Very often we all seem to believe that we deserve a better package or a salary increase. However, we avoid negotiating a higher salary for the same. It has been observed that most of the job candidates are not aware of how to negotiate salary with the potential employer or the hiring manager during job interviews or promotions.
The psychology behind the same is that while internally we all believe that we deserve more when it comes to confronting the other person for the same, our confidence wavers and we end up not keeping our salary expectation to ourselves.
This fear of rejection based on a higher negotiation drives us to be quiet. We, however, know much scarier is the prospect of not negotiating salary. When we go for an interview we wish to give our best and, at the same time, get the best salary and benefits package.
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Here are some tips to guide you on how to negotiate salary:
1. Knowing your value
Before you begin to negotiate a job offer, you must be well researched on the value of your position, area, skills, and experience, along with other critical factors in a company. This can often be done by concentrated Google searches and talking to people in the industry and the company. This allows you to better pitch the salary you want without firing arrows in the dark. It also shows the company that you are serious about working with them.
2. Talking to recruiters
Those pesky recruitment calls you to get that you disconnect, they can be a great source of information about your value and what to negotiate once on the table. They keep tabs on people and positions along with their monetary value. Getting a specific number is unlikely unless you visit them or seek their help finding you a job but generally knowing a range is not that difficult in such conversations.
3. Start at the top
Now that you know the range in which your salary must fall, start the salary negotiation at the top of the base salary range. This serves a dual purpose. One, it shows those on the other side of the table that you are confident in your skills and abilities. Secondly, the employer will certainly negotiate to go lower with the employer offer so starting high allows you to stay in the range you wanted.
4. Exact number
When negotiating salary, do not round up but rather quote an exact number. For instance, you can negotiate for 8.4 lakhs rather than 8 lakhs. This allows them to see you have researched more extensively. This also improves your chances of getting a higher package.
Don’t be afraid to walk away – The numbers you have in mind remember to have a fixed lower limit. If the negotiations reach that point, politely but surely be ready to walk away from the offer.
5. Being ready
This means that when you wonder how to negotiate salary, you should also comprehend why you have those salary requirements. Questions such as “do you have the right experience”, “have you handled the right responsibilities before”, “has your performance been above expectations in the past” need to have a positive answer for the employer to reconsider your compensation package.
6. Practice makes perfect
As great as an impromptu orator you may be, practicing never hurt anyone. A few run-through of negotiating salary with friends or in front of the mirror will help you see where you can pitch better and will also have you better prepare for questions. You need to practice more on improving your communication skills.
7. The walk-in
The way you walk into a room sets the tone for everything. This aspect shows your confidence in yourself as well as the process. This also sets the tone for the negotiation where you are not on the table on the back foot.
8. Focus on the future
Often, those on the other side of the table will ask you your present salary or your salary history. This becomes a problem if you’re underpaid in the present job or looking for a serious hike. In such cases remember to focus on the future and what you bring to the table for them.
9. Be the first to ask
Find the opportune time and put your number on the table first. The first number on the table is the most important one as it sets the numbers rolling from there. If the other party puts a number out first then you are always running behind.
You can also take this opportunity to discuss your extra vacation days, work from home days, etc.
10. Don’t use a range
Keeping a range in mind is one thing but do not quote one while negotiating salary as that allows the other party to use it to pay you the lowest in the range. Quote higher than you want and quote a single number as discussed earlier.
11. Use email when you can
While most negotiations happen over a call or face to face, if your communication with the recruiter is mostly over mail then you need to layout your demands well in the negotiation salary email.
Also, click here to read the basic points & format for a professional email.
12. Don’t be afraid of the “no”
You must remember that if they say no to your salary request, it is a part of the process of negotiation of salary. Often times they may make a counter offer which might not be exactly what you want. Whereas some companies simply offer a signing bonus and keep the salary offer as the same. Do not feel disheartened if the negotiation does not go your way.
If you keep the above points in mind, your negotiation of the salary should go well. Remember that this is where you will be working for the foreseeable future in the job market and thus negotiating salary while keeping it all well is crucial here.