How to Negotiate the Right Salary?

Have you ever felt underpaid at your job? Well, it may be because you didn't negotiate the salary properly in the first place.?

Picture this: you have undergone multiple rigorous evaluations and withstood the interview challenges to land your dream job. But before you breathe a sigh of relief, you realize the grind is not over yet. Now it's time to talk numbers with your recruiter.4

It's not an easy feeling; we have all been there once in our lives. And with our experience in the HR industry, we can say this is a pretty awkward conversation for most of the employees, so much so that some employees try to avoid it altogether.?

A study suggests more than 40% of applicants never tried to negotiate their salary because of fear. But as an employee, this is your opportunity to be actively involved in salary negotiations and secure a good number, even in the present weak job market.

So, in this newsletter, we aim to provide insight into why salary negotiation is important for your career and offer guidance on making the most of the negotiation.

Why is it important?

Salary negotiation is crucial in your career, especially when starting your journey in an organization. This is because it is easier to negotiate when you start than a few months later. And if you make the mistake of letting the negotiation part slide due to fear, it will haunt you throughout your service period.

Further, it is quite obvious that if you settle for anything below your worth, it will not only take a toll on your future earnings but also affect your self-esteem. A study suggests 1 out of 4 applicants has not negotiated their salary because they do not know how, whereas 66% of candidates got better starting salary offers after asking for more. So ask for it; if you don't, you won't get it.

Now that we have discussed why negotiation is important let's roll our sleeves and get on with tips for successful salary negotiation.

Tips to negotiate the right salary

So, how do you talk numbers with your future employers without sounding rude or greedy?

Know your value

Before you jump into a negotiation process with your hiring manager, you should know your value. This involves conducting extensive research on the pay range within your industry. Being well-informed improves your negotiating position and enhances your chances of securing a higher salary.?

You can also use your professional network or social media network, like LinkedIn, to talk with professionals in the same field. This will give you a better understanding of your ideal pay scale that aligns with your skills and experience.

Have patience

Remember, if your HR manager has not initiated the conversation about salary, it's important to stay focused and avoid bringing up the topic prematurely. Always let the company or the recruiter take the lead with this one because if not, you may end up with a salary much lower than the company intended to pay.

Take your time

Though you are pressured to accept the job offer with the proposed salary, it is suggested that you take your time with it. You can ask for one or two days to analyze everything. You can research and consult your mentors regarding the salary package and job perks during this time.

Have a baseline

Once you finish your research, use the data to form a salary package according to your skills and knowledge. It will also give you a baseline to limit how far you can compromise with your salary. Whether you are a new employee or an employee who wants to negotiate a raise in salary, this method ensures you get more.

?However, we recommend you keep your cards secret and let the employer raise you with a new offer; this will avoid a scenario where you pitch below what the employer had intended.

Pro tip: Consider the job's perks, like the work-from-home option, working days, travel convenience, and health insurance.

Add why you deserve a raise

Winning a good salary negotiation depends on backing up your demands with logic. If you can convince your recruiter that your question is logical, you can win the deal. And this can only be done when you highlight your knowledge and your problem-solving skills, which prove you are too great an asset to lose. So, when you are writing a negotiation email or engaging in a conversation, don't forget to back your demands with logic.

Practice

So you have decided what to say, how much to ask, and what your baseline is, and you are all prepared with your answer. But remember, it is one thing to do your research and prepare your answer, but delivery is a whole new game.?

Before you continue with negotiation, practice answering different possible questions that may be asked against your higher salary demand.

Accept the possibility of failing

With every negotiation, there is always a looming chance of not achieving success. It may also happen that your hiring manager may not even consider your proposed offer, but that's part of the negotiation; you don't always win. Take it as a learning phase and improve your negotiation skills for next time.

Maintain politeness

While conversing with your manager or employer regarding the salary, try to maintain a polite and humble tone throughout the discussion. Furthermore, upon receiving your offer letter, expressing gratitude towards the employer can positively influence your chances of securing the right salary.

Final word

In the current job market, demanding a high salary can be challenging. However, approach the negotiation well-prepared with a solid understanding of industry-standard pay, a thoroughly researched baseline, and well-crafted responses. You may be able to push that bar a little higher. It's important to remember that getting something is better than nothing, especially during challenging times in the job market.

Thank you for joining us in another episode of the newsletter. We hope this edition has enlightened you on the right actions to take in the negotiation game. If you are looking to propel your career to better and higher possibilities, you can register and apply through Pitch N Hire's job board. Here, you can discover jobs that fit your skills and offer competitive salary packages.