Nervous on your salary negotiation with the employer? These tips will help you!
You left the interviewer impressed in the first round of the hiring process. You now wonder if the second round will cover the most crucial part: "Salary".
It's no surprise that even the most experienced employees are unsure of how to approach their boss about a pay raise.
There is always a period to ponder before the big discussion. While this time gap is quite the toll on your thinking, it will be even better for your preparations. This brings us to the first essential tip-
1.?????Never go unprepared, Research is a must:
We already stressed the importance of Market Research in the interview tips. It is time to reinforce that. Research equips you with the information on the latest industry compensation trends. You need to keep a keen eye towards the details while you research. Every compensation lays on three common grounds:
·???????Experience for the given opportunity
·???????In-Demand Skill Set
·???????Geographical differences
Being informed on these aspects for your potential position provides you a realistic view of your potential pay. This also becomes handy when you are to justify your worth to the employer while demanding raise in your current job.
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2.?????Jot your reasons:
When you are informed of ‘what’ the trends are, you need to explain ‘how’ you fit in. Before you head for the discussion, frame the reasons that outline how you add value to the role and position. These reasons will highlight your strengths, professional achievements, and additional skills. It doesn’t matter if you have already gone through this in the first round or you are already putting in your best work. It never hurts one to display their potentials. Moreover, this will help the employers determine the right pay for a valuable candidate as you.
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3.?????Attach numbers to your reasons:
It is not just to list your valuable professional aspects, but also to put ‘value’ to those aspects. Quantify the profits that you can or already have made for the company or the loses that you can or already have prevented for them. Your aim is to show yourself as a serious asset for the company.
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4.?????Honesty is the best policy (quite literally here):
It is preferable to present the facts rather than embellish something that is not entirely accurate. Honesty will fetch you better results. Your false mentions might lead to a complete withdrawal of the offer you were so willing to negotiate. It will work against you to undermine the resources of your employer, or HR, in extracting the correct details. Lying puts you at an undue disadvantage in negotiations.
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5.?????Don’t lose the professionalism:
The most important thing you need to absorb as a candidate is – you aren’t bargaining. This is not a shopping price that you bargain every day, it is a salary package negotiation which is extremely professional. A common ground of the package is a must that both stakeholders can mutually consent upon than just running through rough numbers. Salary negotiations are not personal and shouldn’t be perceived in that direction.
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6.?????Neither the hype nor the sit back:
Sometimes you may just rush into accepting the first thing the employer offers; other times you may not settle at all. Both approaches are futile when negotiating.
It's vital not to get too excited (or at least not to show it) when the first offer is brought to the table. In the event that you don't obtain what you want, you may always return to the initial offer. Put a counteroffer on the table to try it out, and let your employer know you believe you are worth more.
The other thing you should refrain from is being extremely pushy. The best advice for negotiating a raise with your present employer is to be careful what you say and to avoid saying the incorrect thing. You run the danger of saying something regrettable if you allow your emotions to control you.
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As always, the icing on the cake for you is a bonus tip: Improve your interpersonal relationship management soft skills. Your key to smooth and stable communications and negotiations in the corporate world depends on this skill.