Salary negotiation is a discussion that you have with your current or prospective employer for a higher salary than what you are currently getting or offered. Whether it’s a new job or in your current company asking and negotiating a salary is quite challenging and has to be done tactfully. Before you talk to the company representative for a better salary, there are a few things you should know.
Do thorough research: Before you sit across the negotiation table, ensure that you conduct thorough research on the current market trend. It is best to talk to experts in this domain which includes recruiters, friends who are in similar jobs or peers to find out what is the market rate for your current role and experience. There are many online resources too that can help you provide a salary range for the job title you are currently working. However, note that it does not include many factors and thus not highly reliable. The best way to know your worth is by giving interviews even if you are not on the lookout for a new job to stay updated on the available salary limit.
Don’t settle for less: Many people make the mistake of not adding the benefits as part of the total salary package. So when negotiating the salary, you should ensure that you add them and then calculate the compensation. Please don’t accept the offer immediately take time to evaluate it and then make a decision.
Base it on your current situation: Negotiations are based on your current employment status. If you are unemployed, expect the salary to be less than or the same as the old salary, but if you are in a good position, you have the upper hand.
Choose the right time to ask for a raise in the current company: Choose the right time to put forth your salary raise request. If the current company is providing internal job transfers, it is a great chance to make negotiations. If the management does not provide a raise despite a promotion citing financial reasons, show the market data of how much it would cost to hire someone new and ask for a raise based on that data. You can also bring the topic of salary hike after a good performance as that would help you show the value of your work and also justifies your ask for a raise. Be professional about the whole process and don’t make it personal if your manager rejects your request.
While negotiating a salary, there are specific things that you should not say as that leads to an adverse effect. Some of them are
1. Telling your employer that other companies are ready to hire you
2. Promising to work extra and on holidays and weekends.
3. Talk about your financial commitments and how you are struggling to make ends meet.
4. Telling the representative that you are worth more than what is offered and you earned much more years ago.
While negotiating a salary many people get fixed with a certain number and forget the bigger things in perspective. Ensure that along with the right salary you should think about your long-term goals and your career progression.