Negotiating the salary is one of the most important aspects of your professional life and there are times when it’s the best opportunity to negotiate the salary, i.e.while switching jobs or when you are looking for a raise in salary in your current job.
According to a survey by Salary.com, only 37% of people always negotiate their salaries while 18% never do, and even worse, 44% of the participants of the survey said that they have never brought up the subject of pay raise during their performance reviews and the biggest reason for not asking for a raise is fear.
Well, salary negotiation can be difficult, especially when you don’t know the right way to negotiate. This article will list ten salary negotiation tips to help you prepare yourself to ask for the amount that you deserve and get the same.
The process of negotiating salary can be a little different in different situations, i.e. while applying for a new job and while discussing a pay raise in your current job. This article will focus on salary negotiation tips and ideas when applying for a new job. If you are planning to ask your current employer for a raise and looking to know how to negotiate, check out the other article about how to ask for a raise in salary.
Let’s get started with the 10 salary negotiation tips to help you land your dream job with the right salary.
1- Know Your Worth
In order to get the pay you deserve, it’s crucial to know your salary worth. The salary for the same job may differ in different regions. Moreover, there can be various factors that determine the market rate, i.e. industry, nature of work, job profile, etc. For instance, the salary of a software developer in the banking sector is very likely to differ from the one working in the marketing sector. Even some of the highest paying jobs in one city might not be equally well paying in another.
If you are walking into a job interview (because the first step of salary negotiation starts from there) without knowing your worth, you are very likely to lose the battle before it starts.
Use the online salary comparison portals, explore the local sections of international job search sites, ask recruiters, check with your professional connections and prepare yourself accordingly before appearing in a job interview.
2- Know & Quote the Exact Number
Don’t set a range; it won’t work effectively. According to researchers at Columbia Business School, you should ask for a very specific number; let’s say, $64,750 rather than $65,000.The psychological reason behind this is “because the employer will feel that you’ve done more extensive market research, and is likely to offer you a number close to it.
3- Rehearse Salary Negotiation
Rehearse, rehearse and rehearse, because practice makes you perfect and it’s always great to prepare yourself for one of the most important job interview questions, i.e. what’s your expected salary”.
List down the major points from your market research, and practice in a mirror, or with a friend, or make a practice video. Practice till you are sure and super comfortable having the conversation.
4- Ask Diagnostic Questions
One of the best approaches for salary negotiation is to know the employer before appearing in an interview. The better you know the company, the better you can negotiate. However, you might not be able to find out all about the company on your own, so when the interviewer asks you if you have any questions about the company, do not miss the chance to explore.
Ask them when they expect from this very position, their preferences, and priorities, etc. Asking these questions will significantly improve your chances of winning the salary negotiation.
5- Be Truthful
Sometimes the interviews may ask you about your current salary, and it can be confusing, especially if you are underpaid in your current job. Lying is never a good idea; so avoid lying.
Tell them the correct number and include the benefits and bonuses etc. But do not end your answer right there. Instead, keep going with the conversation and quote the number you have in your mind, explaining the required skills and responsibilities of the job. Do include the numbers from your market research.
6- Don’t be Pushy
Negotiation can be scary for both parties, but the whole discussion should be on a positive note. Being pushy can only worsen the situation for you, so avoid doing so. Rather than announcing a final number, be open to the discussion. Tell them that you would like to know their suggestions, i.e. “This is what I am quoting as per my qualifications for the job and the market research, but I would love to know your suggestions too”.
Use phrases like, “ I’d very much value your recommendations” to assure the interviewer that you value his opinion, and so he is very likely to value yours.
7- Always Ask for More than What You Want
Psychologically, employers and hiring managers feel that they are getting a better deal if they negotiate down from your original ask. So, it’s not a bad idea to ask for more than what you actually want. But, it must be a reasonable number, i.e. based on market research, your abilities, and your possible contribution to the company.
8- Don’t Discuss Your Personal Needs
Mentioning your personal needs in a job interview is never a good idea. It doesn’t look professional, doesn’t really help in salary negotiation and it’s very likely that other people are dealing with similar situations or even worse.
Focus on your abilities and skills and your possible role in the organization.
9- Don’t Fear the “No”
Everyone has the fear of rejection at some point, and so many people do not negotiate at all. Remember that negotiation doesn’t really end at “No”. It’s a conversation with a goal to reach an agreement when the other party’s interests are not perfectly aligned with yours.
So, “No” can be part of the process, but it’s not necessarily the end of the process.
10- Be Willing to Walk Away & Know When
There is nothing wrong with walking away when the final offer is so low that you have to turn it down. Yes, it can be very difficult in some situations, and so it is important to know when to do it.
The Bottom Line
Whether you are a finance professional or a technology expert, a male or female, it’s your first job or third, knowing how to negotiate salary is always a big plus. I am sure, the above salary negotiation tips will be helpful for you in your next job interview appearance.