Negotiating your salary is one of those topics that can make even the most confident professionals hesitate. It’s not something we’re naturally taught, yet it can have a significant impact on your career – and your bank account. For finance professionals, where precision and confidence are part of the job, salary negotiation is an essential skill. Here’s how to approach it effectively.
Start with research
Before you even think about raising the subject of salary, make sure you’ve done your homework. What’s the going rate for your role? Sites like Glassdoor and Indeed are useful starting points, but don’t forget to consider factors like location, level of experience, and industry demand. London roles, for example, tend to offer higher salaries, but they also come with higher living costs.
Speak to recruiters, too. Agencies like ours at NC Associates have a wealth of market knowledge and can help you get a realistic picture of what your skills and experience are worth.
Choose your moment
Timing is everything when it comes to salary negotiations. For those already in a role, performance reviews are the obvious choice, but other milestones – such as completing a major project or hitting targets – are also good opportunities. If you’re negotiating a salary for a new job, it’s best to wait until the employer has made an offer before discussing the details.
Patience here is key. You want to approach the conversation when you’re in a strong position – not just because it’s on your mind.
Focus on your value
When the time comes to have the conversation, make it about your value to the business rather than what you want. Employers respond far better to clear examples of your contributions and achievements than to general statements.
Think about the impact you’ve had in your role. Have you saved the company money, improved efficiency, or contributed to growth? Did you go above and beyond to meet deadlines or take on extra responsibilities? Be prepared to articulate this in a way that demonstrates your worth.
For instance, you might say, “Over the last year, I’ve streamlined our financial reporting processes, reducing the time spent on month-end reports by 20%. I believe this, along with my expanded role in managing client accounts, warrants a review of my current salary.”
Be realistic and professional
When discussing salary, it’s important to have a clear range in mind that reflects your research. However, don’t go in with an overly ambitious figure that could damage the conversation before it begins. Aim for a number that aligns with market rates and your level of experience.
At the same time, remember to keep the tone professional and collaborative. Salary discussions don’t have to be confrontational – they’re about finding a balance that works for both you and the company.
Don’t overlook the bigger picture
It’s easy to focus solely on the number, but don’t forget to take the full package into account. Many finance roles offer benefits such as bonuses, enhanced pensions, flexible working, and training opportunities. If the company can’t meet your salary expectations, they might be able to offer something else that adds value to the overall offer.
For example, if a higher salary isn’t on the table right now, you could suggest additional training opportunities to support your career growth or a bonus structure tied to performance. These options show you’re thinking about the long-term relationship, which can leave a positive impression.
Know when to move on
Sometimes, despite your best efforts, negotiations won’t result in the outcome you were hoping for. If that happens, it’s important to stay professional and consider your next steps. If you’re in a role, ask for a clear timeline on when the company might revisit the discussion and what you’d need to achieve in the meantime.
Alternatively, if the offer really doesn’t meet your expectations and there’s no room for movement, it might be time to explore other opportunities. The key is to remain respectful and leave the door open – you never know when your paths might cross again.
Remember...
Salary negotiations don’t have to be intimidating. With preparation, confidence, and a clear understanding of your worth, you can approach the conversation with professionalism and purpose. And remember, you don’t have to navigate this alone. At NC Associates, we work with finance professionals every day to help them secure roles that align with their skills and goals.
If you’re ready to take the next step in your career, get in touch with us – we’re here to help and we’d love to hear from you.
