You have already gone through several rounds of interviews to reach the final round, so now it is time to start asking some serious questions to yourself. Do you really want to work for this company and if yes, then how much compensation you are expecting? If in case they do not offer you the amount you are expecting, then what will be your decision? Is it possible to negotiate the salary that the company is offering? When these thoughts come to your mind, it is quite normal to feel a sense of nervousness. But, if you practice your negotiating skills, then you will be at ease while discussing the matter with the concerned person. It will fetch you the amount that you want and deserve as compensation.
Strategizing the Salary Negotiation:
You might want to discuss your compensation the first thing during your interview, but it is always favorable to wait till the end. When you feel that you have been able to convince the company about your ability and how suitable you are for the position, then only it is acceptable to talk about your compensation. Now your chances of selection for the job position have increased and now you are in a position to negotiate. It will also help you in receiving your expected compensation as you now have the leverage. Here are some of the effective salary negotiation strategies.
1. The benchmarking is important:
When you are looking for a job, the salary level is an important criterion in that. Will you like to waste your time for a company that will not pay you the compensation that you deserve? The answer will be a big ‘No’, so in order to avoid these kinds of situation you should adjust your job pursuit accordingly. There are some benchmarking tools that the company utilizes and if you want to land up in a job that will suit your salary expectation, then you must be aware of these tools. You must be aware of the average pay that is prevalent in the position that you are applying. Then look for the average pay that a professional with the same educational qualification and experience as that of yours, is receiving. Average salary might get affected due to the geographical boundaries as well; therefore, you must keep this point in mind while researching on the average pay of the professionals in the same field as that of yours.
2. Let the company offer first:
It is always believed that if you are the first one to come up with a figure, then you will never win. So, you will have to wait and let the company come up with a number. Then you can decide whether the offered compensation is more than what you expected or lower than that. If it is more, then negotiation doesn’t come into the picture as you will be accepting the offer, but in case it is below your expectation, then let them know of your intentions. Another disadvantage of bringing up the topic of salary right in the beginning of the interview is that it will showcase your intent in a bad light. It will prove that all you care about is the amount of money you are receiving and not the work that you will be doing. Therefore, the transition should be done smoothly and for that you will have to first demonstrate that you have the right qualifications for acquiring the position before you start dealing with the compensation topic.
3. Silence is golden:
When the company has offered you a number, repeat it after them and then take a pause. Most likely, the company themselves will come up with a better figure. Another reason for doing this is to buy some time for yourself to think over the offer and also applying pressure on the company as well. This rule will definitely give you a raise.
4. Back your response with valid research details:
When the company is offering you an amount and you are not happy with that, then the counter offer that you are making should involve the details about the company, yourself and the market. When you will have knowledge about the average salary for the position, then you will be in a better position to negotiate.
5. Grab some freebies:
You have sealed the deal already; now look for some additional benefits. If you can negotiate some extra vacation days or some fringe benefits, then it will automatically enhance your package.
6. Persistency is important:
Most likely when you counter offer a number, the employer will reject it. But that must not deter you from asking for some more; rather you must justify the proposed salary of yours and how you will be adding value to the company.
7. Be flexible:
If you feel that the company is sticking to the number that they have proposed and is not interested in increasing it, then change your route and ask for other benefits. If you feel that your transport cost will be huge if you need to commute daily to work, then you can ask whether you can work from home for a minimum of 3 days. If they agree, then also it will be a good deal for you.
8. Practice first:
It is not easy to negotiate your salary, so it is important that you practice a lot for this situation. While preparing for the interview, you should include this step as well. You can appoint a career coach who will be more than happy to help you out with the salary negotiation along with the complete interview process. When you are through this once, it will boost up your confidence and you will be able to deal with the negotiation effectively. You won’t get it wrong and won’t be afraid of the situation at all.
9. Performance based pay:
Sometimes the role that the company is offering is too tempting to leave, but the compensation is too low. When this kind of a situation arises, then you can ask the employer to go for the performance based pay or bonus. This will help your employer get the best out of you and you will also be benefited by the bonus at the end of the day. When this kind of deal is struck, it is always better to have it in writing.
10. Write it down:
While negotiating the compensation, you might not have all the points on the tip of your tongue. However, you can prepare yourself for this situation beforehand. Prepare a list of the talking points and when you are negotiating, you can use this list to second your counter offer. Note the accomplishments of yours in terms of money and time that you have saved for the previous employer. Hand it out to the interviewer, so that she knows what you are talking about.