COVID-19 has drastically changed the job market here and abroad with a huge increase in the number of people currently looking for new job opportunities. On the other hand, the increase in the number of responses to posted positions in turn means an increase in competition, but there is still room to negotiate good salary conditions.
While salary should not be the only motivation for taking a new job, it is definitely an important factor to consider.
It is also important to consider other factors such as commuting, work-life balance, company culture and the opportunity for career progression. All of these can dramatically affect your day-to-day life.
Some job seekers are open to discussing their future salary, while others have a specific idea about salary that they don't want to change. Regardless of which category you fall into, be open and honest about your salary expectations during the interview process.
The offer for the right candidate tends to be flexible. But in today's job market, employers are often working with tighter budgets, so the room for negotiation may be more limited. If you have a clear idea of the salary, mention it before you get into the selection process.
If you wait until the end of the selection process, you may receive an offer that is lower than you can accept. For example, if you are expecting a salary of EUR 1 500 per month, it would not be worth going through the selection process for a position with a budget of no more than EUR 1 100. You should not be afraid to leave a position if it does not meet your requirements. If there is room for negotiation, follow our tips below.
Four tips for negotiating pay during the COVID-19 pandemic
1. Know your value
Consider how senior you are and what experience you have. If you are a junior level candidate, you may need to be more flexible about your salary at the outset. However, if you are moving up to a more senior role, it is reasonable to ask for a pay rise.
Take a comprehensive look at your current salary and your level of responsibility, and be sure to consider which factors are important to you. For example, would you be open to more salary flexibility due to additional benefits such as working from home or a really comprehensive package of other benefits?
2. State your salary range
When you are asked about your salary expectations or desired salary when responding to a job offer, it's best to give a salary range. Consider what your ideal salary would be and what is the minimum you would need for a quiet life.
Although some jobseekers may hesitate to state their desired salary because it could exclude them from the selection process, it is important to be open about your expectations to ensure that the employer can offer you what you are looking for.
You can always state that you are willing to negotiate, but it is still a good idea to state a range so that both parties are in the picture.
3. Don't just focus on salary
In the current climate, potential employers may not be able to offer a big pay rise, but they could offer further bonuses or benefits.
Some companies may offer a company car, a contribution to retirement savings, free refreshments in the workplace, flexible working hours or employee discounts as part of their benefits. Other employers may be able to offer a performance bonus component of your pay along with your base salary.
Your employer could also offer flexible working hours, a shorter commute or working from home, which may offset a pay cut. Look at it holistically.
4. Consider your long-term plans
Salary is only a starting point, especially in the current market. Employers may offer a lower wage than in the past but may be able to compensate for it with something else. When negotiating your terms, you can ask for a review of your salary once you pass your probationary period or reach a company milestone.
Consider what advancement opportunities exist for you within the company. It may be that your current move to a new company, even with a slight drop in pay, will offer more opportunities to grow and take on more responsibility in the future.
Looking for a new job this year is different from other years of our lives. It's important to focus on what you really want from a job and match your skills to salary expectations with a realistic idea. Do your own research, download our salary survey and look at job listings to see what salary is on offer for the different types of roles you are applying for.
If you're not sure what jobs are available or have questions about salary, contact us and we'll be happy to advise you.