You prepared for that dream interview with everything you have. The questions were a breeze and finally, you get the call that you have made it and have got the job. However, hang on, it is not quite time to celebrate yet. The next and most painful step for most people is when salary negotiations. Statistics show that less than 50% of people ever negotiate salary because they are uncomfortable discussing money with their employers. When we consider the gender disparity in pay scale, 60% of the time, men are offered higher salaries than women for the same job.
Negotiating for what your talents are worth need not be such a daunting task. Quotum’s team of recruiters has put together their top tips on how to conduct these discussions like a pro.
1. Research, research, research
Before you start the negotiation process, you need to understand your value as an employee as well as the cost of living in the geographical location you will be working in. you can use salary calculator tools such as Glassdoor or Paycheckcity to get an idea based on local tax laws.
- Cost of living in your geographic location
- Your experience level
- Any certifications you have that add value
- The average salary for your position and experience level
- Salary paid by other competitors for that position
2. Prioritize what you need most
To be happy with your job, you need to understand what your priorities are. This will help you determine what your bottom line will be in the negotiations
- Higher financial return to meet your commitments
- Work from home flexibility
- Exposure to new projects to build experience
- Room to grow in the organization
3. Analyze market trends
It is also important to look at the current market scenario. If the economy is going through a rough time as can be seen in the current Covid-19 pandemic, you might find that employers are not able to negotiate salary. In such cases, discussions can be postponed to a later stage when you are confident of a positive answer.
4. Work on your case
Once you have all the facts, it is time to prepare your arguments. Make a note of all the points you have collected in order of importance to you. Prepare a speech and practice with a friend. Rehearsing with a friend is a great way to cover any questions you might not have considered as well as to build the confidence to state your case.
5. Be ready for counter offers
As in the case of most negotiations, you need to be prepared for counteroffers from the employer. Take your time to understand the details and think about whether their terms will work for you or not. Understanding your restrictions, as well as those of the employer, are important. It is also important to remember that it is alright to reject an offer if it does not work for you. Have confidence in your abilities to find another position if this one does not work out. You can take the lessons you learned here to your next application process. Do remember to be courteous throughout the process and thank them for the opportunity even if you decide to move on. Your positive attitude will earn you plus points should you decide to reapply there in the future.
In conclusion, staying positive, objective, and professional will create a good impression on your employer. Your confidence in your capabilities will help you start on the right foot in your new role. After all, it is important to know that you are getting the best compensation for being uniquely you. If you need any further help in your job search, do not hesitate to reach out to our expert recruiters at Quotum.