How to Negotiate Your Salary?

How to Negotiate Your Salary?

Jun 28, 2018

Negotiating your salary is arguably the most important component of finding a new job. However, most job seekers seem to be at a loss about how to approach it. Before even beginning salary negotiations with your recruiter, you must spend some time researching about how much the job is actually worth. What is the worth of your skill and experience to the employer? Preparing yourself thoroughly before the negotiations begin helps you land an offer that’s realistic and reasonable. You want an offer that is in line with the market and meets your expectations and needs. Contrary to a popular notion, salary negotiations need not be antagonistic or adversarial. It is important to remember that your aims are generally in line with those of the recruiter- to reach a figure that is appropriate for your skill set and experience. The most productive salary negotiation happens when both parties are willing to discuss in a calm and rational manner. Both must realize that they are on the same side and trying to fleece isn’t in the long term interest of either party.

Negotiations typically include discussions over all aspects of the pay package the salary, bonuses, benefits, perks and leaves.

Here we have listed some useful negotiation tips that job seekers might find useful-

1. Wait for the right time

Once your research is over and you have a fair idea about what you are worth, how do you go about getting it? Our first advice to you would be to be patient. It is not a good idea to make enquiries about the compensation package right away. The right time to begin negotiation is to wait till the recruiter makes an offer.

2. Avoid naming a sum before the employer makes an offer

It is common for the recruiters to ask what your expectations are. You could answer by saying that you have an open mind and that you would be willing to accept an offer in keeping with the industry standards. An alternate way to deal with such a question is to tell the employer that you would like to learn more about the nature of the job, responsibilities and the challenges that it entails.

3. Back your expectations with data

Some recruiters might insist that you name a sum before they make an offer. Under such circumstances, you should name a salary range based upon the prior research that you have done. Talking about your personal monetary needs isn’t a very good idea. Instead, base your arguments on the research data you have collected- the industry standards based on your experience and skill set.

4. Don’t make haste

Once an offer is made by the employer, you aren’t bound to accept or reject it right away. Take your time. At times, simply saying that you need to think it over could get you a raise over the initial offer.

5. There is no harm in saying no

This piece of advice should be taken with a grain of salt. Do you absolutely need the job? If the answer is no, then there is no harm is saying no if you feel that the offer made by the recruiter doesn’t do justice to the experience and skill set you bring on the table. You would be surprised to see how many times simple saying no could help you get a better offer.

6. Do not ignore the significance of benefits

A lot of job seekers tend to focus just on the salary component and tend to ignore the significance of benefits and perks being offered by the company. This is a mistake. It is advisable to pay very close attention to the extra-salary components of your package as well.

Following these simple techniques could help you land your dream salary package.