Why do we hesitate?
A survey by Salary.com revealed that only 37% of people always negotiate their salaries—while an astonishing 18% never do. Even worse, 44% of respondents claim to have never brought up the subject of a raise during their performance reviews. This article talks about how to negotiate your salary? Tips you need to know
Although each situation are different, one of the major reasons why there is a hesitation to negotiate the sale
Why do we need to negotiate salary?
Because the impact it makes on the longer duration of your career and one decision can affect all through your career. But the question is when to negotiate salary? Obviously, it’s after all the interview process but we also need to consider other aspects. Let’s take a look at some of the situations where we can think about salary negotiation.
When your experience doesn’t reflect on the offer
Consider the impact it will make on your lifestyle.
The company can afford it.
Your experience matters and if you think that is not reflecting on the salary that you are offered. Your skills, level of understanding and ability etc will all improve with experience that that definitely should add weight to your package. Even if you are a fresher, your master’s degree and the institution that you get it matters and it can be a good reason to negotiate salary if you think it’s not up to the standards.
You might already have a lifestyle and if you can afford that, then you simply have two options. Either adjust your life or negotiate for a better salary. If you think you can have a go-ahead with negotiating your new salary, then it is definitely worth considering.
The third category is when you strongly believe that the organization can afford more in the package for you. This comes from the reputation of the company, your knowledge about the industry-standard packages, etc.
How to negotiate salary?
Preparation is the first step that is needed to do. A salary negotiation is a delicate process and demands a meticulous approach.First and foremost, have a good review on your own skills, relevance to the job, experience in the position and what you can bring to the company. If you have a strong awareness about your own profile. Research on similar profile jobs, key skills and qualities mentioned commonly in those job descriptions, etc.
Find the industry standards.
However exceptional you are, there is always a standard set by the industry. At least in the beginning, chances are extremely rare of any organization going beyond those standards.Having a concrete idea about what similar positions offer is another important aspect to know when you want to negotiate your salary.
Prepare your case.
When you receive an offer and you want to negotiate the salary, don’t just put a counter number and wait but also build your case with why you believe you deserve the numbers that you are quoting. Put down concrete examples of how your skills and knowledge can enhance your potential in the job and how it can have a real impact on the outcome.
Practically but also truthfully. You are most likely to come up with a salary range that is on the higher pedestal of the industry standard. So there is no need to beat around the bush but you also don’t have to be blunt about it.
Ask for a specific number. Not a range of not a general figure but a precise number. if you are mentioning the annual package the also make sure to add that how you expect in your hand each month
Give and Take
A negotiation is only possible when both parties are willing to look at an amicable solution that works well for both sides. Employee perks and benefits is an area that you need to consider while negotiating the salary. Especially in the time when remote working is becoming a common practice. Assess the benefits also when considering the package and also while negotiating.
Be ready to walk away
Keep a number that’s your walk-away point. A reasonable organization will not withdraw the offer because you ask for negotiation but dragging the proceedings further might get the hiring manager frustrated and everything might end up on a sour note. If there is no point where the organization can afford your demands, it is fair for both sides to withdraw after a few rounds of discussions.