Many of us are uncomfortable when it comes to negotiating our salary. What we don’t realize is that failing to do so will result in us being paid far less than we might be worth. Studies indicate that by negotiating our salary, you can stand to gain at least $5,000. If it doesn’t sound like much than know his; during our entire career span, it makes a lot of difference and is worth over $600,000.
So you’re still squeamish about negotiating now? Of course, but job interviews are all about marketing yourself and selling your worth to your employers. You want to show that you are valuable to your company.
Here are a few tips to help ease your way into the negotiation process.
1. Value for Money
Know your self-worth! Research the appropriate salary range according to your area, geography and industry. Never settle for less than the average value you have calculated according to your work and experience. This requires you to fully understand the job properly. Understand what you are required to do and how much you are being offered according to it.
2. Market Yourself
Conduct a suitable SWOT analysis about yourself. These will be the points you need to sell yourself. At the same time, know what areas you are weak in and require training. Be completely honest with yourself before devising a rough income in your head. Take out a pen and paper and start jotting these points. Use these points as a channel in the interview.
3. Right Amount of Enthusiasm
If you’re a fresh graduate, then you might not have confident numbers and experience to sell yourself. In this case, you have to make do with your enthusiasm and ethics at just the right proportions. Appear eager for the job, but project your values as well. You might not get offered a high salary without experience, but try to settle for more than ten percent than the initial offer.
4. Don’t Name the First Figure
Most of the time, you’re initially asked the salary you’re expecting from the company. Evade this question as gracefully as possible. Try to show your interest more in the work and what you can offer to your potential company instead. Some companies require you to fill in your expected salary range in your application form. Leave this field blank. Make your hiring manager feel that he is in a far better position to know your worth to the company than you.
Don’t give an initial number; make your company offer the first figure. Try to stall as long as you can, but do so politely and professionally.
5. Bag the Job First
Postpone all negotiations till you are sure that the job is yours. Focus more on landing the job than your salary. Once you do that, you can at least be a little more comfortable when you know that you’ve made it through.
Once you’re offered a basic pay, pretend to think about it. Repeat the figure and just go silent for a while. This puts pressure on the employer, and it’s more likely that the employer himself will offer a higher pay to sway you.
6. Added Benefits
As stated before, there are drawbacks when you don’t negotiate your salary, and it comes in the forms of future raises and benefits. Another thing you can do is settle on an offer matching the bare minimum figure in your head. Then move on to talk about other added benefits, like paid vacations or company offered transportation. The difference can be reformed in this manner. It’s a win-win situation!
If the offered pay is more than your minimum researched salary, accept it. If it’s not, negotiate professionally with all the points you have researched about your job, value, and company. Divide your pay range according to the responsibilities which you’ll be required to take care of. If you have a prior experience, make sure you’ve already calculated the tasks you were assigned according to your hours and salary. State how you were important to your company and how you were a benefit to them.
Rachelle Scott is an experienced HRM working with Dissertation Corp. When not working, she enjoys blogging on HRM topics and sharing influential opinions with her G+ circles