Settling on a low salary can have worse consequences than you think! Firstly, you will be paid less, on top of that your raise (which is usually a percentage) would be on that lesser pay. While getting the offer a lesser than expected pay would not pinch you much, but it won’t be long before it would start unsettling you till you finally start to hate your job and/or employer simply because you’d feel that it’s not worth it! No matter how much you love our profile, work environment, ultimately money is the biggest motivation for all of us, at-least for most of us. Read on the article further to get first hand advice on how to negotiate on your salary…
1. Actively Prepare!
We prepare our resumes, we prepare for the preliminary interviews, phone interviews, group discussions, case preparations, personal interviews and what not? But how many of us actually prepare for salary negotiations? Here are few things you need to do:
– Know your market value – Refer salary.com, payscale.com, glassdoor etc.
– Think of 10 strongest points in your profile that would be significant for the employer. What are you bringing to the table? – Summarized in 10-12 statements & well-rehearsed.
– Know your current salary structure very well – Both the pros and cons.
– Highlight all the latest training and skills that you have attained.
– Make them realize how you can contribute to the organization apart from your core responsibilities. For e.g. – Event planning, NGO work, Employee welfare and safety initiatives.
2. Timing of Negotiation
There could be various encounters where you would be asked your expected CTC. Handle those situations very sharply and don’t reveal it. The earlier you start discussing your salary during your application process, the more you are at a loss. Wait till the recruiters have finally selected you as a potential candidate. Complete all the interview rounds.
Once that happens, you have the upper hand for negotiation. They will be surely ready to negotiate instead of straight away turning down the offer. After all, even they have invested their time, money and other resources in conducting multi-stage interviews.
3. Basis of Negotiation
The basis of your negotiation should be the value you would bring to the employer. Most of the recruiters just add the industry hike percentage on your past CTC. But what if you were underpaid by your previous employer? Don’t let that carry on to your next job as well.
Sometimes the employers bring the cost of living of the concerned city into discussions. They might also start talking about your expenses and savings need. Don’t let the discussion go there. You are being paid to work so you must also be paid based on your work and not a thing else!
4. Be Assertive
Let’s consider you were able to deliver whatever you had prepared for salary negotiation (Point 1). If you are demanding in line with your market value, then be extremely confident about it. You must always keep the conversation on a positive note.
Also don’t be too afraid if they turn the offer down. You know that you are capable hence they have selected you. Also, if need be, be prepared to politely say ‘No’ to the offer if they do not consider revising your salary even half way close to your expected revision. Let them think for a day or two. If you have followed the above four tactics they will definitely honor the revision.
Jitu is Co-Founder of Mantras2Success. He has Engineering & MBA degrees to his name, along with 10+ years of corporate work experience in fortune 500 companies. Jitu is passionate about improving the careers of the modern day professional. He would be reading books or watching documentaries if not fulfilling his dreams at Mantras2Success.