Negotiating for a higher salary can be a tough endeavor. Whether you are negotiating at the start of a new job or looking for an increment at your current job, it becomes necessary to negotiate pay or otherwise you end up feeling awful about it.
There are many pursuing the similar path of work as you and are able to negotiate a salary hike whilst you are left behind.
To avoid this here are few tips to consider negotiating your salary effectively.
Explaining your previous salary
Make sure you mention the exact digits. Emphasize the value you are about to bring to the company or how you have been contributing to the overall value of the company and how you expect to grow. If you are underpaid justify why you deserve the pay you are quoting.
Get some research done
Know what the market price is for your designation. Analyze how much you deserve. To know the salary as per industry standards there are many sites that offer to analyze your salary. Contact a recruiter who is looking for potential candidates for the same position and know what they are ready to pay to an employee with the similar skills set.
Know what the company situation is
Understand the company’s situation in advance. The turnovers of the company, the investors, revenues etc, in short, know the financial system of the company. It would not be reasonable to negotiate a hike with a company whose situation is not doing so bright financially.
Know when to ask
It is not ideal to ask for a salary hike right after the company suffered some loss. Or right after a client presentation or big pitch. The recruitment manager should be in the mindset to entertain your negotiation if you really want to get heard and bring about change.
Don’t be a rebel
Approaching someone for salary in an aggressive manner is not the best idea. You are not in opposition to the company, be it your present organization or the company you are going to step into. In the end, we all are looking for benefits, so think of it as more of a discussion with a partner.
Talk about your performance
What better than this to give an idea to your employer about why you believe you deserve a raise. List down the tasks you excelled in and exceeded expectations in. Tell them how you bring benefits to the company.
Be polite
Be professional in your interactions and no matter what happens never lose your cool. Be grateful for the time they set aside to listen to your proposal. Be firm and don’t waver at your point. Even if you have to prove your disapproval you need to do it in the most dignified manner.
Consider situations another way round
Think about the person you are negotiating with, know their interests and opinions. This way you and the person will find more opportunities. This shows that you are a team player and not just care about your interests but also the welfare of the organization.
Let the employer speak first
This is crucial as there are possibilities that you ask for a smaller amount than what you actually deserve. Let the employer tell you what they are willing to offer you. On the basis of that, you can contemplate your salary and get back to your employer.
Rehearse what you want to say
Preparations are always better. Consider salary negotiation as a business meeting where you need to present and pitch your idea. This will help you handle the conversation confidently as you know what you are going to say. Be prepared even if the discussion doesn’t end in positive favor.
Never negotiate on an empty stomach
Ensure you have a good meal before the meet for negotiation. If you are hungry you might feel irritated and appear groggy. The meal will help you focus on the task at hand better.
Consider other perks
If the discussion was unconstructive and the company cannot shell out a raise at the moment, prepare a list of reasonable benefits or perks that you can put forward. Consider options such as vacation time, flexible work hours or work from home etc.
Avoid talking about your personal needs
The rent hike or rise in the price of fuel will not validate your point. These are common issues that almost all suffer. These might show you have no valid points or professional reasons to back your negotiation.
Be an active listener
To be heard you need to listen to what others have to say. It is mandatory for you to pay attention to what the person in front you have to say. Respect their opinions and values. This will display your interest in the options you are being offered and show that you value the person’s viewpoint which makes your employer happy.
Be prepared for questions
Contemplate the possible questions and try to answer them. For you will be asked to justify and prove it. When your employer questions you, it is a positive sign as this shows that they might be considering your case.
Review your takeaways from the negotiation
Even if you are not immediately going to get a raise, the negotiation will help you learn many things. This will be a practice session for future negotiations. Review how the discussion was accomplished. What went wrong and what are the things you could manage. What good came out of the conversation and what insights you gained.
Remember there is nothing to lose but a lot to gain.
