Salary negotiation is one fine art rather than a fight, where few excel based on their negotiation skills whereas others fail. Salary negotiation depends on various factors & parameters. So, today let’s see how to negotiate a salary both being a fresher & experienced!
Always Be Reasonable
If someone is providing employment to you, definitely they are doing some good to the society and at the same time, it is also your responsibility to be reasonable to them. So, don’t over demand them, instead show them the real reasons for your demands such as job location, transportation, food, house allowances, power, family but this doesn’t mean you discuss your personal family problems with them (be careful).
Also, know about the company and then demand. Some companies may have different salary structure such as more other benefits will be given in the form of a bonus, incentives, performance appraisals, food coupons, transportation, accommodation allowances, health insurance, dual PF crediting policy and incentives than a CTC.
Don’t Reveal The Package Details Soon And By Yourself
After they evaluate your skillset & worth after repeated interview rounds and tests, let them decide your salary too. Only then you can tell your number until then…just stay calm and follow the interview process.
Don’t Accept A Job offer Too Quickly
Like they dragged you for large no. of rounds, you too cannot skip this important round of salary negotiation. It is said that on an average it takes 1-2 months for a company to fill its positions. So, drag until they are okay with your number for your potentiality.
Just ask for some time to tell them your decision about the package, and postponing can help them understand sometimes.
Do Some Research & Fix Your Price!
Considering your skill set, education, experience, and market value do some market research. There are many websites to calculate the salary for your education, skillset & experience. Understand your worth, prepare at home and fix your price.
See The Companies Appraisal Policy
Few companies review employee’s appraisal in 6 months, whereas few others do it in one year. If someone gives a 10% hike, others give 20 – 30%. So, see the compensation level & policy of the company.
Like they review your performance every 6 months, you too can have an overview of the company’s performance & results. See the market demands, your skill & experience. Check if the company is underpaying or overpaying you? All the above information will help you demand a reasonable salary and quantify your value and performance in the interview.
Show Them Why You Are Worth Of It
Show the demand for your skills in the market, talk about your productivity and experience. Refer to the company goals. Negotiate with live examples. Compare with other contemporary companies and employees.
Use These Words, In Your Salary Negotiation
“I’m excited to work with you on this project”, but “based on my research”, “the Market Value” for a similar skill set employees” in “these companies” have a huge difference, but “I don’t want to leave this offer” and “I would be more comfortable if you re-consider “revising the package details” so “do you mind if I take little time to think of your offer?” “Thank you”.
Because if your initial salary is not negotiable, it will not be negotiable again for a long period. Some hr managers always want to decrease your salary with their negotiation skills for various reasons. So, if you feel you are undervalued being a qualified and potential employee, then don’t take up the job.
If you take up them, you’ll not last long there and don’t forget that they too don’t want to miss a potential employee to succeed in the market.
Make Them Jealous
Tell them that which all the company’s interviews you are attending, if possible show them the offer/joining letters (you should have them), this will not just increase your salary immediately, but also speed up the interview process and never lie.
Have A Professional Credibility
In most companies, your salary will be decided based on your previous employment such as the level of your job, the company you worked with, your designation, duration of experience, education, additional skills, and other important factors. They might give 10-30% hike based on these factors. Without which you can’t demand higher salaries.
Discuss With Key People
Don’t ask the HR manager/ project manager or other executives who are not the decision maker for your problem. Ask the one who takes decisions such as organization authority/Managing Director who takes financial decisions.
Not Always Money Is Everything
Don’t be stubborn, If you are working for a start-up, where you have a scope to learn and interfere in every different department and imbibe the knowledge, salary may not be the top priority here but the skills and knowledge you earn apart from the employment.
Some times you’ll also have to be flexible about your work hours & place.
Nothing Is Final
Always be flexible in salary negotiations, there could be some misunderstanding between you and the company in terms of your evaluation and they might only get it, once they see your work, so, you can demand hike after they have seen your potential. Therefore, nothing is final for people who wait.
So, salary negotiation is something that is decided by the boss and employee between their worth, productivity and market demand…so always see either side and be a win-win for both the parties.