Salary Negotiation 101
Excellent salary negotiation skills are sometimes what separates the good and the best on the interviewees list. It’s a skill that you need to properly hone especially if you are to land your dream job.
Here are some vital tips on negotiating your salary:
Do your research beforehand
Investigate the current market compensation for a position similar to the one you are interviewing for. You can find useful information on the Internet and from friends. This helps you to tame your expectations and give you a tentative figure of what to ask for. Employers tend to prefer candidates who are within their pay scale, slightly above, or lower.
Justify your worth
While negotiating your salary, never shy away from discussing the value you are bringing to the company. However, be careful not to sound boastful as the panel may treat it as rudeness. Approach the pitch by discussing your employer’s needs and integrating it with your career goals. Mention how your skills are a good fit for the position you are being interviewed for.
Share the company’s vision
This is usually a masterstroke. It shows you are not there for the money but to contribute to the company’s mission and vision. Start by praising the company, indicating some key milestones since its incorporation. Swiftly move to its current mission and vision and discuss how your skills may be of value. You can also mention how your experience and expertise will come in handy for the achievement of the company’s set goals.
Show some commitment
People will not invest capital to get your approval if they believe you will simply say. “ No thank you.” Make it clear that you are serious in your desire to work for the employer. However, be careful not to sound desperate, as this is a red light most interviewers look out for. Instead, send a clear message that you are willing to join the team at your earliest convenience. This elevates your value to the employer and puts you in a better position to get the job and the salary requested.
Know the panel
Negotiating with an HR representative is different from negotiating with the potential boss. You do not want to annoy someone who is going to be your boss with petty demands. Consequently, the HR representative may be responsible for hiring about 10 people and may be unwilling to break the precedent. On the other hand, the boss stands to benefit more directly and may consider accepting your special request.
Do some research on the employer’s financial position
Before the negotiation, understand the financial position of the employer. If the company is doing well, you can raise your demand or vice versa. Also, a smaller company may not have as much money to spend on salary as opposed to a large firm. However, your inherent research will put you in a better position on the negotiation table.
Be ready for tough questions
Many candidates encounter tough questions. For example, is there another offer? If we make an offer next week, will you accept? Are we your preferred choice? Inadequate preparations can make you say irrelevant things that are untrue, evasive, or worse. The right advice, however, would be to remain truthful as possible during the negotiations.
Consider the entire offer
Remember, much of your satisfaction will depend on other factors in the negotiation like the salary. Focus on the value of the deal such as location, responsibilities, working hours, travel, growth opportunities, perks, support for further studies, etc. Also, consider the possibility of commissions and bonuses as these can significantly grow your annual income.
Do you want to learn more about the art of negotiating? Join us for an eChapter replay event on Wednesday, August 9 at Noon.