How to negotiate your salary?
Regularly, when we succeed in our career, it becomes more important that our compensation is combined with our professional growth. often, we come across the person who gets less paid than what they deserve because they are being scared to negotiate their salary.
Working in a dynamic and competitive professional jobs environment, salary negotiation is an effective skill to have.
Following tips on how to essentially negotiated your salary.
1. Review industry standards
salary ranges of good companies for the positions that you have applying for. Considering the factors such as
• How much you have work experience
• Education and certificates
• Location, etc.
If vary in the range being offered to you is mentioned, you may use one of the points when you negotiate your salary. once you have got an idea about the salary range, you will know how much you will stretch the salary negotiation.
2. Show your market brand value
Based on your certificates, qualification and your experience, show your market brand value. Commonly, Recruiters negotiate the CTC package, so decides a figure beforehand that you consider you are worth it to draw.
3. Evaluate other components
Apart from this salary being offered to you, so the other factors like allowances, HRA, insurance, bonus, incentive, etc. also form the main part of your salary package. If recruiter seems to be rigid during the salary negotiation, you can generally ask for raising in the other factors of the salary apart from the basic salary.
Prepared a pitch
Accumulates your last experiences and prepared a pitch on how your experiences will help you to contribute to their company.
Following tips to help you make your pitch:
a. Show excitement - Early in negotiation, you may use words like Working with (name of company) was my long term goal, this will show your seriousness for the job.
b. Show your expectations – During the negotiation, you should let the employer know that you are expected a generous growth from them. you can also say that at this stage of my career, I wish to take a leap both in term of my professional responsibility and as well as my compensation.”
5. Be ready to tackle arguments
Arguments are a positive way as they show that the employer is taking interest in you. Further, a good impression can only be created if you remain calm and composed during the negotiation process. Remember that speak confidently and handled the argument very tactfully. Being inform, gracious is the best thing to take it forward.
6. Practice and only practice
Remember that research your pitch as many times as possible, like the old saying that practice makes a man perfect. So don't miss the opportunity as a newcomer in the company. You can practice in front of your roommate and friends.
7. You have conviction in your strength
If you are in the middle of the gruelling negotiation process, you may have chances to sell yourself. If you avoid this, it is important to make a real self-assessment of your educational qualifications, your attitude, and other strengths. So the self-awareness exercise will give you a base & strong sense of confidence, and even you will remain steadfast candidate even during a difficult argument.
8. Initiate conversation
Do not so hesitate to converse with employers to negotiate. You may also ask the question with gracious “Is the salary negotiable?”. This will help you to start a conversation with the other side and depend upon their response then you can negotiate your salary.
9. Don’t accept the initial offer
It is a thumb rule. This is because of employers/recruiter. Commonly leave the room for negotiation when they give their first offer. If you accept the first offer can cut down your base pay and may also prove detrimental in the long run as it will affect your future incentives and bonus.
10. Quote a higher number
Always asks for a little bit more than what you decide for. because the recruiter can also try to negotiate on your quoted number. When you talk to an employer, you must prepare yourself with good thoughts and a realistic figure that will put you on the negotiating table.
The conclusion is that you have to acquire the knowledge of how to negotiate your salary package according to your job profile, how much you have achieved in past. convince the recruiters with gracious and in a calm way..