Negotiating your salary for a new job can be a daunting to many!
To start with, it is difficult to know exactly how much you should be asking for and what is realistic for your experience level ?
Besides, many candidates don’t even know how to go about negotiating without the fear of losing the job.
It’s important to understand the dynamics of the negotiation process . This will provide you with the right tools and techniques to get the best deal for yourself.
First of all, it’s important to ditch any embarrassment you may have about negotiating. Consider yourself an equal to the employer.
You should always remember that your experience, skills, and knowledge make you invaluable to the company.
Research the company and package range for similar jobs
Understanding the market can be a great starting point.
Start by researching the company, the industry, and the job market. This will give you a good understanding of the current market.
You can look up the salaries of similar positions in your industry and in your city. This provides rough figures around what is reasonable to expect.
Create Multiple Opportunities
The best way to negotiate is to create multiple opportunities before entering a negotiation.
Make a list of your dream companies and your backup companies. Plan your job search such that you interview with your backup companies first and then the dream companies.
Interviewing with other companies can give you leverage in terms of salary and benefits. Having multiple job offers provides a strong bargaining chip with your dream company.
While you should not disclose the actual offers to the recruiters, you can provide your market value based on those offers.
Consider the job offer in entirety
It’s also important to consider the job offer in totality, and not just salary.
- the cost of living in the city,
- health insurance,
- reimbursement benefits,
- designation you’ll be given,
- ESOPs, and
- potential for growth in the company
should all be taken into consideration.
Having a comprehensive understanding of what the job offer entails can help you make the right decision for your career.
Remember, salary negotiation is a process, and it is important to maintain a positive attitude throughout the process.
The negotiation should always be a win-win situation for both parties, and it is important to remain professional and courteous at all times.
With a little bit of preparation and practice, you can negotiate your salary effectively and get the best deal for yourself.