Salary: Get what you are worth!
March 3rd, 2008 | Published in Career
It’s tough negotiating salary with your potential employer. Ask for too much, and you get dropped like a hot potato on the sidewalk; ask for too little, and you end up earning less than your true worth. Here are some tips that should help you overcome such catch-22 situation and negotiate for the salary you deserve.
The most fundamental rule that governs any negotiation process, applies to this one too: Never be the first one to disclose your requirements. Don’t reveal your `expected salary’ either in your résumé, or at the time of interview. The first one to provide numbers establishes a range, and if you give an approximate number first, the interviewer will either hire you at the figure you quote, or tell you that the figures are too high. The drawback with disclosing your expected salary is that if you ask for less than what the interviewer was expecting, you’ll probably get it – without ever knowing that you could have earned more. If you think you can get the better of the situation by giving an excessively high figure, take it from me, it is not a very wise idea. It will make you appear unreasonable, and increase the probability of your getting dropped from consideration.
If the interviewer asks for your expectations during the interview, forestall him by saying that you’d like to talk about salary once you have a firm offer. Still, a good interviewer will keep at it. So, try asking the interviewer what he would pay someone for this job. Never negotiate for your salary till you have a firm offer. If the employer quotes a ballpark figure, ask for a written offer-letter specifying the full terms and conditions of employment, and request for some time to think over it. Most employers will give you anything from a day to a week’s time to think about an offer. Negotiate for the maximum time you can get.
Use the time to do your research and plan your strategy. To know what to ask for in negotiations, you must know the pay range for your position. Check out salary surveys online and in trade journals. Check with friends, peers or recruiters who regularly sign up people for your kind of job. You could also do some discreet enquiry at the organisation to find out what is being paid to employees in the cadre you would be fitted in. This way, when it comes to talking money, you have hard facts to back yourself up. Consider all alternatives and how much room you can allow for compromise. During negotiation talks, quote the top of the salary range that is being paid for your position. You can even show the hiring manager your research and remind him about the `power-factors’ that you have going for you. Power-factors are aspects that lend weight to your viewpoints and enable you to assess your bargaining position more accurately.
If you find that the salary offered is already on the higher side, you could propose taking on added responsibilities so that you could ask for slightly more pay. But remember, too much haggling on what is a fair package will make it appear like you are interested in the job only for the money.
Of course, like any bargain, salary negotiation too has its trade offs. You win some and you lose some. There may be times you have to walk away from a job that does not meet your salary expectations. But, if you do your research consistently and hone your negotiation skills, you can confidently ask and get what you are worth, sooner or later.