Negotiating a salary to one’s advantage is a tough job but by mastering it well, you can gain a fair idea about how much your employer is going to offer you. Not knowing the art of salary negotiation will land you a job where you are paid far less than your qualifications. Go through the various salary negotiation codes mentioned below, to get an idea of how to receive a salary that meets your expectations.
- Do your homework well
A lot of people when asked about their expected salary expectations draw a blank. Rather than concocting an imaginary salary figure at the job interview, it would be better if you do some research beforehand. Before coming to the interview, research a bit about the kind of salary paid to people in your position. Try to get in touch with recruiters and make inquiries of the current prevailing rates. Using this information as a guideline, you can then quote your rates within an acceptable range.
- Don’t say yes immediately
Some freshers and those in desperate need of a job make the mistake of accepting a job offer straight away. This will clearly show your desperation and employers might even use this as a means to give you less salary than your worth. One should always measure one’s salary against one’s worth and then decide. If you feel that you are being offered less, then speak up and voice your concerns. Not speaking up and agreeing to a low paid job will only lead to disappointment and frustration later on in your career.
- Consider other benefits as well
When negotiating salaries, candidates often make a mistake of ignoring the other perks and benefits associated with the job. The other important factors that one must consider when choosing a job are paternity and maternity leaves, paid holidays, insurance coverage and flexi-work timings. All these factors have a certain amount of monetary value attached to them; hence these should also be taken into consideration when considering your package.
- Do not make comparisons
Salaries differ across industries, thus it would be unwise to make salary comparisons across industries. Before making a comparison, keep in mind the industry you are planning to work for and the expected salaries. For instance, comparing the salary of a school teacher with that of a telecom professional will make no sense and be a waste of time.
- Wait for the right time to mention the salary topic
Mentioning the salary topic early on in the interview is a wrong move. This will create an unfavorable image of yours in the eyes of your future employers. Let the interview proceed at its pace and if the employers are impressed with you, they themselves will broach the salary topic at the suitable time. If you have been working before, a thumb rule is to quote a salary range 20% higher than your previous job.
Keeping these points in mind when attending a job interview will surely help you in making the right choices.