Have you ever negotiated for your salary in your job interviews? Yes, in cases of most of the people, but there are many of us who find it uncomfortable to negotiate when it comes to salary. It is seen that most of the candidates never even considered negotiating their salary for a new job.
Salary negotiation during job interviews is a very critical process, after all, pay is one of the most important part of your job. If you are one of the candidates who feel uncomfortable in negotiating salary, we have good news for you. While some people have more natural ability when it comes to negotiating, others can learn the skill – all it takes is a little research and some practice.
Following are the things that needs to be considered before and during salary negotiation:
Fully Understand the Job
Before applying for a job or appearing for an interview, it is very important to understand the job description and specifications carefully. This will help you make sure you understand the responsibilities, requirements, and expectations for the position. It is impossible to negotiate salary without understanding your duties, responsibilities and what is expected from you in your new job position.
Get information About the Company
Take time to learn about the company, its financial policies, provisions regarding pay raises and promotions, etc. This can be a good discussion to have with the HR person during the interview itself.
Get Information on Prevailing Salary Range for the Given Position
Spend adequate time conducting research to find out average salaries and salary ranges for similar jobs in your area, industry, and geography. You can get these information through informal channels like friends, relative, previous co-workers, etc. This will help you in deciding your expected salary.
Identify Your Strengths & Competencies
Identify what makes you unique from everyone else? Conducting a personal SWOT analysis can help you in understanding your differentiators and the special skills or experiences that could make you a more valuable employee. Ensure you have these factors written down as this information can then be used as leverage to negotiate a higher starting salary with the hiring manager.
Determine Your Expected Salary
Consider what you’ve made in your last few jobs, your salary research, and your strengths and competencies. Given that information, determine the target salary you’d like to make.
Decide on An Appropriate Salary Range
Based on your research of similar jobs in the industry, come up with what you think would be an appropriate salary range for the job. Your target salary should fall within this salary range.
Determine the Minimum Salary Amount within Your Salary Range
Now that you’ve determined your target salary and an appropriate salary range, think about the minimum salary you’re willing to accept and why you’d accept that amount. Then, consider the reasons why you’d be unwilling to accept a lower amount. Write these reasons down, as you may need to pull them out for your discussion with the hiring manager during the salary negotiation.
Practice Your Negotiation Skills
Ask a friend or family member to play the role of a hiring manager who has offered you a salary that is lower than what you want. Even a better option, practice it in front of a mirror. Then practice what you’ll say and how you’ll say it to persuade the hiring manager to increase their offer.
Most companies conduct a lot of research and analysis regarding salary offer, before the job offer is ever made. This is because he or she needs to make sure their compensation offers are internally and externally competitive and that they don’t offer too high or too low a salary, given the education, experience levels, and productivity of the employees currently working in the same or similar positions.
Also, most hiring managers usually start with an amount that is lower than what they are willing to pay, because they assume the candidate will try to negotiate upward. So remember, negotiation is a skill you can hone. But, it’s up to you to get what you want and what you deserve.