Negotiating your Salary

Six months ago, Priya Gupta was actively seeking a new job in Bangalore's bustling tech industry.

Having completed a year as a senior software engineer at a local IT firm, she enjoyed her work but couldn't shake the looming uncertainty at her current company, which was undergoing layoffs and restructuring. At 28, Priya realized she might soon be shouldering additional responsibilities without commensurate compensation.

Priya embarked on a determined job search. After several weeks, she received a job offer as a Software Development Lead from a promising Fintech startup. The offer stood at ?23,00,000 per annum, a sum roughly ?3,00,000 higher than her current salary.

However, Priya, no stranger to the art of negotiation, believed she could secure an even better deal. She had successfully negotiated substantial salary increases in her previous roles.

Here's how Priya managed to achieve a ?4,50,000 pay increase before accepting the role.

Responding to 'What are your salary expectations?'

During her initial phone screen for the position, the recruiter asked Priya about her salary expectations.

Drawing from her experience, Priya knew that one of the most crucial aspects of this conversation was to avoid giving a fixed number upfront. She understood that doing so would limit her ability to negotiate effectively. Instead, Priya used this opportunity to gauge the company's budget for the position:

"I'm interested in learning more about the role and your team. However, could you share the salary range budgeted for this position?"

Priya kept this valuable information in mind for future negotiations. If the interviewer pressed further, she would be ready to provide a well-considered range:

"I am currently considering roles with annual compensation ranging from ?X to ?Y."

It was essential for Priya to remain consistent with this range throughout the interview process. She knew from her career coaching experience that changing the range later in negotiations could be a turnoff for potential employers.

Negotiating the Salary After Receiving an Offer

After successfully navigating through three rounds of interviews, the HR lead from the fintech startup extended an offer of ?23,00,000 to Priya. While this was within the range she initially provided, Priya wanted to explore if she could secure a higher figure.

In her negotiation, Priya referred back to the range she had shared earlier but opted for the higher end, subtracting ?1,00,000 to form her new range: approximately ?24,00,000 to ?25,00,000.

In a conversation with the hiring manager, Priya stated:

"Thank you for extending the job offer to me! I'd like to discuss the salary component of the offer. After conducting some market research and considering my qualifications and experience, I'm seeking compensation within the range of ?X to ?Y. I'm enthusiastic about joining the team and am keen to find a mutually agreeable solution."

The hiring manager requested Priya to send her salary expectations via email for further discussion with Priya's prospective supervisor.

In her email to the hiring manager, Priya crafted her message:

"Hi [recruiter/hiring manager],

Thank you for offering me the position of [job title] at [company]. I'm genuinely excited about this opportunity!

Before finalizing my acceptance, I'd like to discuss the salary aspect. According to my research, the industry standard for someone with my qualifications and level of experience is ?X. I'm thrilled about the prospect of joining your team and would appreciate further discussion on this matter.

Thank you for your time, and I look forward to your response."

Within a week, Priya's offer was updated to approximately ?24,50,000, and she accepted with enthusiasm. She refrains from disclosing her exact salary to avoid any potential repercussions in future negotiations.?

"Earlier in my career, I didn't realize the importance of salary negotiation; I was simply grateful for job offers," says Priya. "But not advocating for yourself could mean leaving a substantial amount of money on the table."