers admitting to having high expectations around jobs, over half (56.5%) DON’T think they expect too much from their job offers, while a further 55% stated that their high expectations have NOT put them off applying for, or accepting certain roles. That said, those aged 25-34 were the most likely to be put off a job that didn’t tick every box.
In addition, the majority (84.3%) of respondents cited that they would be willing to compromise when negotiating a job offer, with this figure rising to 85.5% amongst 35-44 year olds and 88.3% amongst 55-64 year olds. Those working in the South East (87.95) and North East (88.5%) were the most likely to compromise.
It should, however be remembered that there are two sides in every negotiation and that not all the power rests with the candidate. An employer should always ensure that there are early discussions with candidates around what their current package is, and what they’re looking for in their next position. After all, this can help to avoid any surprise conversations later down the line.
No matter how ideal the candidate may seem to be, as an employer, if you are confronted with a higher demand, you will need to consider how badly you need/want the candidate, how far your package can stretch and what the decision would mean for your business.
“Biggins continued, “The good news is, our data suggests that the majority of workers are willing to compromise on job offers, so the power is not fully in someone else’s hands. In today’s working world you’re likely to meet a whole host of different personalities; some confident about their position and therefore likely to ask for more, and those that are just happy to be in with a chance of getting the job!”
For more information on the topic, download CV-Library’s latest whitepaper ‘How to negotiate with candidates’, here: https://www.cv-library.co.uk/recruitment-insight/negotiate-candidates-whitepaper/