Salary negotiation is often the second last step of accepting the job offer. By this time, you know the job description, you already have an equation with the HR, and you have seen the office and have a fair idea about their culture (such as flexibility in the timings, salary cycle, leave system and other perks). The interviewer has already considered that you are all right with their workplace, the offered job role and hierarchy. The last thing is to just negotiate the salary and accept the offer letter. Therefore, at this time, the interviewer may think that when other things suit you well, you may settle for a lower jump in your salary as ‘the job is a package’ and resultantly, they can be more persistent while negotiating the salary with you. But before you say yes to their final job offer, here are tips to prepare you for a cut-throat salary negotiation. The key lies in being tactful while negotiating the salary.
Take an idea beforehand
The foremost tip to negotiate salary is to have an idea about the market rate of your job role. Pick those calls from recruiters; listen to them to know what companies are offering for your experience, expertise and skills. Most of the recruiters will give you a salary range and job description, which would be good enough to know what potential employer may offer you and if it suits your salary expectations or not.
Calculate your paycheck
You can use online pay calculator to know your worth in the market depending on your specialization and experience. Knowing your net pay would help you hassle with the HR while discussing a job offer.
Assume yourself worth of the top range
When negotiating with the recruiter, ask for the maximum amount of the range. Though most of the people get middle of the range, it does not harm to start wiggling down from the top range. It has higher chances of helping you get a salary more than the medium range.
Put forth an exact figure
Instead of asking for Rs. 80,000, ask for Rs. 77,750. Using a precise amount of number boosts your chances of closing the salary negotiation at a figure closer to your initial demand. There are higher chances that you may close the deal at a salary higher than your expectations because putting forth a specific number shows the recruiter that you have done your research well to come down to a definite salary amount.
Have courage to say NO
There will be ample times when the final offer would be lesser than the market value, your expected take-home income or your expected new salary hike. In such times, you must be confident enough to walk away. Saying no to a job offer will never be easy, but to get your market worth you need to learn when to put your foot down. Learn this tactic to deal with headhunters.
Make sure you deserve a hike
You need to ask yourself the following questions before you ask for a raise from your potential employer:
- Have you worked at your current company for at least a year?
- Have you improved your skill set since your joining?
- Have you taken on new responsibilities at your current job?
- Have you been able to deliver your targets?
Once you have answered these questions with a YES, you have a lot of strong points to put them before your new recruiter.
Do you have your brag sheet ready?
No one knows your achievements better than you at your previous or current job. Salary negotiation is the right time to ‘brag’ about them. First of all, your cover letter should speak about your awesome career growth over the years. Secondly, while negotiating the salary, sit with a one-page summary of your on-the-job achievements, excellence awards, and testimonials received from your seniors, customers or colleagues at the last job/s. This certainly adds up points in front of the recruiter while negotiating salary for a new job offer. But you should know you need to stop while blowing your own horn!
Don’t hide your past, but focus on your future
Firstly, never lie about your salary and secondly, once you have disclosed your current salary, which might be lower than your expectations, then be ready to kick a conversation about why you are looking forward to a hike, focusing on the new responsibilities and skills that you added to your resume on your last job.
Studies have shown that negotiating your salary on Thursday is a good idea to get your expected salary because people are more flexible and accepting during the end of the week as they do not wish to carry forward the work to the next week.