4 Ways To Negotiate For A Good Salary Negotiating a salary can be an intimidating task for many, especially for those who are just starting their careers. However, with the right approach and mindset, this can become a smooth and successful process.
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In a world where the cost of living and student debt is rapidly on a rise, a good source of income is extremely important. According to a survey by Salary.com, only 37% of people negotiate their salaries and shockingly 18% never do. What is even worse is that 44% of the respondents claim that they never bring up the topic of a raise during their performance reviews. The main reason they won't ask for more is fear.
Negotiating a salary can be an intimidating task for many, especially for those who are just starting their careers. However, with the right approach and mindset, this can become a smooth and successful process. Here are 4 tips to keep in mind while negotiating pay.
Raghav Gupta the Co-Founder & CEO of Futurense Technologies Pvt Ltd shared that the "key aspect to keep in mind while negotiating salaries is to do your research beforehand. This involves understanding the industry standard for your job position, the company's pay structure and the scope of your role." If you don't do your research, you could end up agreeing to poorer pay which will not benefit you in the long run. Your research will help you understand the company culture. how long they retain their employees and also will give you an understanding of your interviewer. to learn more on cracking interviews, read our article.
2. Know your market value
"A good starting point to negotiate your salary is to know your real worth, to exactly know the impact you're creating in real numbers. If you're a Specialist, talk about the metrics you want to own, if you're a Generalist, talk about Building/ Leading Teams," said influencer Shavir Bansal aka BeKifaayati. Once you have an idea of the industry standard for your job position, you need to know your worth. What skills and experience do you bring to the table? What makes you stand out from other candidates? Knowing your strengths and your contribution to the company's growth can help you present a compelling case for a higher salary.
3. Go with a range in mind
Mehar Sindhu Batra a Career Coach and Founder of MSB Vision explained that it is always difficult to take the negotiation forward if you share either a fixed number or a vast range. Knowing the market range for your position and experience is crucial to pitching in such a way that it fulfils your criteria alongside being reasonable to the HR professional."Pitching too vague a range or even a range too high shows your lack of research and displays overconfidence to the other person. And pitching too low prevents you from getting paid your worth. In-depth market research is the bridge between these two issues at hand," she said. Additionally, it is important to approach the negotiation process with confidence and a positive attitude. Being firm but respectful and open to compromise can go a long way in reaching a mutually beneficial outcome.
4. Other Components to negotiate
"Negotiating is a two-way street, and it is important to understand the needs and limitations of the employer as well," said Padmanava Das, General Manager, Career Services Office, FLAME University. Think of components other than the salary that can be negotiated such as bonuses, flexible working hours, more time off etc. Start by inquiring about the role's comprehensive benefits package. If you are interested in a company but are not sure about the wage, here are a few programs you may inquire about to get a better idea of how that new work would affect your life and finances: Tuition reimbursement for university, Certifications, training, and professional development, Coaching and mentoring, Childcare, Fitness and health and Work flexibility and scheduling.
In conclusion, remember that negotiation is a skill that can be learned and improved upon. With practice and preparation, you can become an expert negotiator and secure the salary you deserve. According to Samira Gupta, a Life Coach, "The only way you can negotiate on your salary is by establishing your credibility and selling yourself. Get them to like you, and believe in you. So get up, dress up, show up and speak up!"