There is constant debate about whether negotiation is an art or science? Or is it both science and art?
But whatever is the final conclusion, it’s not an easy task. Getting the desired compensation through powerful salary negotiation requires a lot of confidence and study.
Interestingly many job seekers think that it is the last step of the recruitment process. However, if someone wants to get the most out of the salary negotiation, they need to start preparing for it before the start of the interview process. How? That you will find out as the article progresses.
So here we will talk about some ground rules of salary negotiation and how to negotiate your salary like a pro.
Know About Your Opponent :
Salary negotiation is all about leveraging your strength and putting yourself in a position of power. So know as much as you can about your opponent. In the case of salary negotiation, do research before the start of the recruitment process via online mediums, networking etc. Decode the job description and ask questions during the interview process.
Once you will gather all the information, you will get the idea of what kind of resource they need, how much they can offer and how much urgency they have.
Know Your Worth :
Knowing your worth is what builds the foundation of salary negotiation. There are many portals which can help you in figuring out your market worth. Your network can also help you in assessing market demand and average salary range as per your industry.
Learn here: How To Calculate Your Market Value
Having a clear-cut idea of how much your skills, expertise, and experience are worth of will give you a powerful hold during salary negotiation.
Build Your Value :
Once you know what other party needs and what you can offer then you need to build your case.
Throughout the recruitment process, you need to establish that you are the one that can fill the gaps they currently have in terms of skills and experience.
Because if you can successfully establish the fact that you are the best they can get in the market. Then they will become more flexible during final negotiation.
Let Them Make The Offer First :
Thumb rule of salary negotiation, let them make the offer first. When asked about your expectation in initial discussions safely say “As per market standard”
Ask Questions :
After the initial proposal, ask questions about everything –
- CTC structure/compensation structure
- Benefit Package
- Tax relaxation
- Growth Path
- Other allowances
Then take some time and then calculate a final figure as per your current market worth, other benefits the company is offering, your growth etc.
List out your priorities and areas where you can compromise.
Propose Your Figure :
Be firm while proposing a figure. Justify it by reminding them of the value you will be bringing to the organization and assuring them how offering this much is beneficial for them. Remember no one wants to lose in negotiation.
Ready to face some resistance from their side, in such case remain calm and listen carefully and then points out the fact about market trends, and average salary as per your skill and experience ( All the data which you have gathered earlier).
Listen Carefully And Watch Your Body Language :
Watch your body language & appear confident. Do not dull your voice & do not leave the impression that you are not sure of yourself else it will give the opponent hold over you.
If you listen carefully, you will get plenty of hints on up to which extent another party can negotiate. And this will help you in taking your negotiation in the right direction.
Close The Deal :
Always be aware of areas where you can compromise and where you can’t. You have to be firm but flexible, as negotiation is about reaching a win-win situation. And once you feel that you have arrived at that situation and this is the best you can take from this deal. Then close the negotiation.