Having been through university and graduated you are probably all too aware of the need for financial management. Budgets are the usual first point of call, weighing up which of the luxuries you can do without or have less of. However, there is a better first approach: earning more money will improve your financial situation dramatically. The art of negotiation must be learnt and applied at every opportunity.

Negotiation is important as it provides you a better standard of living and repeated negotiation can put you on a salary far better than your colleagues who don’t negotiate. You will need to earn these salary increases but if you are a top performer, a company will want to pay the extra. Here’s what you need to know to score a great deal.

1. Appropriate timing

You may know you’re worth more and you should be entitled to ask. Sometimes, it’s not a very good time to bargain, so that’s why it is important to know a few things about the hiring company. If you are a government worker or someone in a similar structured environment, you will be paid according to your grade and negotiation is not possible. Equally, if you are doing a job which many others would and could do, there’s no incentive for the company to negotiate with you.

2. Preparing for the negotiation

Stating you want more money is not enough. There has to be a reason why paying you more is beneficial to you, the company and your colleagues. Preparation is paramount. First, you will need to determine the average salary for someone in your position. There are a variety of websites that show average salary ranges. It is probably best to print a copy out and take to your meeting.

Having decided what figure you would like, your next step is to work out what the company wants. After specific terms and conditions have been settled, you must work out how you can assist in delivering these goals and in what timescale. Then prepare a document highlighting what you will do to achieve them. This can then be shown and discussed in the meeting.

3. Don’t be greedy

Just requesting a salary increase shows greed and poor planning, especially if you’re a new grad. Instead, you will need to consider what other elements are essential to achieve company aims and objectives. Will flexible hours be necessary, additional resources or other benefits? This approach shows the company you are serious about the job and your role in the company.

4. Practice!

The more you practice your arguments with a friend the better your argument will sound. You will talk naturally and calmly, knowing your argument and believing in it. Most importantly, know what your limits are and when you will be able to get a better deal elsewhere. It is important to know this and be prepared to walk away if necessary.

A good time to negotiate a raise is actually when you have been made a job offer. At this point, the company does not know much about you. If you negotiate calmly and provide every indication that you are the sort of employee they don’t just want but need, you are in with a good chance. Salary negotiations should always come after the job offer.

5. Leverage

It is obviously easier to negotiate and to be prepared to walk away if you have multiple offers. This can even be mentioned during a meeting, emphasizing that the company you are meeting with is your top choice but you do have other offers. Being friendly but firm will help seal the deal. Having leverage can have a lot of benefits; if some other company wants to hire you as well, you can use this aspect to ask for more from the company you’re interviewing for at that moment.

An important part of the negotiation is asking them what their top challenges have been. If you have done your homework correctly, their answer will match the challenges and solutions you have already written down. This is a perfect time to pull this document out and demonstrate how prepared you are. Impress a hiring manager by showing them you’re exactly what they want.

By Christopher Austin and TheGapPartnership.com!

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Graduating soon? 5 tips for salary negotiations