The Art of Salary Negotiation: Two“Killer” Tactics that No One Talks About
Insights From Mettl Company Insights
Everyone aims for a higher paycheck while switching jobs, but most of them settle for way less than what they truly deserve. Although your competencies can vouch for a higher remuneration, but it’s not the only factor. If you want to know your true worth as an employee, these negotiation tips can come handy for your next job rotation. The only prerequisite is to perform a salary benchmarking to get a fair idea about the ideal pay range for your skills, competencies and years in industry. You can analyze more on sites such as Glassdoor, Payscale or connect directly with internal employees of the organization you consider for a switch. Once that’s sorted, here’re the commandments for an effective negotiation.
- Never Quote an Exact Figure or A Slab
“What are your salary expectations?” Most people quote an exact figure that limits their chances to get the highest possible raise. Coming up with a figure at first is like throwing away money on the table and killing all your chances for a decent hike. Instead, say that you are looking for a “good hike” as per industry norms and leave the rest to the recruiter while you focus only on acing the interview. Remember that performing well in the interview is the red carpet to negotiating the best possible hike. Wait for the recruiter to come-up with a figure.
- Turn Down the First Offer
You must never settle for the first offer quoted by the recruiter, if you are serious about knowing your true worth as an employee. All too often, you are presented with two situations to negotiate:
Case 1: The offered amount exceeds your expectations- In such cases, simply push for a nominal increase to the quoted hike and accept the offer. For instance, if you were expecting a 30 percent raise in X amount of pay and the recruiter offers 40, try to get down to a 45 percent pay before signing on the dotted line.
Case 2: The offered amount is not at par with expectations- There can’t be a more opportune time to negotiate for a better offer and assess your true worth! Having covered all your bases in terms of competencies, skills and experience; negotiate until you reach that ideal figure in your mind. It’s important to stay determined while negotiating and stick to your expectations to increase the odds of a YES.
Why Negotiation is So Crucial?
Negotiation is the only key to tap the true monetary value for your skills, which is why it should be done the right way. Effective negotiation is your ticket to a decent compensation that you deserve, given the fact this opportunity only knocks ONCE while shifting jobs. Once you agree, there’s is no looking back for a reconsideration and even if you do, it poses a risk of frictions and nothing can beat the charm of a first time negotiation. If an employer goes the extra mile to increase compensation and hire you, it’s a good indicator that your skills are being nurtured in the right direction. Hope that helps!