How To Do Salary Negotiation?

1,007 Views Updated: 15 Sep 2017
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How To Do Salary Negotiation?

Finding a job is a task by itself. However, the task doesn’t end there. It is followed by an interview with the hiring managers, who tries to negotiate the amount at which they will hire your services. Now, that’s the tricky part.

Employers never reveal the best that they can offer at first go. Hence, it’s always a good option to negotiate with the companies and explore the best that they can provide before you settle with the negotiation.

Here are some ways in which you can negotiate with the hiring managers:

#1. Study The Market Rate Before The Interview

Before your interview with the hiring managers, you must do some homework on the existing salary that is being offered to the people in the same field around the city. This will paint a clear picture before you, clearing your doubts about the two figures that you must keep in mind –target numbers and minimum numbers. Begin the negotiations with the target number. However, inform them that the figure is flexible according to the opportunity.

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(Image Courtesy: Reasearch Methodology)

#2. Never Quote The Exact Amount

While your intention behind changing jobs may be to earn a higher salary, that’s not the answer the employer would like to hear when they ask you ‘What is the salary you are looking at?’. Hence, to begin with, try referring to a range. This informs the hiring managers that you are open to settlement and they take a keen interest in further negotiating with you to seal the deal.

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(Image Courtesy:  The Balance)

#3. Negotiate But Do Not Demand

One of the mistakes made by the potential employee is that it forgets the thin line of difference between negotiating and demanding, ultimately putting off the employer. Hence, do not demand the targeted numbers. Engage in a nice conversation, go with the flow but remember to negotiate. The more you negotiate, the better you will earn. Keeping this in mind, come to a breakeven point.

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(Image Courtesy: Insurance Career Network)

#4. Tell Them About Your Offers

One of the best ways to make an employer realize your worth is by informing them about the number of calls and offers you are receiving from other companies, who may be ready to offer you the desired salary. However, do not boast. In case you do that, the hiring manager may feel you are too snooty and pull their offer back or close the gates for negotiation.

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(Image Courtesy: Listen Money Matters)

#5. Keep Selling To Get A Good Price

Believe in yourself and be firm about your wishes. Walk your way through the negotiation and compel the hiring managers to bend a little more to accommodate your numbers. There are chances that the hiring manager may succumb to a figure nearing your expected figure. However, in most likelihood, the manager may not be able to offer anything more as it may be bound by the company budget and rules. Thus, one must draw a line that marks the end of the negotiation. Do not be a pushover by keeping the negotiations on for long. Time is money and by endlessly revolving around the same conversation, you are wasting your and the manager’s time.

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(Image Courtesy:  Adam Balawender)

#6. Be Creative With Perks and Bonus

There is something known as ‘Internal Equity’ that restricts the hiring manager to not offer anything more than what the other employees are receiving at the same level. Hence, if the HR cannot offer you more, try to be creative with the perks and bonuses. Instead of money, talk to them about extra leaves, review of salary structure after few months, insurance or other benefits to compensate for not offering the desired salary.

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(Image Courtesy: Clever Control) 

#7. Be Confident

Confidence is the key to all your solutions. You have to carry out the whole procedure with poise and confidence. If the hiring manager feels you are under confident, it can exploit you to strike a deal lower than what you deserve. Hence, play your words with confidence, but do not sound arrogant. Drive you deal for negotiation with a nice smile and you may get lucky!

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(Image Courtesy: India)

So, the next time you go for an interview with the HR, follow this simple advice and see the wonders. If you wish to add more,  kindly use the comment box to share your thoughts and opinions with us

(Featured Image Courtesy: The HR DIgest)

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