We all go through extensive hiring processes for our desired job at a company and when we get an offer from one of them, we think that we have achieved what we wanted and it is time to congratulate ourselves. What we don’t consider is that we still can negotiate the offer so that we get the right salary and other benefits which are up to the market as well. According to a survey only 33% of the people negotiate what is offered to them in the first place. Rest of them don’t realize the importance of negotiating and don’t even think about it because of many factors, the most common of them, fear and shyness.
Why is salary negotiation important?
Negotiations are important whether you are getting your first job or you are getting a pay raise. Following are a few points why it is important:
- Your salary should be according to the market standards. It is important to make sure that you are not getting less than what others pay for the same job.
- You should be paid according to your skill sets and your worth. If you have a great skill set and you are not paid accordingly, you should negotiate.
- Your chances of getting higher salaries in the future depends on your current salary. You should keep that in mind before accepting the offer.
- Negotiating sometimes help you to get other benefits if not getting a raise in the offered salary.
We should never shy away or be afraid to negotiate with the employers. They expect this from the applicant and sometimes they put forth an offer which is less than what they are willing to offer just to check if the applicant knows his/her worth or not.
What you should have in mind before you negotiate?
Here are a few tips for you before you negotiate with your employer. Try to keep these in mind before your next salary negotiation.
- Be Prepared
- Do your homework before you negotiate the offer. You should always know what are the market standards so that you can talk with facts and figures. The right data can help you get a pay raise but you should use the data correctly, don’t try to manipulate the data. Your employer can come back with another salary survey so don’t expect only on data to get you a pay raise, it is how you justify your ask.
- Wait For The Right Time
- There is always a right time to take an action. Don’t be impatient about the offer, let your employer make the offer first. Take your time to think about it and if it is not the right offer, bring up the negotiation terms.
- Let Them Know Your Expected Salary
- Some people say that you should not throw the number first and be open to the offer from your employer, but this can prove to be in benefit of the employer as they get to control the anchor and rest of the conversation is based on that number. Let them know your expected salary and consider telling more than what you want so that when they negotiate, they can feel they are getting a better deal.
- The worst that can happen when you ask for more is that they can put a counter offer, but if you don’t you might end up getting a very low offer.
- Understand your current worth
- Your current employment situation will affect your negotiation dramatically. If you are unemployed, your expectations should be in-line to market standards, but if you are already working somewhere and has a great performance, you might end up having a much better deal.
- Practice your pitch
- We never consider negotiating with the employer, so we are not so comfortable with it. We can make ourselves perfect with practice. Start role-playing your pitch with someone to make yourself persistent, confident and firm.