Salary negotiation tactics that never go wrong
TO negotiate a higher salary at the beginning of a job is seldom an easy challenge. You may need more or want an additional amount of money to make ends meet. Either way, very few people are excited about doing the asking. This could be because asking for more money is sometimes not so polite. Consider different tips and negotiation factors, such as the ones listed below, about how you can ask for a raise in your salary.
Start off on the right foot: Negotiating from the first offer is a wise move when you’re interviewing for a particular job position. The interviewer will always be prepared for negotiating from the initial amount, and if you do not ask, you will lose potential money right on the interview table. Therefore it is essential that you ask your manager about salary whenever you find the right opportunity. Make the request based on fu
ture obligations, not the past: A company is likely to pay you more if it expects higher work delivery from you in the future. Hence, if you are asking for a rise in salary, then mention the workload you have to bear in future rather than the extensive work you have done in the past. In this regard, you may also mention your household issues such as kids in college, or mortgage payment.
Consider the non-salary op
tions: If your company is not yet ready to raise your salary, then think about other compensation options such as a benefits package. You might ask your manager about expanding your leave period, insurance plan, or other gains.
Pre-schedule the meeting: If you’re planning to discuss the pay rise with your manager, then it’s very important that you pre-schedule the meeting with him or her and offer an agenda regarding what will be discussed. That way, your boss won’t be caught off guard and get surprised with an immediate call for an increase. Also, if your manager has the agenda points with them for a while, it’ll help him or her think about your salary increment and other factors. Don’t enforce, and be prepared
for a ‘no’: Usually it’s fine if you ask for money. But if you are enforcing your own conditions in terms of quitting the job if your demands are not met, then it could have a serious effect on your professional credibility.
Additionally, always be prepared for a refusal. Most of the time bosses are not satisfied with performance and want to test the employee for a longer period of time before offering a higher rank or salary increase. Therefore, you must be careful with
your response when denied the salary increment. Nerve-wracking experience:
If you have to list the most nervewracking situations in your life, salary negotiations will most likely be one of the top five. How do you ask for a better deal? Will they turn you down or bend to suit you? What if you come across as greedy and only in it for the money? At least one of these questions has crossed your mind, right? Well, here are a few tips on how to handle these awkward situations.
Research the market: Don’t get caught tongue-tied when asked about your salary expectations; research the market rate for your experience and position to give you a better understanding of what you qualify for.
Be reasonable: When doing your research, make sure you compare the same industries. If you’re in the retail industry for example, don’t research similar positions in the financial industry; stick to retail and organisations that are similar to yours.
Don’t be overeager: The last thing you want to do is accept the first offer that is put forward. If the offer does not match your market research and you’re not happy about it, you should speak up. If you don’t you might end up feeling resentful and underpaid later down the line. Asking the employer to reconsider is not frowned upon if you know you’re worth more.
Benefits count: Remember that your salary package is about more than just the money. You have to look at other things as well such as maternity leave, flexi time and annual leave. All these things have value attached to them. Make sure you go over all the details with a fine toothcomb and sign only once you’re happy with it all.
Timing is everything: Never discuss what you’d like to earn immediately. If the employer does not bring it up in the first interview, you shouldn’t either – rushing into salary talks will leave a bad taste in the interviewer’s mouth. A bit of advice: if you previously had a job in the same field, employers usually offer 20% more as the minimum.
Avoid specifics: If the interviewer is interested in you they’ll ask what your expected salary is. Always aim to provide the interviewer with a range instead of a figure. — Careers24.com
Negotiating from the first offer is a wise move.