On the job hunt? Here’s how to negotiate for the best salary, other perks

Young Canadians face rising rent and mortgage costs in addition to higher grocery and gas bills – and for those looking for a job, negotiating a higher salary will likely be a priority.

That’s why Devon Turcotte, a careers advisor for Gen Z and Millennial job seekers at Careerified, always advises candidates to figure out what their weekly or monthly budget is, including what they want to save or invest, before even starting the job hunt .

As for the job search itself, she tells clients that it’s not uncommon for employers to be given a budget 20 or 30 percent over the advertised salary range in a job posting.

While many candidates skip the negotiation process out of discomfort, it’s always a good practice to make an effort to negotiate, whether it helps candidates generate more revenue or just builds more confidence in starting those conversations.

The key to negotiating is doing your research beforehand, said Jafar Owainati, co-founder and chief executive officer (CEO) of Toronto-based Barley, a compensation management software company.

But if you’re looking for comparable salaries, be careful where you find your dates. Referring to resources like Glassdoor and LinkedIn, Owainati said the way data is crowdsourced could work to your detriment.

“My observations over the past few years have been that some of these free online resources actually list salaries that are lower than what companies are willing to pay,” he said.

Owainati said these organizations typically use paid and organized formal payroll data based on the aggregation of employment information across a number of different companies.

To get a better idea of ​​salary ranges, Owainati recommends sites like teamblind.com and level.fyi for tech jobs and repvue.com for sales positions. These can enable candidates to be better informed about what might be available in the market, he said.

Owainati also suggests connecting with people at other companies in similar roles, such as on LinkedIn. When you feel comfortable, you can ask for a general idea of ​​what you might expect from a role at your level.

Many candidates look beyond salary when negotiating to instead create an optimal work situation, such as a better work-life balance, Turcotte said.

Negotiations may include talks about paid time off, remote or hybrid work, or earlier or later work start times, she said. Candidates may also negotiate for professional development funds or another job title. The latter comes in handy for those who want to play the long game and easily move to higher jobs later, she said.

Negotiations, whether successful or not, do not always end with the hiring phase. To prepare for future negotiations, Turcotte advises clients to keep a boast as soon as they start a new job. This boast should be a place to track and record your progress, where you are making a difference both externally and internally.

“By keeping an eye on these things, you have evidence to show when opportunities arise to revisit the negotiation call,” she said.

That can be at the end of the probationary period, at a year-in-review, when you’ve completed a project, or the company just had a good quarter, she said.

If you want to reopen the conversation about compensation, you can talk about how your contributions are helping the organization grow or meet its goals.

This report from The Canadian Press was first published on October 18, 2022.