Career & do Good

7 Steps to Negotiate Your Salary and Get Paid What You’re Worth

Holly Meadows
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Feel like you should be earning more? Personal finance expert, Mapalo Makhu, shares her tips for negotiating your salary so that your worth is reflected on your paycheque.

Shine Club Wine presented our first #CareerGoals Masterclass in January 2022. During the session, loads of information was shared to help you land the job of your dreams (and the paycheque to match)!

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This is something that the award-winning personal finance educator and expert and author of the book You're Not Broke, You're Pre-Rich, Mapalo Makhu, knows *all* about. She believes that no one should settle for getting paid any less than they’re worth. Amen to that!

Here are her seven tips for negotiating your salary, whether you are requesting a raise or in the hiring process. You’ve got this, babes!

1. Do Your Research

To state your case effectively, you need to know what people in the same or similar roles are earning. There are a few ways to approach this. You can go online and research by checking out salary ranges on job ads. The ‘whisper network’, or chatting to peers in your industry, can also help you to get an accurate idea of your earning potential.

2. Decide on a Range

Once you have done your homework and know the payment brackets associated with your dream role, you need to decide on whether you want to be cautious and aim for the lower end or take your shot and aim high. Remember that if you take the latter approach you will need to be able to justify *why* you are worthy of receiving that salary.

 

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3. Collate Your Professional Achievements

This is how you justify your salary request! We all have some accomplishments under our belt, and if you want to ask for more money, you’d be smart to think about what your professional achievements and highlights are and to list them during the negotiating process. Prepare a presentation or add them as talking points to address during your meeting.

4. Think Beyond the Numbers

Yes, a high salary is great. But when it comes to negotiating, there are other benefits that could be eligible for. These include working from home, paid leave or contributions to your pension, provident fund or medical aid by your employer. If budget constraints mean that more money isn’t an option, try to ask if there are other benefits you could be granted.

 

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5. Do a Test Run

Interviews or meetings that involve talking about money can be awkward! So it’s best to go in prepared so that you feel more confident when the time comes. Do a practice run with your trusted friends, family or your mentor to get more comfortable. While you’re at it, have them give both responses to give you a chance to formulate responses for any outcome.

6. Back it Up with Data

When asking for a raise or for a salary at a new job, having data to back up your requests can make it far more convincing. Negotiation coach and author, Kate Dixon, suggests saying something along the lines of: ‘According to my research, roles like this are paid between X and Y and I am targeting the higher end. How close can we get?’ Bold? Yes. But often necessary.

 

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7. Learn from the Experience

Sometimes we don’t get what we want when we enter into salary negotiations. And that’s okay if you are able to see the experience as an opportunity to learn. Ask your interviewer what KPIs (key performance indicators) you would need to deliver before being considered for an increase. This can help set you on the path to professional growth so that you can start earning what you should.

Missed the masterclass? Click here to watch the full video. Make sure you never miss another one by signing up for our newsletter here.

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