Salary negotiations involve discussing a job offer with a prospective employer to negotiate a salary and benefits package that is in line with market trends and meets or exceeds the employee’s needs.
Prepare through research –
The first step should be to prepare well by gathering information regarding the average market salary for similar positions. One should be aware of the company policy regarding compensation. Some employers are limited by budget constraints and can only give raises at certain times of the year regardless of circumstances. One should keep in mind his salary track record and think through the ROI and impact that he is going to have on the employer’s business. Quantifying the value one will add as an employee is much easier if one is dealing with concrete examples. You should determine the salary range you are looking for and the justification for the increase and be ready to review it with the supervisor.Make a list of all your accomplishments and results; include examples of your work and projects you were on, how you work with different teams and your relationships with key people. Give them examples of business results you have accomplished through quantifiable data, such as successfully completed projects with figures and timeframes.
Benefits and Other Allowances –
Before accepting an offer one should definitely ask about the benefits in addition to salary. During your research make sure that you know a typical salary benefits range. Consider vacation time, moving allowance and signing bonus. It’s not typical for entry-level employees to be offered all of these, but it’s important to know if any are not included, as you may be able to negotiate these into your offer. Plus, moving bonuses are definitely worth bringing up if you’re moving to a new city.
Be thoughtful while asking for more money –
Someone who was offered a Rs 50,000 salary asks for Rs 60,000. That’s a 20 percent increase. When you consider that a typical yearly increase is between 2 and 3 percent, and promotions typically are usually between 8 and 12 percent, that person essentially asked for the equivalent of two promotions. Bedata driven. Be ambitious, but realistic about what you ask for, and always back up your request with data about the company, the job title and the role’s responsibilities – not second-hand knowledge you’ve heard from friends or family.
Be clear on your absolute minimum –
If one has some years experience then in most cases he has a clear idea as to what his minimum acceptable salary looks like. Most professionals have a non negotiable minimum package and won’t consider opportunities which pay less. However, If you don’t get the pay increase you had expected, don’t let that discourage you. Take your time in thinking about your next move. Ask for an interim performance appraisal with clearly defined goals and salary adjustment. You can also ask for other perks, such as flex-time, working remotely and additional vacation time, amongst other forms of compensation.
Accept or Decline –
At some point, you’re going to either have to accept or decline. Show either positive enthusiasm or that you’re grateful for the offer. If it’s not going to work for you, it’s not going to work for you. Bow out with grace. You don’t want to close off an opportunity for them to come back with another offer.Many a times, saying no to a salary offer in an interview can actually trigger the interviewer to place a counter-offer, with an increased salary offer. Although, this is related to how impressive your credentials are, and will not happen every time.