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6 ways to negotiate for the salary YOU want
While selling your soul to the devil, don't forget to read the fine print in your contract!
In the modern recession-hit market, the job-seekers of today often gloss over their salary expectations in favour of getting a job that fits their profile.
However, you don't necessarily have to compromise on either end. Here are 6 things you must do that will help you negotiate for the right salary you want.
1. Know your worth
Do your research and know what others in the industry with your skills and experiences are getting.
Don't enter a job for a lower salary for the sake of getting a foot through the door.
Once the salary expectations are set, it is more difficult to change them.
Instead, negotiate at the outset, outlining the unique skills you will bring to the job.
Your confidence will work in your favour, but you must back up your words with performance to climb the ladder in your first year. Your ambition will propel you forward, not backwards!
Illustration: Dominic Xavier
Courtesy: YouthIncMag.com
2. Don't fake your last earned salary
Don't lie about your salary earnings in an interview and then ask a friend to back them up.
This kind of unethical behaviour will stand you in very bad stead in case you are ever found out and will certainly cost you the job.
Try not to mention the exact salary you are earning, which will force your employer to give you the best possible offer for that position.
Keep a certain range in mind when you go for your interview considering your past experiences and skills.
If asked for your salary expectations, mention the range rather than a definite figure youare expecting for that job.
Illustration: Uttam Ghosh
3. Size up the situation
Are you the only candidate being considered for the job or are you one of many possible candidates?
Is the company looking to hire someone immediately or can they wait for a while longer?
Have you already been selected for the profile and are you then discussing the compensation package?
These factors let you know how strong a position you are to negotiate and how important the compensation package is for the company in choosing the right candidate.
Illustration: Dominic Xavier
4. Smart talking
A clever strategy is to say that you have a few other offers at a higher compensation package but you are more interested in the current role to see if they will counter with a better offer.
Companies usually cannot verify statements such as these.
Another important strategy is to not be over eager to get the position that you are applying for.
Companies usually offer the least to the most enthusiastic candidates.
Also, you should wait to be asked regarding the compensation package rather than bringing it up yourself so you don't come across asbeing too money minded.
5. Read the fine print carefully
Always consider the number of holidays you are getting, transportation and food allowance, overtime working conditions, medical and travel allowance as part of your salary package.
These may be part of your gross salary or separately invoiced through receipts.
These hidden perks will add to your overall salary package.If you settle on a lower salary, ask for more benefits from your employer.
6. You must know when to walk away
One of the most straight forward ways to negotiate for a better salary after you have been made an offer that you are not happy with is to walk away.
However, this is a risky move; your employers may feel that you are being overly demanding or arrogant and simply hire someone else.
On the other hand, they may present you with a revised salary package which is more to your liking. You have to decide if this is a risk you are willing to take.
Finally, it's important to remember that money is not the be-all and end-all of your career and to show that in your interview.
Talk about the larger issues surrounding your job profile and your responsibilities.
Focus on creating the best impression you can and a good salary will usually follow.
Rudyard Kipling famously wrote: "If you don't get what you want, it's a sign either that you did not seriously want it, or that you tried to bargain over the price."
Illustration: Uttam Ghosh