Salary negotiation is one of the most crucial steps in a job search process. Handling this step with caution is important to fetch the right job offer from the employer. You have reached this stage is a testament to the fact that you have been able to impress the employer with your skills and experience. Most people don’t feel comfortable negotiating their salary and either doesn’t bring it up at all and accept whatever is being offered to them or say something that doesn’t work in their favor.
Have you been offered a job offer? Are you not satisfied with the remuneration being offered to you? We have prepared this salary negotiation guide that will clear all your doubts and confusions.
Salary negotiation is a process where the employee and the representative of the employer, usually an HR Manager, reach an agreement on the terms of employment including the compensation, health insurance, perks, etc.
In this article, we will talk about some effective salary negotiation tips that will help you fetch a better job offer from the employers. But before that, let’s first understand:
Whether you are just starting your career or starting a new job, it is always important to always negotiate your salary to maximize your pay and demand what you truly deserve. Here are top 5 reasons why salary negotiations are important:
Reason #1: Not negotiating your salary will cost you.
There is no harm in negotiating the job offer given to you by the employer. When done correctly, most candidates end up negotiating a better job offer. This means that most of the times there is a scope for asking for a better pay and higher chances of getting a positive nod from the employers. Not negotiating the salary simply means that you are leaving the money on the table.
Reason #2: Negotiating salary will increase your income.
Your current salary will follow the salary offered by the next employer. Not negotiating the initial job offer made to you will severely affect not only the gains now but also in the long run. Even a five percent increase in every job offer you agree to take every time you take a new job over your entire career can help you in building a more financially secure future for yourself.
Reason #3: Negotiating your salary shows that you know your worth.
For most employers, your candidature is just another number. For example, the job reference number assigned to the role they want to fill, the dent the pay offered to you will leave on the department under which the role falls, etc. Asking for a better role will help you carve yourself from just another candidate to a candidate who is aware of what s/he is worth in the job market.
Reason #4: Handling salary negotiation discussion with tact is a step towards your own growth.
While salary negotiation will definitely help you grow financially over the years, having such a discussion will also help in your professional growth. While most people resent having to negotiate salary, tackling such a difficult discussion with tact will help you grow professionally. It shows that you will be able to tackle difficult conversations at work with ease, a skill employers want in their candidates.
Reason #5: You get what you want only when you ask for it.
There are many candidates who feel exactly the same way you feel about negotiating their salaries – uncomfortable. This attitude generally works in the favor of the employers and they deliberately start offering low salaries because they know candidates will readily accept their job offers. This is not good for you as well as for many more like you in the industry. Negotiating your salary will help people in the same profession ask for genuine salaries and reduce the pay gap over time.
The biggest challenge in salary negotiation for candidates is to overcome their fear or the feeling of discomfort associated with it. The fact that you have received an offer letter from the employer shows that you have all the skills necessary to do the job. What you really need is to convince yourself of your worth and why you should negotiate the salary being offered to you. Once you are clear on these points, negotiating the salary will come naturally to you.
Here are the top 5 salary negotiation tips to help you fetch a better job offer:
Tip #1: Know your worth
The first thing to do before negotiating your salary is to find out your worth in the job market. Ideally, this research should be done even before you appear for a job interview. There are numerous online salary tools available that can give you an idea of the current rate for your position, skill set, and experience in the geographical area you are interested in. You can even ask professionals in your network to figure the pay for your job profile.
Tip #2: Time it perfectly
Timing plays a crucial role in everything we do. This is true in the case of salary negotiations as well. The best way to go about it is by staying patient and not to bring up the topic regarding compensation until and unless the employer does so.
Tip #3: Come up with a specific number
When asked, quote a specific number based on the research you had done. This increases the chances of the employer offering you a job offer which is closer to what you have asked for. Also, it shows the employer that you have done extensive research regarding the compensation for the said role and that you are aware of your worth in the job market.
Tip #4: Explain what makes you a catch for the employer
While negotiating your salary, try to weave into the conversation your skills, strengths, work experience and key achievements. At the same time, ensure that you don’t come across arrogant. Brag about yourself, but do it with utmost humility.
Tip #5: Don’t be afraid to say no
Salary negotiation is the process where you and the employer mutually agree upon a compensation package. If the offer made to you is not as per the industry standards and your expectations, it is completely fine to communicate the same to the employer. Appreciate the job offer being made to you, but at the same time explain why what you are asking for is justified in a polite manner.
Regardless of whether your salary negotiation discussion was successful or unsuccessful, it is important to prepare yourself for what follows next. Here’s what you need to know:
1. The employer’s expectation from you might increase.
A revised job offer with a higher salary package comes with higher expectations from the employer. Higher expectations often reflect in terms of increased work responsibilities as well. It is important to walk the talk and prove that all the claims you had made during the job interview were true. Prove yourself and win the trust of your team members and superiors.
2. Keep yourself updated with the salary trends prevalent in the industry.
Once you have negotiated your salary successfully, don’t wait until you look for a new job to stay updated with the salary trends in your field of work. Keep researching online and talk to the people in your network to ensure that you are being paid fairly.
Salary negotiations can be nerve-wracking. However, you can successfully negotiate your way to your desired salary with a little bit of research, patience, and preparation. Hope this salary negotiation guide helps you fetching better job offers from the employers.
Also Read : Avoid Salary Negotiation Mistakes
All the best!
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