The key to successful salary negotiation is to avoid getting screwed.There are two main strategies,
The first strategy is to convince the company that you are worth more by skill level.
The company has invested a lot of time and money to find you,contact you,phone screen you,interview you and put together an offer.Most companies to give you a small increase in salary as they dont want all the effort to go waste
The second strategy is to prove to the company that you are worth by getting more competing offers.
If you have offers from other company,show them to interviewer.This will show that you are demanded person.
For example,”I am really excited about the position.But i dont think i cacn afford to take less than my minimum xx payment.I have several other opportunities but i would really prefer to work for you.Is there any way we could work this out?”
Here are few tips you consider during salary negotiation,
- You have to make sure you get the better salary before settling with the job.Because, once you are inside a company,salary hikes might be low.So you need to plan ahead.
- While preparing for the interview you should also have idea of what is the worth of the job position you are looking for.
- If you have just graduatd from college,you might not have much choice you have to accept the entry level salary,But for your second job,dont forget to consider this point.
- You can enquire the salary of the job in other companies through your career network or through linkedin network.
- David Gordon,Internship director of the marketing communications department at columbia college of chicago,suggest few questions to ask yourself prior to discussiong your salary to the employer.
- Are my personal salary requirements in line with the company’s range for this position?If not,is there a chnace to get more money?
- What is the lowest salary i will consider?
- What makes worth more than what they are offering?
- Gorden also notes that to prepare for the objections.
- You dont have expected experiences
- This is the salary for all the employees in your level in this company
- Budget wont permit it
- It is standard salary for all the new joinees.
- To make the discussion in the positive way,think about thees objections and prepare your comments.
- You should not be the first one to talk about salary in the interview.
- When the interviewer asks you about the salary,keep your response vague or ask what the company has budgeted for the position
- You should never lie about your salalry .Companies might ask you to submit the payslip of previous job.
- Once you got the offer,remember to ask about the other benefits that might add weight such as stocks options(Startups prefer to give their shares to the employees)
- If possible ask them sometime to decide about the salary and then respond them in a mail.
- What if they promise a raise later
- Anything that is not written down explicitly in a contract wont happen.
- As a general rule,your ability to improve your compensation is strong before you join a company.So use the time and negotiate for better salary.