Salary is a very important aspect for candidates to determine whether they want to take up the offered job or not. No one wants to accept the job offer that is lower than his/her worth and no company would want to pay higher than its allotted budget. Thus this leads to a situation where salary negotiation becomes tricky and stressful.
When a company calls you for an interview and offers you a job, then comes the part where you have to ask yourself some serious questions like, ‘Is the job worth your qualifications and experience?’, ‘Are you getting the right pay for your skills?’ and ‘What chances do you have for negotiating a higher salary?’ According to Sonia Sharma, VP – Strategic Planning and Marketing at JobeeHive.com, every candidate should try to negotiate for desired salary with his/her potential employers. She says “dissatisfaction sets in if you opt for an undesired salary. Sooner or later you would realize that not negotiating for the desired salary was a mistake and you would once again start looking for a new job.”
Remember, salary negotiation is how well you communicate your experience, worth and benefits to the company in exchange for position, money and perks. If you are sure you want the job along with desired salary, you have to prove to the company that you are an asset for them.
Here are 7 tips and techniques for salary negotiation which can lead to a win-win situation
Be well prepared with your research– “It is very important for candidates to understand the salary structure of the organization they are applying for. Candidates should also survey on the industry average and research on what employees in other companies are getting for the same position and same experience” says Sonia Sharma. The internet has many employer review sites for candidates to review and compare salaries across various industries, companies and locations.
As part of the research be sure of your expectations because as Sonia Sharma puts it “Candidates would not want to waste their time interviewing with companies that are not going to pay them their worth.”
Be confident about yourself – When the company makes you a job offer it is a sure sign that they want you. However this should not lead you to become arrogant. Adopt the right attitude and use the opportunity to ask for a salary that is at par with your skills and experience. In such case, you should emphasize on your skills and quantify it in terms of costs saving, increased efficiency and overall contribution to the company. This will give the employer a chance to recognize your benefits and reinforce your salary negotiation session.
Be informed about the company – Never apply for job interview without doing a thorough research about the potential company. Employer review sites provide candidates with a platform to research on the company they are applying for. Candidates can review what other employees say about the company’s work culture, job opportunities, employee morale, salary and benefits, etc. Such information gives a clearer picture to the candidates of what to expect from the company and if the company is the right choice for their career growth
Pre decide on a salary range – Before diving into a salary negotiation discussion, it is highly advisable that you should be clear in your mind of your expectations and what you want to walk away with after the interview session. Besides investing time in market research, you should also analyze your previous salary package, add the percentage hike that you would want and decide on the limits of your salary range. Quote your salary higher than your expectations and be flexible because the potential employer may not be ready to give in to your demands. However, think twice before accepting a salary that falls below your specified limits.
Never rush into proposing a figure – Salary is a sensitive topic and you should tread very carefully on the discussion path. Let the company initiate the salary conversation and propose an amount to you. This will give you an opportunity to analyze your research and whether the suggested amount is according to your expectations.
Evaluate the total compensation package – “Many employers bloat the offered salary package wherein the in hand salary of the candidate is minimized” Says Sonia Sharma. You should always evaluate the complete package that is being offered to you and make sure that salary which you are getting in hand is higher than your previous pay. However, if the company is not ready to increase your in hand pay, then you can always negotiate for extra benefits or perks such as paid vacations, signing bonus, increase in the percentage of annual raises, car, laptop, house rental and etc.
Do not be hasty in making your final decision – When you are negotiating on the salary do not be hasty. Think about the job offer from 360 degree point of view. Ask yourself questions, ‘Do you love this job?’, and ‘Will the offered position help in your career progressiveness?’ ” When a candidate finds that the offered job is what he always desired and it will give him satisfaction and a great work environment, then he wouldn’t mind compromising on the salary”, says Sonia Sharma.
Salary negotiation need not be difficult if you approach it with the right attitude, diplomacy, professionalism and respect. All you have to make sure is that you have your facts right, have done your salary research and know your expectations. If you have the right marketing skills and faith in your value then it leaves you at a better position with your potential employer and increases their desire to want to work with you and eventually give in to your desired salary.