CAMPUS CONNECT
Your decision to accept or reject a job offer depends in large part on the compensation, regardless of how enticing the prospect may be. However, not everyone is a born negotiator. When it comes to bargaining for a better wage, most candidates don’t go far enough. Successful negotiation necessitates a fundamentally distinct mindset. It’s similar to understanding how to dance to know how to bargain pay during an interview. Starting too soon and stepping on anyone’s toes are both bad ideas. You may present yourself in the best light by being well-prepared with wage research and having a firm grasp of how to articulate your most important qualities. Here are a few strategies that will help you learn the art of salary negotiation during a job offer.
NEVER MENTION SALARY
It’s improper to bring up salary in your cover letter or during the initial phone interview. Don’t mention it in your initial interview either. Instead, make use of these chances to demonstrate your suitability for the position and introduce yourself to the company. It’s typically acceptable to inquire about pay in the second round of interviews, but discretion is crucial. Before requesting the wage range, express your interest in the position and the skills you would bring to it. Make sure your employer knows you’re not only there for the money. If they bring up money first, give them a range with some leeway. The key to negotiating a fair salary package is demonstrating your flexibility.
NEVER START A DIALOGUE
Never start a dialogue with your recruiting manager before letting them speak first. Let your manager explain your pay range or the reasons they are unable to grant you a raise, for example. This will give you an advantage in the negotiation process by enabling you to develop a powerful counterargument. Additionally, it mentally prepares you for a “no”. As a result, during the negotiation process, listening to your manager is just as crucial as bringing up pertinent points.
NEVER EVADE THE SALARY RANGE
You must be aware of the industry pay for your position before beginning the discussion. It will strengthen your negotiating position and enable you to outmaneuver your employer. You need to focus on bolstering your arguments with convincing examples from the past in addition to being aware of the industry standards. Project how you will benefit the business going forward as well. Negotiating a salary with the manager can be challenging if you are unsure of the salary range you want. Therefore, have a number in mind before negotiating that is higher than the value you are seeking.
NEVER FORGET TO HIGHLIGHT
Before entering into the negotiation, you must make a list of your strengths and weaknesses. Your abilities, information, and expertise will be highlighted along with how they have benefited the organization’s main goal and objective. A SWOT (strength, weakness, opportunity, and threats) analysis is the greatest method for identifying one’s strengths and weaknesses. It is a business strategy that enables leaders to assess their performance and make adjustments as necessary. For instance, if you are aware of your strength as an effective communicator, you can emphasize it during the negotiation process to improve your chances of getting the raise.
NEVER PROCEED WITHOUT DOCUMENTATION
You’ve received the job offer and pay you were hoping for! Now request it in writing. Never leave your current employment without having the pay, title, and responsibilities, as well as any other pertinent information, documented. E.g. A work description and list of duties for your new position, in addition to the compensation amount, should be included. Special arrangements, such as a signing bonus or money to cover moving costs, should also be mentioned. Ensure that both you and the employer sign the contract. If not, request some kind of informal documentation from the company. Some employers might automatically include this in an employment contract.
Like any other type of art, negotiation calls for certain abilities. It takes practice to master it. Instead of making it a game of numbers, emphasize value. When handled diligently, the art of salary negotiation won’t be a difficult process and it will help you and your potential employer develop a positive working relationship.