Salary negotiation is an ongoing process in today's corporate scenario. We negotiate over everything in our day to day life be it grains to finalizing big deals. Salary negotiation is very important b...
Salary negotiation usually takes place when you are going for interview as a fresher or you are switching jobs and want a better pay. There are few companies which do now welcome negotiation and want to pay the sum which they feel is suitable for the candidate. Usually the interviewing panel consists of an HR person, a technical person and a Psychologist. You should always keep in mind that they are people with brains and they are can read your mind clearly. They can judge each and every inch of you. Never try to act smart and demand a huge sum.
Things which should be kept in mind while negotiating -
1)Be Informative – Gather each and every information of the Company regarding their work profile to salary structure of their employees. These information helps you in negotiating better.
2)Do not tarnish your image – Be in your limits. Never cross your limits. You are not fighting any battle with the interviewer, so there is no question of winning or losing. There fore think twice before uttering any word because you may have to pay for every wrong word which you speak. You may be in need of the job but you will lose it just by talking too much.
3)Try to understand the needs of the Employer – If you are the right person for the job the employer will surely hire you. But your over expectations may work against you.
4)Asses yourself- You should know what you want and should be prepared accordingly. You should know your strengths and weaknesses before applying for the job and even before negotiating. If you start salary negotiation just for the sake of negotiating you may end up making a fool of your own self.
5)Don't lie, speak the truth – If you are a an experienced employee never ever try to lie with your interviewer regarding previous salary (if asked speak the truth ). They have got every means to find out your previous salary. If you are not asked about your previous salary but only your current salary expectations, then you dont need to discuss about your past salary.
6)Be focused – Be fully focused while negotiating because it may so happen that you lose right track and start discussing something else.
7)Use Your creativity – You can use all your creative energy while negotiating with the new employer. He may like your creativity and understand your needs and pay you even more than what you asked for. Its all upon you how you handle things.
8) Know when to quit Negotiation – As i have told earlier you are not fighting a battle so there is no question of you winning or losing. You should know when you should quit negotiating. Keep silent when you have made your point because there is no point in discussing anything endlessly. Your silence may work in your favor and your interviewer is clear about everything. But silence should be broken if it is crossing time limits. Your interviewer might be expecting you to speak something.
9)Other Compensation options – The employer would like to pay you a low salary but give other compensations such as health benefits, profit sharing or other monthly bonus. There are times when the employer gets the right employee but he is not in a position to pay the requisite salary but he wants to pay a good sum in the near future. Always keep your mind open and think deeply before coming to any conclusion or before telling no and just leaving the place in fury.
10)Let the Employer lead - You let you employer lead the negotiation because you need to end the negotiation with a positive not not a negative image. Try to maintain your peace of mind and calm because you might think of reacting to few questions. Try to balance the conversation and try to mold it in your favor .
Salary negotiation is very important because there are times when the employer takes advantage of the situation and pays less to a very commendable candidate. They just get their work done and do not fully compensate the employee in return to his hard work. Always assess the market before applying for interview and try to get full knowledge of the company where you are going to appear for interview. This will help you in answering questions in a better may and also help you in negotiating better.
All the best for your new employment.
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ABOUT THE AUTHOR
I am Education & Training Head at TheBigJobs.com. http://www.thebigjobs.com