“If you walk into a salary negotiation without a number, you are at the mercy of an experienced hiring manager”
– Ramit Sethi
Salary negotiations – Dos and Don’ts
Did you just put forward your best game in the interview and got an offer letter from the company? Well then, you made it through the most challenging part of the game, but here’s one terrifying question which might make you timid – yes, exactly! Salary negotiation. Salary negotiation is nothing but a designed series of talks between the employer and the exceptional employee about the package that both parties agree on.
Obviously, this is a tricky one. Many people lack the skills to negotiate in asking for more than offered, as they don’t want to come off too pushy. Some of us feel awkward while putting out a conversation about salary negotiation. They like to send salary negotiating emails before it is discussed in-person to avoid that awkwardness.
Some Facts About Salary Negotiations:
- The higher your annual salary is, the more likely you are to ask for a raise.
- Gen-Y is less likely to ask for a raise and more uncomfortable in negotiating.
- Baby boomers don’t want to negotiate their salaries in fear of losing their job.
- Women holding master’s degrees are struggling with gender bias when it comes to salary negotiation.
- Workers with less job satisfaction are more likely to ask for raise.
First Impressions Matter
According to a recent survey, 70% of the recruiting managers don’t expect that the candidate will accept the job at the initial quoted salary offer. There is no point jumping into the ground too early for negotiation without even knowing where the other player is coming from. Strive to understand each other’s point of view. When people were enquired about how comfortable they were talking with their employer about money, survey respondents said they would be 54% comfortable negotiating a higher salary with a new employer than asking for a raise in their current job.
According to a study by recruiting software provider Jobvite, found that 84% of those who negotiated ended up receiving higher salaries. Nowadays, there are numerous resources available to know the baseline salary based on industry, position, and the area you are looking for. Glassdoor, Payscale, and LinkedIn are a few to get started with, and you may look for industry-specific resources as well.
“Salary is important, but there are other forms of compensation beyond just cold hard cash.”
This will be the first time you’ll be talking about CTC and remuneration overall, so try not to come off as desperate. There are several facts and figures you need to keep in mind before you start negotiations that will help you explain your salary requirements better. To guide the conversation better, use these pointers:
- Know your value.
- Set yourself a baseline, but be determinant.
- Research the average salary for the position.
- Don’t quote the salary before the recruiter.
- Take out maximum information from the recruiter before you reveal your expectations.
- Smiling is essential and also the most critical aspect while making a negotiation so that you don’t look bored and nervous.
- Don’t be blinded by a massive paycheck if you are looking for longevity.
- Look for other benefits.
- Confidence is the key to justifying yourself logically.
- Stay professional and don’t burn your bridges.
Negotiations require skills that cannot be mastered at first. We are sure you must have got some idea from the video as to how recruiters try to take a maximum of your information before pitching the salary. This video gives us a firm understanding of the mistakes the candidate has made while having a conversation with the HR.
Just like your do-do’s that help you in negotiations, there are some no-no’s, too, that can bring it all crashing down.
Here are Things not to do When Negotiating Salary:
- Don’t quote an exact number
- Don’t rush in your conversation and make unrealistic promises
- Never ever jump onto the first offer but also don’t be stubborn with your number
- Don’t start complaining about your expenses
- Don’t accept offer on the spot
Just like any other art form, negotiation also requires skills. It cannot be mastered at the first try as it needs patience and practice. Don’t make it a number game but focus more on value. You will never be able to get paid what you deserve by avoiding negotiation.
Be careful not to say something overwhelming and follow your instinct of being professional and courteous. Don’t worry or overthink about what’s going on and stay focused on what you’re going to do.
The candidate should know that the very fact that he is called for the interview means that he possesses the skills the company is looking for. If an offer is given to the candidate, he should understand that the company wants him to work for them. While negotiating the salary, the candidate must not fear to ask for more money. No matter what you get paid, don’t push enough or brag that you will be a fantastic employee. This bragging might look quite immature and baseless demand for a higher salary.
Therefore, when managed correctly, salary negotiation will not be a hassling task. It will contribute to a healthy relationship between you and your future employer.