How to Negotiate Salary in an Interview
A 2016 Statistia report highlights that salary is an essential criterion while accepting a job. It reveals that 61.6% of employees consider a decent wage a necessary job criterion, followed by job satisfaction and other benefits and perks like insurance, provident fund, etc. Unfortunately, there are many instances when the salary figure offered by the hiring manager doesn’t match the employee’s expectations. So, what happens then? Negotiation.
The dictionary defines negotiation as an activity undertaken to arrive at an agreement, and salary negotiations play a vital role in different stages of an employee’s career. Whether you are considering starting a new job or getting a promotion, negotiating wages helps ensure that both you and the employer get the most value and benefit from the collaboration.
Moreover, an increased salary motivates you to perform all your tasks effectively and productively, which helps the employer achieve their company’s objective without any hurdles. Therefore, this article will discuss how and when to negotiate salary.
When To Negotiate Salary?
It is a known fact that negotiating with your employer can be intimidating for any employee. However, not negotiating your pay package can cost you a fortune. For instance, an employer offers you a salary package of ₹ 5,00,000 per annum for a position you applied for in their firm. However, after researching the job profile, you realize that the employer is offering you less than the industry standards; what will you do? Will you accept the offer or negotiate for a better package?
While choosing the former will help you secure the role, it will lead to long-term consequences. Meanwhile, negotiating might lead to losing the job, but it will benefit your career in the long run. And if you are confused about whether to accept the offer or negotiate, here are some instances when you must choose the latter; check out.
- If it doesn’t reflect your experience
- If it impacts your current lifestyle
- If you will need a raise immediately after joining work
- If the organization can afford it
In the next part of the article, we will share some effective tips for negotiating salary in an interview.
How To Negotiate Salary In The Interview?
These salary negotiation tips are helpful for freshers as well as experienced professionals; check out:
Know your strengths and weaknesses
You must list your strengths and weakness before going for the negotiation. It will help highlight your skills, knowledge, and experience and how it has added value to the organization’s larger goal and objective.
The best way to determine one’s strengths and weaknesses is by performing a SWOT (strength, weakness, opportunity, and threats) analysis. It is a business practice that helps leaders self-evaluate their activities and change accordingly. For instance, if you understand that effective communication skill is your strength, you can highlight that during the negotiation process to increase your chances of getting the raise.
Be conscious of industry standards
Before starting the negotiation, you must know your position’s industry standards or market salary. It will enhance the negotiation process and help you take the lead over your employer. In addition to being conscious of the industry standards, you must concentrate on backing your arguments with strong past instances. And also project how you would be an asset to the company in the future.
Listen to the employer
Always let your hiring manager speak before you start the conversation. For instance, let your manager give you a salary figure or state why they cannot give an increment. This will help you build a strong counterargument, giving you an upper hand over the negotiation process. Moreover, it also prepares you for a “no” and prepares you mentally for that.
Therefore, listening to your manager is as important as highlighting the right points during the negotiation process.
Consider miscellaneous benefits
Although, salary is an essential criterion when choosing a job. However, it’s not the only criterion that should matter, other benefits like insurance, allowances, leave policy, and others also increase job satisfaction and have an advantage in the long run. So, consider them while accepting or rejecting an offer.
Keep a specific number in mind
Always keep a salary figure in mind before going for an appraisal or an HR round interview. When you do not know what salary range you desire, it is hard to negotiate with the manager about salary. So, before negotiating, keep a figure in mind which is higher than your desired value.
To conclude, it is essential to polish your interview skills before an HR interview round. Similarly, it is vital to hone your negotiation skills before meeting your hiring manager. It helps you demonstrate your skills and your value in the organization.
As mentioned above, specific activities ensure you win the negotiation process with your manager. First, negotiation and effective communication skills, and second, upskilling or reskilling. Emeritus India has partnered with Indian universities to offer the best marketing, sales, and leadership course, among others, to freshers and experienced professionals. Enrolling in our learning programmes will skyrocket your career.
