Salary negotiation – an important Skill

Salary negotiation – an important Skill?

Most people find salary negotiation awkward- whether at  interview or when looking for  promotion.

Surveys show that only around 46% men & 37% women negotiate  salary.

Those who do not negotiate are likely to work around 5 years longer (than those who negotiate) to make the same money over the span of a career.

Main reason for not negotiating seems to be  fear of offer being withdrawn.

In fact, this is hardly ever happens

Employer will respect the candidate, especially since negotiation is also an important job skill.

One must know one’s worth. Researching sites like Payscale, Glassdoor, speaking to recruiters as well as others in industry helps.

Asking oneself questions like What have I achieved in the last year  or two? Have I been exceeding or just meeting expectations?

Having clear answers to these questions & practicing them will make one more confident & effective.

Organising one’s  thoughts and research is of utmost importance.

This will get one to a range – your dream salary, a midway point and the minimum below which you would be willing to walk away.

It’s better to pitch at a higher point, since the employer will certainly pitch downward.

It seems that mentioning an exact number like 78 lacs (instead of just 75) per annum gives one a better chance of getting closer to what one wants.

A range sounds like one is willing to concede. Of course the hirer will choose the lower figure.

A good way to start a salary negotiation is to ask questions about the priorities and current challenges of the company.

This way one knows where the other person is coming from.

Also, it gives one a chance to talk about what you’ve done – and more importantly, what you can do.

Timing also matters. It makes sense to avoid answering the salary question, until an offer is on the table.

Once one has the offer, some time to study it in silence is good. Don’t rush to be the first to speak.

In any case it’s best not to accept the offer without time to  talk to family etc.

When asking for  higher compensation, be positive and polite, not pushy. Keep in mind the other person’s perspective.

Salary negotiation is about the future, not the past. However, it’s quite common for employers to ask one’s current salary.

Honesty is the best policy, even if you think you’re underpaid. Quickly mention the figure, elaborating on bonus, all other benefits etc. (prepare for this in advance)

Shift focus immediately to the future,  new skills, responsibilities & desire to grow.

If there is no sign of budging, look for other possibilities like a sign-on bonus, vacation time Or a mid term salary review after six months.

If you have a choice, do choose the day of the week.

People are more flexible and accommodative as the week wears on & want to wrap things up before weekend.

Salary negotiations stand better chance on Thursday or Friday.