Guide to Successful Salary Negotiation

BEFORE NEGOTIATION

Remember the 5 P's Rule: Proper Preparation Prevents Poor Performance.

If you properly prepare for your negotiation you'll improve the chances for a successful outcome and for getting what you want.

1.    Know the market for your job title.

You wouldn't walk into an Auto dealer's showroom to buy a car if you didn't know the market price for the car you are planning to buy. Just the same, you shouldn't go to a job interview without knowing the current salary ranges typically offered for the type of work you do. How can you know how much salary to request if you don't know the current salary ranges? #LinkCVRight CareerTools

2.    Know the current supply of people who do the work you do and, if possible, are applying for the same job.

This relates to the old rule of supply and demand. If you are the only person who does the type of work you do and/or you are the only person qualified to do the job, you're in a great position to ask for more money. If you know that you are one among many people who are probably applying for the same job, you can see that your bargaining position is less and you may need back off on demanding too much. #LinkCVRight CareerTools

3. Establish your criteria before you negotiate.

Know exactly what you want you want and why you want it. If you are clear about what you want from the negotiation, you'll be in a better position to ask for and get it. #LinkCVRight CareerTools

4. Create a list of the benefits you bring to your new employer.

These are your reasons you offer when making your request for more. A smart negotiator is able to back up a request with a benefit. #LinkCVRight CareerTools

5. Decide on your “bottom line” BEFORE you negotiate.

Decide what you will accept as an absolute minimum and where you'll be flexible BEFORE you go into a negotiation. Be clear about what you want up front and be clear about what is the lowest you'll accept before you walk away from the offer.#LinkCVRight CareerTools

6.  Decide on alternative benefits.

If, for some reason, the salary offer is not flexible, you might ask for other benefits such as vacation time, sign on bonuses, laptop computer, etc. A company or hiring manager may not be in a position to offer a different salary but may have more flexibility in providing other types of compensation, rewards, or benefits. #LinkCVRight CareerTools

7.  Base your requests on a clear understanding of the nature of your job.

Make sure you clearly understand the nature of the job you are negotiating over. Be clear about the hours you will work, your workload, when you'll receive a salary review, etc. The more you know about the job, the less likely you'll find that the job wasn't what you thought it was. #LinkCVRight CareerTools

8.    When negotiating, think Win/Win.

The ideal outcome from a salary negotiation is for both you, and the person hiring you, to feel that a fair agreement has been reached. You don't want an outcome where you feel you are being underpaid because that starts you off on your new job feeling like you've been cheated. On the other hand, you don't want your employer feeling that they are overpaying because you demanded more. Employers who feel they are overpaying someone will tend to demand more from this person and may put this overpaid person on the top of the list if a time comes for layoffs. #LinkCVRight CareerTools

During the Negotiation

1.  Be positive and upbeat.

Some negotiation situations are necessarily combative but a salary negotiation is best accomplished in a cooperative format, UNLESS, you happen to know that the other person prefers confrontation. #LinkCVRight CareerTools

2.  Work on the issues as the challenge, not on each other.

In a salary negotiation, it helps to avoid confrontation by trying to focus together on the issues as the challenge, not each other. In a sense, you are both on the same side trying to resolve issues together.#LinkCVRight CareerTools

3.       When asking for something in a negotiation, you must connect it to the other person’s benefit. Remember to negotiate based on your what you bring to the table, not what you need. It may sound cold but your future employer doesn't care that you want the extra salary for a new car or new home. They DO care about getting a benefit from you that may be worth paying more for. They want to get a bargain and when you offer additional skills, experience, or benefits as your reason for asking for more money, you'll be most likely to get it. For example, if you ask for perks like a laptop computer or cell phone, emphasize how these perks will benefit the organization and make you more productive. #LinkCVRight CareerTools

4.       Bring to the negotiation documentation of what you offer and of your accomplishments.

Bring copies of documents that prove what you have done and/or what you can do. In most negotiations this isn't necessary, but it can be very helpful if the person you're negotiating with seems to doubt your skills or accomplishments. #LinkCVRight CareerTools

5. Have a contingency plan so you already know what you’re going to do if…

What if one of your requests is not met, none of them are met, or you get nowhere with your requests? Think about this before the negotiation and have a response planned. #LinkCVRight CareerTools

6.  Always open a negotiation conversation with positives.

You can start by thanking the person for the job offer or about how you expect to benefit the company, the job, etc. This helps to set a positive tone for the negotiation. #LinkCVRight CareerTools

7. Use questions rather than making demands.

It's better to be polite and ask for requests rather than demanding what you want. Also remember not to ask questions that can be answered with “No” because this might close the topic for good. For example: Don't ask “Is the salary negotiable?” because they can simply say “No.” It's better to ask something like: “How negotiable is the salary?” because this requires an answer that isn't final. #LinkCVRight CareerTools

8.  Keep calm, cool, and professional no matter how the negotiation is going.

Even if you end up walking away from an offer, it's best to do this in a professional manner.

After the Negotiation

Ask politely for the agreement to be put into writing.

Make sure that everything you agreed on is written down. Use a tactful approach when asking so that you don't create a feeling of distrust. Keep in mind that an agreement that isn't in writing, doesn't exist. #LinkCVRight CareerTools

 Career Tips by Smriti Gupta 

LinkedIN https://www.dhirubhai.net/in/smriti-gupta-cv-writer/

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