Remote work isn't a new concept, but with the easy availability of high potential, skilled employees globally, the idea of professionals working outside of the traditional office environment is gaining popularity by the day, not just among the employees but among employers as well. The pandemic only reinforced the idea, making it a preferred option, leading to a paradigm shift mainly in the sectors where in-person interaction isn't mandatory.
With the change in work culture and other norms, many variables have altered salary expectations and negotiations. We are sharing some useful tips for negotiating a lucrative salary for your preferred remote job.
Early research based on a company's location
The first step to negotiating a good salary is to do thorough market research and gather as much information about the position that you are applying for. Once you have gathered what the salary range looks like, research the company of your interest and ascertain their typical range. Location plays a significant role in salary negotiations for remote jobs. A remote company might not be willing to pay as per the high-paying job market in your area and in this case, you should be in a position to decide whether you'd like to adjust your monetary expectations or walk away.
Check the compensation structure (salary and non-salary perks)
Companies have many components when it comes to the compensation design, the size and stage of the company being important variables. A decent childcare allowance, medical benefits, stock options, or benefits that correspond with the changing dynamics like benefits for mental health or internet/other equipment reimbursements are some of the many perks offered these days. It is important that while negotiating salary, you look out for the perks that are the most important to you.
Be mindful of the enlarged number of high potential employees
Due to diminishing geographical boundaries in remote work, there has been an increase in the easy availability of talent, globally. Unless there are hard-to-find skills and can't-do-without experience, it is crucial to approach negotiation sensibly.
Prioritize what you seek out of a job
A bit of introspection will give you a fair idea about what exactly you value in a job. Salary, of course, is a factor but is it the main factor for you? A couple of questions about the company culture and work-life balance will tell you if the benefits and perks outweigh the figure that you are looking for. Eventually, what matters is your priorities and expectations from the job.
Discussions based on your current and future cost of living
Cost of living is different in different countries and most employers compete for you in the market that you are living in. But the fact that you'd remain in the same location forever might not be true. This means your cost of living could completely change within a period, making it even more important that you gauge your needs correctly and discuss the same with your future employer.
Know your value
A job change is a wonderful opportunity to get a remarkable boost in salary. You should not undermine your worth and walk away from a good opportunity. Knowing and making others understand your potential, skills should help you ask for what you are worth.
To conclude, you must do your homework, check your expectations, set a realistic goal, and know your worth. The idea is to negotiate in a manner that you are paid your market value in a fair way irrespective of where you live. If it doesn't happen, don't worry. You can walk away from such opportunities and employers. If employers have access to a large talent pool through remote work, you too have access to limitless opportunities that are not bounded by geography.