Talking about expected salary is something most people avoid until it is absolutely necessary.
But if you do not want to be under-paid in the insurance sector, you must know how to negotiate your pay so that you and your employer can come to terms on an amount that works for everyone.
A recent Salary.com study says that about 68% adults feel that talking about money invokes a lot of stress. Aspiring for a better position at your current workplace could involve salary negotiations too, but the process is often more daunting for those who are seeking a new job or their very first job.
Focusing on certain factors can make this task easier for you.
Know Your Worth
Before you begin talking numbers, know what you are worth to your company and to the job segment you are in. When employer asks your expected remuneration, give a realistic figure.
Quoting too high or too low gives the impression that you are either clueless about the salary trends within the insurance sector or that you are under-confident about your own value.
If you want to get an idea of the salary range for different positions and in different insurance fields, you could check out tools like Glassdoor, Comparably, and PayScale.
Emphasize Your Value
You ask for a certain salary or a raise only when you know that your talent and work is an asset to the company.
Make sure you explain to your employers what you bring to the table and why you deserve the amount you are asking for. Stress on what differentiates you from other candidates or co-workers and how the company profits from it.
Be Ready with a Counteroffer
Most people want to get done with salary negotiations quickly and very often, accept the first figures that are put on the table. Employers generally suggest a number, expecting you to renegotiate. If you don’t, it is your loss and you may end up getting paid much less than what you deserve.
While speaking to your employer, you must have your priorities set and know what is and isn’t negotiable for you.
Do not Forget the Extras
Your pay scale does not just refer to the cash that you receive each month. Your salary package may also include child-care costs, transportation expenses, medical care, insurance, bonuses, vacation time, stocks, flexible working hours, or work from home options.
Some employees may prefer to take a higher base pay and fewer vacations while some may prefer a lower base pay and have their commuting costs taken care of. Ask for what works best for you.
Certain companies also allow employees the chance to attend conferences, summits, or enrolment in degree programs. This is a salient opportunity for professional development.
Persistence Pays
It is possible that you are not receiving a raise or the base pay you expect because of current market status. Maybe a lull in the economy is not allowing insurance companies to offer bonuses and raises, or is forcing companies to execute substantial downsizing or layoffs.
If you believe that your monetary expectations are justified, be persistent in your efforts to convince your employer.
You may get what you want after a few months if not immediately. If the employer refuses, you should try to get concrete feedback as to why they do not think you deserve what you are asking for.
