Negotiating for a higher salary can be both discerning and uncomfortable. Whether it is a new job you are joining or you desire an increment in your present one, negotiating your salary is a requisite for future job satisfaction. Moreover, it has been determined that being a good negotiator is a definite success factor if one is interested in climbing the career ladder. Let us take an example. Suppose you and a colleague of yours started your careers with similar jobs, but just because your colleague had the capability of realizing his worth, he negotiated for a raise. This incidence might leave you feeling low and dejected. To avoid such an occurence and to truly justify that you are capable of much more, here are 23 tips to ponder over while negotiating your pay.
1. Justify the raise
Being asked about your present salary can be quite an awkward question. However, be sure to state the exact figure, if asked, and explain the reasons for being paid the amount you are requesting. Stress your previous work and skills, and provides example on how you've helped the company grow with your potential and expertise.
2. Research the market
Research the market and gain enough knowledge about the amount you deserve. Study your job profile or the industry where you are presently working in to find what people at your level are getting paid for similar work. Analyzing your salary can be done on various sites as well. Better yet, talk to recruiters to get an idea of how much they pay people with similar skills.
3. Study the present state of the company
Explore the financial condition of the company in regards to investors and revenue, and also the amount they plan to spend in the next fiscal year. It's impractical asking for a raise if the condition of the company is not financially healthy. Instead, what you can do is to consider other alternatives like taking up better projects with a slight hike in salary or a greater number of paid holidays.
4. Perfect timing
Choose the ideal time to ask for a raise in salary. It would not be the right time to discuss your salary before an important presentation — your manager might not be as focused on your needs. Make sure that your recruitment manager or boss is in the right frame of mind to consider your proposal. You'll improve your chances if the timing is right.
5. Approach them with the right attitude, not antagonism
Keep your attitude right. Don't be too humble or too aggressive — you want to make sure that everyone benefits from such negotations. Make sure you balance the conversation correctly, you'll be walking a fine line at time!
6. Explain your past performance
Explaining reasons for a raise is the best way to go about it. Give an instance of how you attained targets and exceeded the expectations of the company. You can even mention of how the company has benefitted by your performance since you've joined.
7. Don't use your current salary as a starting point
Unless you are in the same company, do not ever mention your previous salary. Always start your negotiations based on your performance and the projects you have completed. Mentioning your previous salary might dissuade the recruitment manager/line manger.
8. Be professional and polite
When you are interacting with your seniors or boss, always be polite and firm. Show your appreciation for their time but never get exasperated. Nevertheless, even if you have to show your disapproval, do so in a composed manner.
9. Put yourself in their place
During the process of negotiation always think of the person sitting opposite you. You should also reflect on their views and interests. By doing so, you'lle opening up more options for both of you, giving the impression that you still have the company's interested at heart.
10. Let your employer speak first
Make sure that you let your employer make the first move. The best option would be to wait for him to give a figure that he is willing to offer rather than you quoting a number which might be less than what you deserve. You can begin the negotiating process, based on what the employer has to offer.
11. Be confident
Show professionalism in your behavior and appearance. Appear positive and confident enough to show that you are serious. Your behavior will definitely have an impact on the decisions made by your employer.
12. Be clear about future objectives
Mention if you have any goals for the company that would help it move ahead. By doing this, you should be able to express your vision for the company as well as for yourself. Everyone loves a plan, and you can never plan enough.
13. Rehearse what you're going to say
Always rehearse exactly you want to say (and do it with confidence). Be prepared to answer questions. Prepare yourself for a negative response, and make sure that you've mentally explored all possible avenues.
14. Negotiate on a full stomach
Ensure that you are not on an empty stomach as this might hinder your concentration during the negotiation process.. You should have a good meal as that will help you feel prepped up to tackle the task ahead. Snickers are right, you're not you when you're hungry.
15. Consider other perks
In case the company is not in a position to consider an immediate raise in salary, keep a list of benefits or perks to put forward ranging from: remote work, vacation time, or other options like flexible start times.
16. Do not mention personal details
Do not mention personal problems like a hike in rent or hike in fuel prices as these are not going to impress your boss or employer. Almost everyone in the company faces such issues. Mentioning such points will certainly not validate anything, and will rather make you look a little incompetent.
17. Be specific when justifying your point
Always provide a valid reason behind what you say. You may want to justify your negotiation concerning pay to the city you are currently working in. Try to be specific about the figure you have suggested, and stick to it to show that you are serious about it.
18. Pay attention to what others have to say
Be an active listener if you want others to consider your viewpoint. This will indicate that you respect and value the opinions of others.
19. Be prepared to answer questions
Be prepared for all possible questions. Whenever you go to negotiate your salary, you are expected to justify and provide proof. If your employer counter questions you, it can indicate that he is seriously contemplating your argument.
20. Wait patiently for the final decision
Don't be impatient while the final decision is being made. Even during the discussion, be patient, pause, and let the other person speak. This will show maturity and professionalism on your end — another impressive trait.
21. Define the minimum salary that you are willing to accept
Determine how far you're willing to go with your salary, and stick to it. Give reasons at the time of negotiation for not accepting a lower figure. Don't undersell yourself.
22. Make an analysis of the negotiation
Even if the decision has been made that you will not be given the expected rise immediately, you will realize that you have learned a lot from the entire negotiation. Such experience may come in handy the next time you contemplate further negotiations.
23. Don't make threats
Keep the conversation positive as you would ideally need to still work in the same company. Whatever the situation be, do not threaten to leave the job if not given a raise. Another thing to be considered is, never threaten your employer with more lucrative job offers or interviews as all these might have an adverse effect. If you do decide to leave, do so on good terms.
It is the manager who determines the salary offer that is made, keeping the internal and external competitive compensation offers in mind. This does not mean that negotiating for a higher salary does not have the desired effect. Go for it especially if you possess the specialized skill or training that the organization requires. In a nutshell, it is up to the concerned candidate to get what they deserve.
Do you have an incidence of a negotiation with your previous employer which you find amusing? Why not share it with others in the comment section below!