Most of us find it awkward to negotiate for a higher salary during a job interview. While this is understandable to find it difficult to broach the topic of money, you shouldn’t allow yourself to feel uncomfortable.
by Tax Credits
Surveys have revealed that a high percentage of employers leave room for negotiation when they make the initial offer. You just have to learn to understand the psyche of the employer and play your cards well when negotiating a higher salary with human resources, or the interviewer. Yes, it can be tough, but if you know the right psychological tricks, you can use them to your advantage and come away content and happy with the hike.
Here are a few tricks that you can use to your advantage when you driving a hard bargain for your salary.
1. Know your value
Often we tend to undervalue or overvalue ourselves. Believing in yourself is the most important thing you need to remember. Be prepared with a mental list of all the skills and qualities you possess that will benefit the company. Do not ever doubt your value, because if you do, then how do you expect to convince your employer?
2. Negotiate a fair compensation
Remember all companies have a fixed budget when it comes to paying employees. So, discuss any salary you have in mind in terms of what is fair. The best thing to do is to find out how much other companies are paying people who work in the same field as you or refer to sites like www.payscale.com to find out how much you should be earning.
You should also try to prove to the company that you are bringing something unique and worthwhile and that is why you are asking for the salary you are. And, if it fits into the company’s budget, they will have no qualms about giving it to you.
3. Avoid a face-to-face negotiation until you can
If you want a higher salary, remember you are not the power center. The power lies with the supervisor or hiring manager. He or she will be the person in control and will eventually win. This is a proven fact. Hence, as far as possible, try putting off the face-to-face negotiation as much as you can. You will be in a better position to negotiate a higher salary if you conduct the talk over email or phone.
4. Don’t be the first to mention a figure
One essential point of salary negotiations is to wait for your employer to name a figure and then negotiate for a higher salary. The amount you might have in mind could possibly be lower than how much your employer is willing to offer you and you do not want to miss out on what could have been an excellent offer if you’d just played it cool. If you are forced to disclose your expected salary, name a broad range and simply say that the actual amount is open to negotiation.
5. Use exact number to counter-offer
If a company makes an offer and you want something higher, don’t be vague. Instead give the company the exact number you want. This shows the company you have done your research for similar positions in the market and also gives them the feeling that you are correct.
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6. Make the company realize your worth
To get a higher salary package, you have to let the company realize that you are worthwhile and will make a meaningful contribution. This is a wonderful way to negotiate a higher salary package with your current employer. You could come up with a proposal to complete a project by a specific date and get the company to link your reward or bonus to it. Thinking out-of-the-box and taking a more proactive approach will help you show the company you are a better candidate than anyone else they have in mind.
7. Figure out your priorities
Before entering into salary negotiations, try to get a better understanding of your expectations. Are you willing to compromise your salary if you get extra benefits like bonuses, a longer leave for vacation, additional job training to improve your skills? Is a high salary your first priority and are you willing to accept the highly competitive job environment that comes along with it? Once you know what you want you’ll be able to steer the negotiations towards that area.
8. Research your competition
If you are haggling for a higher starting salary at a new job, first ensure that you know exactly how many candidates you are competing with. You could just go right ahead and ask your interviewer how many other candidates are being interviewed for the job. If your competition extends to just 5 other people, your chances of getting the salary you desire are a lot higher than if there are say 20 candidates for the post.
9. Keep your manner absolutely professional
Always conduct yourself with dignity and calm during these types of negotiations. Maintain a professional manner and if you have to disagree at any point, do it respectfully. Drinking caffeine before the interview to keep yourself alert and looking into the eyes of the interviewer also helps when negotiating a hike.
10. Playing the ‘walk-away’ card
This is an extreme maneuver and only to be used if you have another equally good job offer as a backup. Inform your interviewer that while you are very interested in their company you do have other options available. This will let them know that they cannot take you for granted! If your skills are valuable to the company, they will consider your offer carefully and probably meet your terms, if within reason. Don’t ever bluff because they might not be able or willing to meet your offer and then you will be in hot water!
These tips will enable you to push your employer’s buttons and achieve the results you desire. If you do not get the salary you desire, stay calm and review the situation. Consider the non-monetary benefits your job gives you and this may be enough to put a positive spin on things!