Negotiating Salary? 12 Tips to become a Pro in Next 4 mins5 min readReading Time: 4 minutes
Very often, though we all seem to believe we always deserve a better package than we get, we don’t negotiate for the same. It has been found by research that nearly 50% of employees shy away from negotiating salary during 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 asking for the same. This fear of rejection on the basis of a higher negotiation drives us to be quiet. We, however, know much scarier is the prospect of not negotiating salary. When we want you to go to the interview we wish you to get the best you can. We are thus here to tell you how to best get what you want.
Keeping that in mind, here are tips that can help you to negotiate salary better:
1. Knowing your value
It is crucial that you are well researched on what the value of your position, area, experience, and all other critical factors is in a company like the one you are appearing in. 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 your possible 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 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, it is certain that the other person will negotiate to go lower 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 example, ask for 8.4 lakhs rather than 8 lakhs. This allows them to see you’ve researched more extensively. This also gives you a higher chance of 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. If nothing else, this ensures you do not settle for less than you deserve.
5. Being ready
This means that when you negotiate salary at your numbers, you should be ready to answer questions on why you deserve it. 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 from you with proof.
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
How you walk into the room sets the tone for the most part. This aspect shows your confidence in yourself and 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. 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.
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.
12. Don’t be afraid of the “no”
You must remember that them saying no is a part of the process of negotiation of salary. Do not be afraid of it and work through the same to get what you want.
If you keep the above points in mind, your negotiation of the salary should go well. Stay confident. Remember that this is where you will be working for the foreseeable future hopefully and thus negotiating salary while keeping it all well is crucial here.