Salary can be considered as the most prominent driving factor influencing the choice of selecting a particular job offer. Everyone in this world wants to receive high salaries and lucrative perquisites. This is the primary reason why people migrate from one company to another in order to receive higher compensation. Negotiating salary is an art that must be mastered and learned.
Pre-requisites Before Negotiating Salary
1) Conduct A Survey
Saying any random figure without any proper analysis or survey is not wise. This would show that you are somewhat of a mercenary and can’t be a valuable employee for the company. This can deplete your chances of selection considerably. Hence, one must strive to conduct a proper analysis of the conditions prevailing in the industry and salary prospects of a similar role. This will give you a fair idea, where you stand.
2) Identify The Range
While conducting the survey, one must identify the optimal range of salary.
For example, Mr. ABC is willing to work as a senior accounts manager in a consultancy company. He has completed an internship of six months and after conducting extensive market research, he found that he is eligible to obtain a salary in the bracket of $50,000 to $80,000
3) Pick The Higher Limit
After identifying the limit or pay bracket, just pick the higher limit. Have faith in your skills and knowledge and assume that you are eligible for the highest salary in your optimum pay bracket. Picking any middle value can be detrimental to your personal interests because it has been observed that interviewers tend to negotiate and lower down the expected salary.
In continuation of example mentioned in point no. 2, Mr. ABC must pick $80,000 as his desirable or expected salary.
4) Be Flexible
Becoming adamant and rigid, after picking the highest limit in your optimum pay bracket is foolish and a boor. Employees are recommended to pick the higher limit because it is a common habit of employers to settle down an employee somewhat below his salary expectations. Hence, one must be flexible and try to close the deal.
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5) Identify Your Walk Away Number
An employee, post research, must identify and settle onto a walk away number which simply means the lowest salary for which you are willing to work for the organization. Picking out such a number is very useful and will allow you to fetch your desired salary.
6) Be Ready Even To Say A ‘No’
It is recommended that an employee must not accept employment below his or her personal walk away number. If an employer tries to become smart and wants you to work for a salary, less than the median, then just politely refuse to accept the offer and walk away.
Step By Step Telephonic Negotiation
Step I: Find The Right Person
Identify the person having the authority to increase your salary or to offer you a pay hike. Making conversations with a person not handling such tasks is useless and a sheer waste of time.
Step II: Share Your Expectations
Tell your employer your salary expectations which must be based on thorough and extensive research. Make sure you are respectful and polite.
For Example,
Employee – Hello Sir!! Thanks for considering my application and making me a job offer. Sir, I want to state that, the salary offered by your institution is less than the median salary offered. I have made a thorough research and found that, for a similar role and experience, one is able to easily fetch $80,000, where as you are offering me $55,000
Step III: Why You Must Be Offered A Higher Salary?
Convincing an employer is a pivotal task and must be strictly adhered to. You must have superior communication skills to influence your employer and prove to them, how valuable you can be for the organization and how beneficial your contribution is going to be.
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For Example (in continuation),
Employee – Being a hardworking person having the ability to adapt and learn things quickly, I believe, I have the skillset and knowledge to contribute to your organization in a beneficial way. I have internship experience of three months and have performed similar duties and tasks during this stint. Hence, I request you to consider and hire me at my expected salary.
Step IV: Be Ready For Negotiation
It is highly likely that you won’t be able to get what you are demanding. An employer will always give you his or her own salary offer which would be less than your salary expectations. The walk-away number identified earlier would now come to use and you must make an informed decision based on that.
For Example (in continuation),
Employer – Dear ABC, I appreciate your internship experience and knowledge. During your interview process, I even evaluated that you are a positive person with good communication skills. That is why we are hiring you. Businesses operate in a dynamic and uncertain environment and have to face loads of challenges. I revise my offer and the highest we can offer you is $65,000
Employee – I cherish that you have revised the offer and increased it by $10,000. I am extremely sorry sir, it is still way too low from the median salary offered. I really want to work for the organization and if you can offer me $70,000 with 50 shares under the employees stock exchange option, I would be more than happy to join this prestigious institution.
Step V: Be Flexible
If you are getting closer to your walk-away number, then is it highly recommended that you accept the offer and close the deal.
For Example (in continuation),
Employer – OK, ABC, we value your opinion and would like to again revise and offer our best. We can give you $68,000 and can increase it to $72,000 after six months of successful service. If you are happy and willing to accept the deal, do let me know.
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Employee – Doing a job in this company is my dream and I have always wanted to work here. Ok sir, I accept the offer. Thanks for giving me an opportunity.
Employer – Good to hear ABC. We will shortly update you with all the formalities to be completed.
Conclusion
The importance of conducting research and identifying your walk-away number is foremost and chief. One can not just negotiate on the basis of a random salary figure. Further, one must not be arrogant and stubborn but must be flexible and open to suggestions while having conversations relating to your salary. If you like our articles then don’t forget to share them with your families and friends. Also, do let us know through the comments section below, how you like our articles.
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Sandeep Bhandari is the founder of PrepMyCareer.com website.
I am a full-time professional blogger, a digital marketer, and a trainer. I love anything related to the Web, and I try to learn new technologies every day.
All the team management, content creation, and monetization tasks are handled by me. Together with the team at PrepMyCareer, the aim is to provide useful and engaging content to our readers.