Salary negotiations can be scary. Most people don’t even go to the negotiation table, maybe because of fear.
Let me explain it with numbers. Only 37% of people negotiate their salaries, according to a survey by Salary.com. The same survey says that 44% of respondents claim to have never brought up the topic of a raise during their performance reviews.
It’s even scarier to see that people don’t ask for what they deserve. They don’t even try. If you too are worried about how to talk to recruiters or your bosses, here’s a few ways that will help you negotiate a better pay.
1. Familiarise yourself with industry trends.
You must be fully informed before you start salary negotiation. Get a realistic view of the salary landscape for your field and position. This way you can ask for what you deserve because you know that’s how much you can get paid.
2. Know about the most in-demand skills for your position.
You will be able to negotiate with confidence when you know that you have the required skills. Factor in your own level of experience and unique attributes that you bring to the table and if you feel that you are a valuable candidate, you can even ask for more.
3. Put your demands forward in a way that you do not seem greedy.
Agreed that you need to show some persistence with your demands, but your conversations should not give an impression of greed. Ask for what you deserve but without pointing out deficiencies in the offer put forth to you. Remember, it is more that just being polite, it’s about making the employer feel your worth without being rude and greedy.
4. Understand the person with whom you are negotiating.
Remember that you are not negotiating with a company, you are talking to an individual and trying to influence them. It’s important to understand that person because there’s a difference in negotiating with an HR and a manager. If the manager is eager to hire you, they might accept your demands as well.
5. Know the exact number you are asking for.
Do not start your negotiations with a salary range. If you tell the recuiters a precise number, you are more likely to get what you asked for. Research also supports this thought. According to researchers at Columbia Business School, you should ask for a very specific number because precise first offers are seen as more informed and prompt.smaller adjustments.
If possible ask for a specific number like ₹41,200 instead of 40,000 or 42,000. This also hints that you have done an extensive research to arrive at that particular compensation.
6. Don’t hesitate to walk away, if needed.
If you are offered something that’s too low a salary, you should be prepared to walk away. It can be difficult to walk away when you do not have any other job in hand, but your ability to say ‘No’ might also get you the offer.
7. Have a confident body language
“Your body communicates as well as your mouth.” – Allen Ruddock
Walk in with confidence and keep you head high when you enter the room. Always wear a smile and start off on a positive note. Slouchy posture and a scowl on your face is a big no no.
8. Start with questions and offer them solutions.
You need to understand the employer’s priorities and future plans. For this, ask questions like, ‘What are your biggest priorities?’, ‘What are the challenges the company is facing?’, etc. These kind of questions are called diagnostic questions and they can help you understand the company’s needs and offer solutions accordingly.
When the recruiter sees you offering solutions, they might accept your demand or offer better compensation. Professor Leigh Thompson of the Kellogg School of Business says that 93% of all negotiators fail to ask these “diagnostic questions”.
9. Talk of expenses that you’d be incurring.
Let the recruiter know that you’d be spending a significant amount of money on relocation. You can also factor in commute expenses and ask for a salary that accounts for all these expenses that seem reasonable.
10. Always ask for more.
This is a basic rule but it’s very important to quote a higher number that you actually expect. This will ensure that you get the best salary even if the employer negotiates down a little. And you’ll be happy with the results.
Now that you know what to do, at least give it a try.