One of the crucial rounds of discussion during a hiring process is salary negotiation. It is an important part in your career and you have to do it tactfully and carefully.
Often people are not able to do it properly, even though they performed well in the interview. Thus, they land in a job with unsatisfactory salary.
Hence, in order to get good salary package, you have to negotiate effectively. It not only can result in a better initial salary and benefits, but will also affect later pay hikes and future earnings.
So what to consider for smoother salary negotiation?
Research What You’re Worth
One of the most important things you need to know is your market value. Know what you’re worth before negotiating your salary.
Invest some time researching the average salary for your job. It will give you an idea about what salary you can ask for and expect to get.
Take Your Time
While interviewing for a job if you want to discuss salary, be patient. Let the employer volunteer salary discussion first.
Try not to discuss about compensation until the employer makes you clear that you are the choice candidate. Having a salary discussion too early can distract both you and the employer from knowing and learning more about each other.
If the employers asks what your salary requirements are, just say that they are open, based upon the position and the responsibilities of the job.
Analyze the Entire Package
Don’t just focus on the in-hand salary or gross salary; analyze the whole package breakup accurately. There may be many other benefits due to which your in-hand salary may be lesser than your expectations.
These benefits include health benefits, flexible work timings, tax benefits, etc. It may be possible that the company may not be ready to pay a big package.
So, if the company is not ready to move after a certain point, you can try to negotiate on the benefits to get a better overall package.
Know Your Limits
After researching about the salary trends in job market, you have definitely got an idea of your real worth. Hence, you should try to negotiate around the same figure. You can give a range and then further you can ask the recruiters to decide. But, you must stay within your limits. If your expectations are too high, the recruiters may just decide not to hire you.
Plan out a Win-Win Situation
Remember that negotiating salary is not a war between you and the recruiter. It is a conversation to reach a salary package that works for both the parties.
Make sure that you get your worth and it does not look outrageous to the company either.
Using the above mentioned negotiating strategies will help you effectively negotiate the terms of your new employment.