It is often difficult to talk about money, with cultural politeness holding us back from frank discussions about salaries and potential bonuses. However, it’s much more likely that you will be able to negotiate and secure a bonus if you can discuss it openly and realistically, rather than feeling embarrassed to talk about it at all.
If you want to negotiate a bonus in your job role or a potential job role that you are interviewing for, there are many things that can help, and we will take a look at our top tips here. Securing a bonus can make all the difference in how you feel about your job so it is important that you feel comfortable discussing the options and working with a recruitment firm can help to boost your confidence in these discussions and give you more experience in dealing with issues such as this.
When you’re interviewing for a new role, there are many things to consider, including whether the organisation is a good fit for you and whether you feel that the salary advertised is fair, considering whether this includes regular or occasional bonuses. This is also a good time to think about other terms of employment, including annual leave, healthcare and the opportunity to work remotely.
Negotiations can be difficult, especially if you feel pressured to avoid awkward questions in case it prejudices the interviewer against you. However, it’s important to realise that an employer is more likely to value your honesty and willingness to discuss matters such as this, as it speaks volumes about your character and your commitment to your goals.
To some extent, it’s about being brave enough to start the conversation, and this may involve practicing having difficult discussions with a willing friend or relative or your recruitment consultant. On the other hand, a process of preparation and research can help throughout your interview, enabling you to find out more about the company and the potential salary as well as the culture around bonuses. As a starting point, you should be very clear on your own worth and the salary you are asking for, as this gives you a realistic benchmark to work from when negotiating bonuses.
Negotiating a bonus is all about balancing realism and ambition. You’re walking the line between being clear about your value, arguing your case, and being realistic about what you are asking for. The following tips may help:
Of course, it goes without saying that you should be polite and friendly with your interviewer, communicating clearly and making an effort to build up a rapport. It’s important to be authentic to yourself and you should also be aware that the interviewer will have an influence over the decision-making process so finding common ground and connections will be helpful to you.
Successfully negotiating a bonus, or any part of your contract, relies on you deserving what you are asking for and it can help to refer to your industry guidelines for information, salary trends and average salaries for comparable roles in the same area. Don’t go in too ambitiously and ask for a bonus that is higher than the top figures in your field, and, conversely, do not undersell yourself by asking for less than the average salary or bonus for comparable roles. You should be prepared to answer some difficult questions to explain why you deserve what you are asking for and what you will deliver in return, which may mean referring to your key skills and evidencing your previous achievements.
It may be tempting to say that other businesses are headhunting you, and this can sometimes be an important bargaining position if you have been made a firm offer by another organisation or your current employer. However, don’t be tempted to name drop the other businesses that want you unless they are offering favourable terms, and you are seriously considering taking a position with them. If you push too far at this point, your interviewer may feel that you are trying to manipulate them, and this will not go down well.
There’s no point in pushing for a bonus that the organisation cannot afford to pay or asking for unrealistic returns. Focusing on the most important elements of your negotiations and not expecting capitulation on every point can help you to be grateful for your position and the benefits it brings. Don’t forget to note down the points that are agreed and those that are not agreed, as there may be an opportunity to re-consider these in the future.
Don’t take a blinkered approach and focus only on the money, because this is not the only aspect of your position that should concern you. You should also consider opportunities to progress, flexible working, remote working opportunities, healthcare and other non-monetary benefits. Some of these are more valuable than a small increase in remuneration and it is important to bear this in mind and keep your focus on the bigger picture.
If the opportunity to negotiate your bonus, salary or other benefits does not arise during the interview process, you could consider emailing or calling the organisation directly to ask for a further meeting to discuss these things. If you are working with a recruitment agency, they may be able to approach the organisation directly and set up a negotiation meeting or even negotiate on your behalf.
When you go into a negotiation situation, it can help to have a benchmark figure in mind. Be clear about what you would like to be offered, whether this is your annual salary or a specific bonus and consider the amount you would be satisfied with so that you know what you will be happy to accept. Remember, if you are offered more than this, you should accept gracefully and do not let on that you would have settled for less!
After your negotiation meeting, whether you have been entirely successful or have set up a further opportunity to discuss your terms in the future, you should follow up with an email to thank your interviewer for their time, summarising the details of any agreements you have made and expressing your enthusiasm for the new position. This is also a good time to confirm your start date and any other points you need to clarify before your new position begins.
Here at Careerwise, we work closely with employers and employees to build great connections that benefit both parties. We work with top quality organisations and talented professionals, and we take the time to understand every client’s unique requirement so that we can exceed expectations every time.
CareerWise is Ireland’s leading specialist recruitment agency in Limerick, Cork, Galway, Dublin and Mayo. Our professional team specialises in the Engineering, Supply Chain, Science/Pharma, IT and Accounting industries in Ireland, and we will be happy to talk with you today. Contact us online now or call us on +353 (0) 21 206 1900 to arrange a consultation.
At CareerWise Recruitment, Gillian has dedicated herself to mastering the intricacies of digital media. With a keen creative insight, she crafts and oversees a dynamic content marketing strategy that captivates and engages. Her strategic marketing and project management skills enable her to grasp overarching goals and pinpoint the steps necessary for timely, cost-effective project fruition.
Gillian’s background is rooted in a vast multinational telecoms firm, contributing over nine years in Finance/HR and Project Administration roles. Additionally, she brings a wealth of knowledge from five years in editorial and desktop publishing.
Her academic credentials include a study in Personnel Management at the University of Limerick, complemented by a diploma in Business Studies.
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