Career Advice

How to Negotiate Salary? Become A Pro In The Next 4 mins5 min read

December 24, 2019 4 min read
negotiating salary

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How to Negotiate Salary? Become A Pro In The Next 4 mins5 min read

Read­ing Time: 4 min­utes

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.

Isha is a post graduate in Economics and has a passion to curate great content for web users. She has a research and writing background in Higher Education, Jobs and Digital Marketing space.