What are the Best Strategies for Negotiating a Salary as a Job Seeker? Learn Tricks, Apply Tactically and Get the Salary You Deserve!!!
Keywords:
Negotiation, Salary, Norms, Strategies, Earnings, Range, Perks, CTC, Value, Compensation
Learning Outcomes
You will be able to understand the following points undergoing this article on salary negotiation
1. What's salary negotiation?
2. Why salary negotiation matters?
3. How to get the data you need to backup your ask?
4. How you can leverage /. determine your market value with the right market research approach ?
5. What are the factors considered while Negotiation a value proposition?
6. When the negotiation will come up?
7. How to prepare yourself for actual negotiation conversation?
8. Why you need to negotiate your salary / pay with every job offer?
9. How to master negotiation basics and must - Dos?
10. How to master negotiation basics and must - Don'ts
11. How to response to the organisation on getting an offer and know exactly what to express?
12. How the company views people who negotiate?
13.What to do and say when you get a verbal offer?
14. Some useful Templates / Scripts on exactly what to say, when to say it?
15. Conclusions
16. FAQs
References
1. What's salary negotiation?
Salary negotiations including how to counter-offer on salary — are discussions between yourself and a representative of your current or prospective company that aim to help you secure a higher salary. It often include some give-and-take on employee perks and benefits. It may be less costly than a bump in salary for the employer to give ground on extra vacation days, flexible hours or, especially today, a work-from-home schedule.
Negotiating a better salary is something that everyone should be focused on.No matter when the last time you negotiated for a better salary was, the time will come again when you are not rewarded according to value you create for the organisation remaining in the position. I e. It is not reflected in the compensation you receive for that work.
When this time comes, it’s important to approach the issue objectively, build an evidence-based case for your desired salary and negotiate for this salary.
When you decide that you wish to negotiate for a deserved salary, be prepared with the following information.
- Exemplify your case: You will need to prove that you are worth investing in, with specific examples of what sets you apart to employers in your career.
- Be prepared to face some resistance from management: Even air-tight cases for a salary increase can face resistance, so be prepared to answer questions, especially, “Why do you deserve this salary?”
- Try to keep balance between your firmness and flexibility: Your salary negotiations won’t go well if you refuse to give any ground or say “yes” to a minimum salary increment. Be prepared to counter-offer during negotiations and be sure that any compromise reached is acceptable. If you are unsure that what you should answer then buy some time
It’s important to understand that negotiating your salary is a perfectly normal part of the employment process.
Your salary is more than a deposit to your bank account: it’s how your company shows you that they appreciate your work and value you and your skills.
You should understand some other types of benefits like
- Tuition fee Reimbursement for your child
- Nomination in Training, Professional Development
- Bearing expenses for Certifications from institution / university / accredited agency
- Mentoring program for your growth
- Coaching for improvement of your skills
- Additional pay for Childcare benefits
- Health Care provisions
- Fitness allowance
- Flexibility to work.
3. How to get the data you need to backup your ask; Your worth?
Data is equivalent to knowledge. Thus, owning good data serves as indisputable evidence or justification for a decision – it allows leaders to say, “we've done x because of y.” Essentially, good data is persuasive in and of itself.
Therefore before going for a salary negotiable, do pretty home work first to support your asking and to justify the ground of salary improvement. Salaries ranges are governed by industry, seniority, and geography,. The salary depends on getting the salary justification accepted for a realistic compensation package.
You may dwelve into the following points for backing up your salary justification.
Research yourself for salary justification
Visit benchmark organisation by any specific method to collect the accurate data
Appropriately decide a salary range
Discover your market worth
Explore what skills you possess
How your current skills contributing in KPIs of the organisation
Keep economic situation in mind
Further,
Incase your organisation is not in a position to offer you the desire range salary; Your strategy should be to:
Accept lowest amount in mind that you’re willing to consider
Ask for other benefits, such as a different title, more time off, or a spot/hiring bonus.
Ask to revise salary at suitable later date, if not now.
Get salary review date in writing, and
Follow up when it’s time.
Set reminders on schedule
Follow up periodically as assured
Try to adhere set deadlines.
4. How you can leverage /. determine your market value with the right market research approach ?
Market research can be meaningful if your collected data are accurate information. That’s why it’s critical to follow a step-by-step process to collect the quality data.
The following six steps offer the roadmap to success for determining your market worth
1. Define the problem. Focus on the core customer challenge to solve.
2. Develop your research plan. Create a roadmap that determines what research tools to use, and the timeline and resources for the salary negotiation.
3. Gather your information. Whether you use surveys, interviews or other methods, you have to gather and organize your data.
4. Analyze your data. Review the data for meaningful insights and work on key points that will help you in salary negotiation strategies.
5. Develop a strategy.
Determine how your contributions for business can shape the future of the organisation, you’ve just done.
6. Take action. Plan those next steps, which may include new assignment, further concept testing, a new product launch, or fresh or revised roles and responsibilities.
5. What are the factors considered while Negotiation a value proposition?
First and the foremost thing is to decide on the salary range.
This you can do with the following exercise
- Find the Lower Point: Consider if you don’t have other options than the amount that you can settle on and find the lower point.
- Find the Mid-Point: Research what people think that you can earn. Find the genuine points and conclude a mid-point.
- Find the High Point: That’s your expected salary. The salary that will make you feel that you are satisfied or we can also say that this is your dream salary.
- Discard the Lower Point: You don’t need to consider the lower point as you need a hike in the salary. So forget the lower point.
- Make your salary range between mid-point and a high point. That is the actual salary range that you can give at the time of negotiation.
Apart from the above, the following six factors are necessary for considering in order to conduct an effective and successful negotiation.
They are
Individual
Number of members involved,
Informational Complexity,
Social Complexity,
Procedural Complexity, and
Strategic Complexity.
Hence, consider
Your value proposition which is the unique benefit or solution that you offer to the supplier in exchange for their products or services.
It is not just about CTC, but also about how you can help them achieve their goals, solve their problems, or create value for them.
The key elements of a value proposition are relevancy, benefit, energy, and risk. Relevancy is how well the value proposition aligns with the needs of the organisation.
Benefit is the positive outcome through your product or service will have on the organisation.
6. How to process salary negotiation and When to assume salary negotiation is in acceptable stage?
With a basic understanding of negotiation & a firm grasp on communication, you will be able to ace your interview & negotiate with HR.
Feel free to talk about your salary
You should not feel heavy when you are going to negotiate for your salary. Feel comfortable talking about your salary because you are also providing your services to the organization. Be positive and make your mind clear about all the thoughts related to salary.
Always feel confident
You should feel confident even if you aren’t. Because you must value your work. You need to know what is your worth and keep in mind if they ask why only you want to negotiate your salary. Be ready with the answers to their questions.
Already prepare what to say & what to avoid
Don’t go for negotiation without preparation.
You should practice what you are going to say in front of HR such that your pitch should not wobble while talking.
Try to practice your pitch to be aloud which means that you are used to your rhythm to present your points in the conversation.
Stay calm when negotiating your salary
Just stay calm and show how much excited you are about the role in the organization. Try to maintain a strong professional relationship with your colleagues and superiors. Don’t blow things up when you start talking. Stay positive and calm in the negotiation process.
Be respectful
You want to be respectful all the time while talking. Always present your counterpoints with respect. And let the interviewer talk properly before you put your points to the counter.
Now the salary negotiation stage has come at conclusions that:
By the second interview, it's usually acceptable to ask about compensation, but be tactical.
Express your interest in the job and
Explain the strengths you would bring to it before asking for the salary range
7. How to prepare yourself for actual negotiation conversation?
- Be confident all the time and your face must show off that you are confident even if you’re not.
- Don’t rush giving specific answers too early in the negotiation. Wait a while and think what can be the best answer.
- Don’t use negative words while negotiating.
- Don’t take the negotiation process as a debate.
- Try to build a business case of yourself in front of the employer for the return on investment of your working hours.
- Take some time to think about the counteroffer of an employer.
- Let the interviewer first give you a salary range.
- Ask the interviewer if the salary is negotiable or not.
- Try to give your expected salary range even if it is not negotiable.
- Stay calm and positive while answering all the questions.
- Don’t be afraid of discussing your salary expectations.
- If the company is not able to increase your salary, then consider non-financial perks in your benefits package. That will also be a beneficial part.
8. Why you need to negotiate your salary / pay with every job offer?
You know the salary structure depends on many things; such as to name few are
Size of the organisation
No of employees
Pay structure
Compensations provided
Perks and allowances admissible
Welfare measures
HR Management
Financial Health
Benefits offered
Culture and practice
Therefore it is must to negotiate salary in a job whether you are fresher or have experience.
9. How to master negotiation basics and must - Dos?
To master the art of negotiation following facts are to be taken care of;
1. Learn To Be An Active Listener
Patience is a formidable weapon in any negotiation. To master it, you need to restrain your desire to persuade and get genuinely invested in listening to your counterparts.
2. Align Stakeholder Success With Your Own
The art of negotiation is simple. If you are able to show the bigger picture of balance or uplift, equating the price you are charging with the active, emotional or implicit and explicit value that you are delivering, you will ace every negotiation.
3. Pace The Negotiation Stage
For a negotiation to have ultimate success, it has to be a win-win for both you and your customer.
4. Practice Having Tough Conversations
Increasing your confidence is essential. The best way to become confident is to practice tough conversations
5. Apply The Win-Win Paradigm
Infuse win win situation into your case. Lay the foundation by discussing it at the start pitch and negotiation. It not only builds credibility and trust, it also relieves pressure and gives you the upper hand.
6. Deliver More Beyond Short-Term Needs
Focus on the value your company can provide long term, not simply on price. Potential customers will appreciate learning how your product can provide solutions to problems they may not have considered yet.
7. Start From A Place Of Empathy
If you actively listen and put yourself in the other person’s shoes, you can better understand all of the factors driving their negotiation approach.
8. Develop A Flexible Mindset
A good negotiator knows when to push their partner further and when to give them space and be more gentle.
9. Provide Clear Communication
In today's society, excellent negotiation skills are framed by communication in multiple mediums, including phone, verbal and written—which can include email and social media amongst other forms.
10. Ask Questions To Produce More Details
If the prospect is asking how to do business with you, then you've gained control of the situation and have acquired leverage. You build this leverage by asking the right questions and demonstrating tactical empathy with those you're negotiating with.
11. Be Optimistic But Prepared To Walk Away
Know your worth, your negotiables and non-negotiables before entering a conversation. Be optimistic but also be prepared to walk away if there isn't alignment.
12. Offer More Than One Option
Always have a plan B in your back pocket. It doesn't hurt to give options one and two to a client.
13. Utilize The Parking Lot
Learn how to effectively use a parking lot for items that neither party can agree on at the current moment.
10. How to master negotiation basics and must - Don'ts?
Use the following tactics.Listen
DON'T S do:
- Make The First Offer.
- Use Another Offer As A Bargaining Chip.
- Share The Least Amount Of Money You'll Take.
- Focus Only On The Number.
- Start Negotiating Without Doing Your Research.
- Give A Salary Range.
- Misrepresent Your Value Or Previous Earnings.
- Get Defensive Or Emotional.
11. How to response to the organisation on getting an offer and know exactly what to express?
- Formally accept the job.
- Express your thanks. Include your appreciation of the offer as well as your acceptance. ...
- Confirm employment details. ...
- Ask about final steps. ...
- Notify other employers.
- Formally decline the job. ...
- Consider providing a reason. ...
- Thank the employer.
12. How the company views people who negotiate?
Not negotiating is actually seen as a weakness and lack of assertiveness.
Negotiating and getting the best possible commercial and perks for the role is your right! Go ahead and do it boldly.
13. What to do and say when you get a verbal offer?
- Show your appreciation.
- Think it over.
- Negotiate the pay.
- Request a written offer.
- Continue the job search.
14. Conclusions
Salary negotiations can be tough and nerve-wracking, but when you have a successful discussion, it sends at least two positive messages to your boss.
The first is that you have plans to stay in the organisation which is a good sign for any leader.
The second is that you’re someone who is focused on the value of the work that they do and your boss will respect that directness and negotiation prowess.
15. FAQs
References
Acuff, F. L. (2008) How to Negotiate Anything with Anyone Anywhere Around the World, Amacom, New York.Google Scholar
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