When it comes to getting the right job with the right salary, salary negotiation can play a very important role. If you are wondering how to negotiate a salary, the following tips may be of help to you.
Just preparing properly for a job interview is not enough, you also need to consider salary negotiation tactics before going for an interview. This is the art of obtaining the best salary possible, directly proportional to the responsibility of the position that a candidate is seeking. If you are about to face a job interview in a company you want to work in, it is very essential for you to learn the art of negotiating salary. By learning this important art, you can assure yourself of a good pay package from the very start of your job in a particular company. You need not wait for performance appraisals which predominately count on your productivity and performance. The pay package is the most significant thing that both the candidate and the employer are interested in. The candidate will try his best to increase his pay, whereas the employer will try to offer the candidate the lowest salary but with the same job responsibilities.
Obtain Few Job Offers
To increase your leverage to ask for the best salary, you need to have in hand some good job offers which may seem competitive to the job you are intending to get. It is considered that having few job offers in hand not only gives candidates a chance to practice salary negotiation with different organizations, but also gives the candidate a certain amount of security and confidence in asking for a higher salary. Possessing job offers relevant to the position you are applying for gives you the advantage to negotiate a salary which is deserving and according to your skills and capabilities. Having many job offers also enables you to negotiate salary with several different companies, and choose the place which provides the best pay package. Employers tend to offer you less salary if they come to know that you do not have any other job offers, and this is your only chance of getting a job.
Position Yourself as a Beneficial Candidate
To boost your salary negotiation skills, you need to position yourself as a valuable and ‘absolutely necessary’ candidate, which any potential company will not want to let go. Your exceptional value and worth can be displayed to the employer via your resume, the way you perform in the interview, your dressing style, preparation of the potential company’s information, and of course, your skill set and experience. You simply need to remember that the commencement of salary negotiations in a job interview can only be done after the employer is assured of your exceptional value and worth.
Conduct Salary Research
A person who has carried out salary research is more likely to succeed in negotiations than one who is not aware of his salary range. For the purpose of negotiating the best salary possible, it is essential to conduct an exhaustive salary research to determine what is the standard pay for executives with similar experience and education in the same field. An elaborated research like this would effectively enable potential candidates to assess what the lowest and highest pay packages are. It would also enable them to put forth a demand for a suitable salary range during negotiations. You should also take in mind that the salary range may largely depend on the state you are working in, or the state you intend to work in. If you get a job in a large reputed company, you are more likely to receive a good pay package. The primary factors and determinants for assessing salary ranges are the job description, kind of industry, size of the organization, location of the company, the candidate’s educational status, and most importantly, the work experience. These factors would efficiently enable you to place suitable quotations during a pay package bargain.
Correct Time for Negotiation
You should try to obviate premature commencement of salary discussion. You should start the negotiation only after the interviewer asks about your requirements and expectations. If you mention the salary factor earlier than necessary, you may be opted out by speaking of money too soon. You should let the interviewer take the first step, and then you can proceed with the conversation. Many times, it is difficult not to talk about the salary range, particularly when questioned about your pay history and expectations. Just remember that the sooner you start negotiating a salary in an interview, the lesser are your chances for succeeding in the salary discussion.
Offered Salary Considerations
Do not underestimate your value and accept what is offered, even if you need the job urgently and have no other alternative. Stave off such desperate decisions, since even the best offers need to be properly critiqued. That being said, you should also never reject offers straightaway when the salary is a lot lower than what you anticipated. It is recommended to ask for some time to think on the matter before declining the offer. Moreover, a majority of employers would give you some time to think about the salary they are offering and the salary which you expect to receive. If the offered salary is very low, you do not have any choice than to decline the offer. However, if the salary offered is acceptable but not as per your prospects, you need to take in mind the other benefits that would come along with the pay package.
There are also chances to get your salary increased over time, if you show good performance. So during the job interview, you can confirm whether you can get a hike in the salary if you give optimum output. When you start performing well, and the employer finds out that you are not only an employee but a profitable resource to the company, he will surely decide to renegotiate your salary. The renegotiation talk can also be carried out in the performance appraisal interview. Simply ensure that the renegotiation factor is included in the job contract that is provided at the time of the interview.
Salary Negotiation Sample Letter
If you do not discuss the salary in the job interview, you have the option to draft a letter. This letter is addressed to the interviewer or the employer, and includes matters regarding the candidate’s suggestion for increasing the salary or making some changes in the contract offered by the prospective employer. These letters are a professional way of carrying out salary negotiations, when salaries are not discussed in the job interview.
I am very pleased to have obtained the offer of a Software Development Manager with (company name), and look forward to its acceptance. I am sure that the 8 years of work experience I bring would really be a useful asset to your company. The conditions of the offer are satisfactory with some minor alterations.
The basic salary offered is $70,000 per annum. I have carried out research on the industry norms for the post of a Software Development Manager, and I think that a pay package of $80,000 is appropriate, bearing in mind the vast experience and knowledge that I would bring to the company.
With respect to the benefits package offered by your company, it is truly very generous. I will simply like to request that the six-month waiting period be waived. Moreover, with regards to vacation, I am completely aware that the organization’s policy only permits 3 weeks vacation, despite industry experience. I just needed to confirm if it would be possible for me to take another week vacation at my own disbursal.
The post of a software development manager is of significant interest to me. I truly consider that it relates to my professional aims and objectives, and that I would be able to prove beneficial to your company. I am looking forward to get an opportunity to talk about these alterations with you.
Negotiating a salary is not difficult, and is easier if you can support the salary you demand with significant justifications, which include previous salary earnings and performance indicators. You should never tell the employer about a fake previous salary that you never received. Whatever the result of the negotiation, always remember to take the final offer in writing. If you are worth the desired salary, you will certainly get it by employing the tactics given above.