8 Tips for Negotiating a Salary

November 4, 2016

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In this article, we will talk about how to make the most impact decisions of your life. According to a recent survey, only 37% people negotiate their salaries. What is the reason for not negotiating the salary? Yes! You guess that right. Fear!

We are not sure where to start if we are worth what we are asking for and in some situations we may just be embraced to discuss money. It’s funny how we are hesitant to play a more proactive role in a decision that could impact our growth and our earning potential through our entire career.

Here are tips for negotiating a salary and start earning which will do justice to your skills and abilities.

Negotiating a Salary

1Know your value

Do thorough research. Be aware of the industry pay scales for your level of experience, education, and skills. You can lean on recruiters as well as friends from the industry to find out this information. You could also access websites to know more. The internet is amazing and there is very little information that is confidential. The numbers that had out make sure you have that with you as the person sitting across you will definitely have that information.

2Consider the entire package

Look and feel confident, when you enter a negotiation. When negotiating a salary, do not just focus on the net take home amount. Consider the other elements included in the CTC (Cost to Company) like allowances, leave encashment and performance bonus.

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3Practice Makes Perfect

You could also negotiate for these benefits:

Always write down what you want to say.
Practice it in front of the mirror and record a video on your phone.
When you are prepared for what you want to say, you will appear more confident and convincing.
This, by the way, is the technique that Bollywood Baadshah Shah Rukh Khan uses to practice his acting skills. And look how well things have turned out for him.

4Focus on Qualities First, Numbers later

It is important to highlight the value that you bring to the table. Communicate your skills, experience, and unique abilities convincingly first. It is important that the person sitting across you feels the passion that you have for the job. This will help you to justify the numbers that you are asking for.

5Be Specific

When asked about expectations to be specific. Do not give a range. For example; I am looking at a package between 10-15 lakhs show that you are willing to conceal. And the person sitting across you will naturally focus on the smaller number.

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6Prepare to say ‘No’

When negotiating, you should mentally have a “walk away” point. This is the number below which you are not willing to take up the offer. Having a mental number also helps you come across, the more confident in your approach. Remember that we’d spent a majority of our week at the workplace. We must get a number that justifies the efforts that we put in. It may not be easy to say not, but we should know when to do it.

7Think About the Other Person

Understanding the situation of the person that you are negotiating with will go a long way. Even the company Human resource department has a number of challenges, like keeping the hiring cost under control, maintaining parity, another talent who may be willing to take up that offer. Keeping their situation in mind will help you negotiate without being unreasonable.

8Ask for more

Another tip is to start with a higher number, than what you actually want. It is natural that the human resource will have a counter offer which will be lower than what you ask. If you start with the number you want, chances are that you will end up with the much lower offer. At the same time don’t be outrageous. You need people to take you seriously up after.

Do not get into an argument and do not hack. It is important to get through the situation while maintaining the dignity and negotiating with a positive tone. Arguing or haggling about the figure is self-defeating. Be prepared to frame your counter proposals in a way that highlights your strength. For example; I am really excited to work here and I am sure I can add value to this job. I appreciate this offer however I am looking for 10% more based on my experience, education, and past performance records.

So, there you go. Keep these tips in mind for the next time you sit across the negotiating table.

BY M. DIVYA SRI