Negotiating salary in a new job is an important step in the job search process. Remember, negotiation is a two-way process, and it’s important to strike a balance between your expectations and the employer’s needs. Be prepared to compromise, but also advocate for fair compensation based on your qualifications and the value you bring to the organisation.
Employers often respect and value candidates who negotiate their salary. It demonstrates your professionalism, confidence, and ability to assert yourself. Negotiating can also signal that you have done your research and are serious about your career.
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Recently, in a LinkedIn post, author and career coach Adarsh Rai wrote, “When it comes to negotiating your salary, it can be tempting to throw out a number first in an effort to take control of the conversation. However, it’s actually more strategic to let your potential employer make the first offer. By doing so, you’ll be able to get a sense of what the employer values and is willing to pay.
From there, you can adjust your counteroffer based on the information you’ve gathered. This approach shows that you’re thoughtful and strategic in your negotiation tactics, and that you’re willing to consider multiple factors before making a decision.
Ultimately, the goal of salary negotiations is to find a fair compensation package that reflects your value and aligns with the needs of the company. So, take a deep breath, let the employer make the first move, and then build your negotiation strategy from there. This way, you’ll be better positioned to negotiate a salary that works for both you and the company,” Rai added.
Career coach Shilpa K Sekhri feels, the worst that can happen when you try to negotiate for a better salary is that the employer can say a ‘NO’, But if you don’t ask, you could be leaving money on the table and you will never know what you could have earned.
Here are some general tips to help you negotiate salary effectively:
Research salary ranges: Before negotiating, research the average salary range for similar positions in your industry and location. Use online resources, salary surveys, and network with professionals to gather information. This will provide you with a realistic benchmark for your negotiation.
Practise effective communication: Effective communication is essential during salary negotiations. Clearly articulate your points, maintain a professional and respectful tone, and listen actively to the employer’s perspective. Negotiate based on facts, such as your research on industry standards and your qualifications.
Consider the complete compensation package: Salary is just one aspect of your total compensation package (Usually termed as CTC). Take into account other benefits such as bonuses, incentives, health insurance, retirement plans, vacation days, and work-life balance. Evaluate the overall package to determine its value.
Highlight your value: During the negotiation process, emphasise your skills, experience, and achievements that make you a valuable asset to the company. Show how you can contribute to their success and the positive impact you can bring to the organisation. Remember, it’s business!
Choose the right timing: Timing is crucial when negotiating salary. It’s best to discuss salary after you have received a formal job offer. Express your enthusiasm for the role, and once the employer has shown interest in hiring you, initiate the salary negotiation conversation.
Be confident but realistic: Enter the negotiation with confidence in your abilities and the value you bring to the table. However, be realistic and consider market conditions and industry norms. Avoid making unreasonable demands that may jeopardise the negotiation process.
Determine your desired salary range: Before the negotiation, establish a minimum and maximum salary range that you find acceptable. This will allow flexibility during the negotiation process while ensuring you have a clear target in mind.
Consider non-monetary benefits: If the employer cannot meet your desired salary, explore other non-monetary benefits that can enhance your compensation package. This could include flexible work hours, remote work options, professional development opportunities, or additional vacation days.
Don’t rush the decision: Take your time to consider any offers or counter offers made by the employer. Discuss it with your family or a trusted advisor before making a final decision. Avoid accepting an offer purely based on salary alone, but consider the overall fit and long-term growth potential.
Follow up in writing: Once both parties have reached an agreement, ensure that the agreed-upon salary and benefits are documented in writing. This will serve as a reference point and help avoid misunderstandings in the future.
Being satisfied with your salary can contribute to overall job satisfaction. Feeling fairly compensated for your work can increase your motivation, engagement, and dedication to your job. It can also help reduce stress and financial worries, allowing you to focus on performing well in your role. Remember to negotiate better when accepting an offer.
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