Salary Negotiation plays an essential role before accepting the job offer. Many employers take advantage if the candidate is not good in negotiating the salary.
Below are the few facts to consider before you start salary negotiation:
1) Research on the company:
Candidates must do some research on the company and the salary structures of different employees in the same organization. Doing some research on the competitors of the corporation in the same industry regarding salary structure is very useful.
2) Understand the Hierarchy:
Understanding the hierarchy of the company before you get down to salary talks. It essential to salary research on minimum, medium and maximum a candidate with your experience, qualifications, achievements, and industry exposure is getting paid.
3) Let the Company Make an offer:
Always let the company make an offer first. Be very patient while negotiating the salary. In a case study, when a multinational corporation was keen to hire a candidate for a life changing opportunity, the candidate demanded a confirmation of minimum 65% raise before even meeting the employer.
So the candidate was rejected. Later on when the candidate was ready to accept any offer for that position, the prospective employer did even want to meet him.
4) Salary Negotiation Process:
The potential candidate should not push too hard in the salary negotiation process. It is always great to express appreciation and request for some time to consider the offer. Never be aggressive in your communication.
In a case study, when placement consultants get in touch with the candidates, young managers never show signs of flexibility in the salary negotiation process.
5) Salary according Industry Standards:
A bigger hike in salary always means more responsibilities and higher targets. It is always an excellent strategy to ask for a reasonable raise in your compensation according to the industry standards.
Be always clear of your expectations to performed on your job. Career, growth prospects and an opportunity to learn and grow are just as important as salary.
The candidate should focus on how his skillset can improve in few years down the line with his new employer and not too much on the salary negotiation.
6) Provide valid documents about your accomplishments and achieved targets:
Put the numbers in your mouth. Taking to the manager about past job titles is not enough, you must demonstrate with exact examples of what you have accomplished. If it is a sales position, you can show your employer that you have doubled the department sales by 50% and the productivity has been increased by 70% in 6 months.
7) Show Excitement:
Always show excitement in the position. Motivation and passion are important factors to enhance your productivity. Explain how your past experiences in your old job relate to your current position. Demonstration of your Hands-on experience on the job is a very efficient tool to take the discussion to the next level.
8) Visualize Success:
Visualize yourself that you have that job because visualization is an excellent way to follow through and get something done. Many professionals use this technique and get the offer they thought.
The salary for any position in a company depends on the organization’s budget and your capability for getting the job done. So never bring your personal life requirements into the negotiation process.
10) Prove that you are the best:
The employers shop around for perfect employees, in the same way, you shop around for a car. When you shop around for a car, you always look for the best option and lowest price.
Show employer the picture of your skills and different reasons why they should hire you for that particular position.
11) Prove that you have exceeded expectations in your previous job:
You must prove with your experience that you are the best person for that job. You can do it by demonstration of your real-time experience, past achievements, exceeding expectations of your previous job and reaching aggressive targets.
These are some of the best ways to follow during the salary negotiation process.