5 Tips For Handling Salary Negotiation
Salary negotiation is ofttimes the most awkward part of a job discussion. This mostly happens because, the candidate is not sure about the amount of money he/she can ask for. It somewhere stems from the fact that the candidate does not want to lose the opportunity by quoting a wrong amount. But then, salaries are meant to be negotiated and discussed. If the asking amount is too much, a recruiter can always communicate that, and counter quote a more feasible option.
Following are a few essential steps that will help you conquer the negotiation part. These steps will give you the confidence to quote a price and negotiate the benefits clearly. Keep reading to know how you can handle salary negotiation part confidently and turn the tide in your favor.
1. Do Your Homework
Before you go in for your face to face interview with the HR, do your homework; assess your worth. Find out the common pay scale for the position you are about to take up. Calculate all the numbers, add up to your last salary and do not forget to add the expenses in case of change of city. Never forget the fact that you need a certain amount of money for yourself. So, negotiating an amount that may create problems later isn’t a good idea. Also, appraisals are not something you can depend on; they may or may not happen. So, ask for what you think you deserve, right now.
2. Do Not Speak First
It is never good to speak your numbers first. By doing that, you might anchor yourself at a lower price. Wait for the employer to speak. Let them lay out all their numbers. If it is at par with your expectations, you do not have to say anything at all. You have to negotiate only if they quote too low. If the recruiter/employer asks you directly for your expectations, tell them your last salary, your hike expectation and do not forget to mention that you are flexible about the numbers.
3. Consider Benefits
Ask whether you will be getting any employee benefits. If the company is offering you substantial number of benefits, you can be a little soft in your salary negotiation but if you are not getting any, you have to push. See if you can negotiate on the perks and top up the salary being offered. If the recruiter isn’t willing to negotiate either, you might want to consider your options and say no if need be.
4. Calculate the Take Home Salary
Take home salary is always less than the CTC. Yes, we all know that but often forget that at the time of negotiation. This generally results in a lot of disappointment when you get your first salary. When you are asked, ‘what are your salary expectations’, make sure to focus on take home than on-paper. This will help you make a proper decision and you will avoid an unpleasant surprise on salary day.
5. Take Your Time
Once you receive an offer, you do not have to respond immediately, and you do not have to say yes at any cost. Take your time, make further calculations and see if the offer made to you is good enough. Also, there are chances that the recruiter will increase your offer just because you are taking time to think. Yes, sometimes they need you as badly as you need them.
Now that you know how to negotiate salary, go ahead and apply for your dream job. Be confident and always remember, recruiters are open to negotiation.