Shricareer Fri, 07/08/2022 - 15:28

During your interviews, you’ll be asked two questions mandatorily, “what is your current CTC?”, and “what is your expected CTC?”. While these questions might sound terrifying, what’s more, terrifying is not negotiating the salary.

It is normal for a candidate to ask for higher pay. But studies show that only 37% of candidates do negotiate their salary, while the rest of the candidates don’t, or if they do then they can’t succeed in negotiating their salary.

So, if you’re planning for a job change or gunning for a promotion, then you must know the right strategies to succeed in the negotiation of your salary.

Asking for higher pay is perfectly normal, and you can with the right strategies. Want to find out how to get more money out of a job offer? Hefty savings account, here we come!

Facts about Salary Negotiation

Most job seekers accept the salary that they are offered in the first place. More than half the workers fail to negotiate their salary or don’t do it at all. Around 52% of men in the USA accepted the salary they were offered and didn’t negotiate, and it’s not just men. Women also don’t negotiate pay when offered a job.

Recent studies show that non negotiating your salary before accepting a job offer could lose you a lot of salary over the course of the typical career. If that’s not enough, then what else motivates you to step outside of your comfort zone?

Well, worry not. Here in this blog, we have listed some extra advice for you on how to negotiate your salary in the right way.

How much can you request during a salary negotiation?

If you are in a dilemma thinking about whether or not you should negotiate your salary? If that’s the case, then we would suggest you definitely should. But before that, just find out how much that company has set its salary range. You can find out how much more money you can ask for.

Written below are some best salary negotiation tips and strategies:

1. Find out how much this position pays in different companies via apps.

Most employers don’t make their wage rates public. There are tools like PayScale.com or Glassdoor, which you can use to determine the salary that they can pay. Many job postings on Glassdoor, LinkedIn, or Adzuna include a salary range so that you can see what the position might pay you before you apply there.

2. Mention any bonuses, perks, and benefits you receive

Think about the remuneration that has a monetary value, such as bonuses and perks, such as insurance and medical coverage. When negotiating the pay for your new employment, don’t forget to include those.

3. Contact hiring managers and recruiters

Although the job agency with whom you will be negotiating the salary won’t tell you anything, they face competition. Recruiters and head-hunters had contacted you, but you didn’t like the jobs they were offering. You still have to contact them and inquire about the expected salary. A salary range is

4. Inquire your friends, colleagues, and family

You can gain an advantage by asking your friends, family, co-workers, or former employers. You’ll feel a lot more confident going into an interview or renegotiating your present wage if you have a clear range in mind.

If you have more experience, you can aim a good compensation by combining research with your performance.

5. Request for a raise before you depart.

Ask for a raise if you want to quit your job but are still employed. In this manner, you might avoid having to quit if the money was an issue. At least you’ll be aware of what your current employer will be ready to provide you because you’re planning to leave. As long as your relationship has been positive, that standard is typically appropriate.

6. Never sell your abilities

Describe in detail the value you have added to companies over your career. When requesting a raise, be sure to list your accomplishments and, if possible, emphasize the time and money you have saved the company/organization.

Be confident in your delivery. If you don’t believe in your worth, no one else will.

Salary Negotiation Strategy

You’ll receive an estimated pay range from your employer, but you also need one of your own.

Determining your salary range

• What is the lowest point?

How much would you accept if there was no other option nearby to make ends meet?

• What is the midpoint?

How much do individuals like to earn? Be honest and refer to your research.

• Specify the summit.

Your ideal wage is one that will make you feel as though you have already received a raise.

• You don’t want the low point, so forget it. Puffer off!
• Between the middle and your high point is where your salary range falls.  
• While talking to potential employers, mention that pay range. 

Negotiate your salary as a fresher.

You might not have much to show if you’re just starting or a recent graduate from college. Pitch your passion and work ethic in this situation. Ask for at least ten percent more than what is being offered.

Pro Tip: Having confidence and comfort during a negotiation is essential. Before you start, at least practice your pitch once. It will be better if you can locate someone to hear your side of your story!

At the end of the interview, the recruiter will come up with the question: “What are your salary expectations?”. It would be a terrible mistake if you answered something like, “salary isn’t an important factor for me but gaining experience by working in this company is.” Gaining experience is important but that doesn’t mean you’ll downplay your salary expectations.

Here is how you can answer this question with ease.

What are your salary requirements?

How to answer the salary question:

• Don’t respond with a precise response too soon in the process.
• Ask for a salary range from the interviewer.
• Make a compelling argument for a range by supplying proof of your value.
• Give yourself enough time to formulate a targeted counteroffer.
• If your pay range coincides, you have something to work with.
• Inquire if the salary is negotiable.
• Find out if you can get the higher number by asking.

Examples of responses regarding pay expectations:

“I’d prefer to have this conversation after an offer has been made. In any case, I am confident that the compensation will be reasonable for my level of expectation and the industry. Can you give me further information about the position in the interim?”

“My employer believes that employee compensation should be kept confidential. I’m sure you can see that only inside management has access to this data. Therefore, I’m sadly unable to share it with you. I can confirm whether or not my pay falls within the range for this position or not.”

This might sound awkward to both of you but it’s ok. Show them how confident you are and why you are the perfect hire. They won’t reject you just because you asked for more money especially when the job description mentions that the salary is open to negotiation.

How to negotiate the best starting salary

Recall the salary range that you had determined earlier. Utilize the information you’ve gathered already. You can give your potential employer a range in an interview between your “base rate” and “ideal rate.” You can add the following to this range:

“I’m providing you a range since the position’s place in the range will depend on its responsibilities and the role it plays. Having said that, money isn’t my main drive, therefore depending on the outcome of my application, I’m eager to advance and flexible with my wage.”

Pro Tip: Consider your prospective employer’s perspective when deciding what is negotiable for you and what is not. Be truthful about the size and nature of the organization that is interviewing you and consider whether they can initially afford to be flexible.

4. How to Negotiate the Best Salary After a Job Offer has Been Made?

You’ve been given a job offer which indicated that the interviewing process went well for you. Well done! It’s true that most employers will email you a job offer. And let’s face it, the thought of making a counteroffer has you shuddering already. Thus, sending it over email seems to be the most secure method. We comprehend that. But still, avoid doing that. I thought you said compensation negotiations were essential to one’s career.

Yes. But there are proper ways to negotiate your salary. Salary discussions should take place offline. Your requests- for a pay raise, additional vacation days, child care, etc.- will seem like a list of demands that you will send by email. And you should stay away from that! You don’t want to come out as grateful or demanding of your potential job.

Sending your hiring managers, a list of expectations via email removes the compensation discussion from the natural exchange between you and your management.
Email does, nevertheless, have a place in the negotiation process. Sound perplexing. Isn’t it?

Negotiate the salary via email

Usually, a follow-up call is scheduled after an email offer has been made. This is your chance to express your interest in the position and the desire to talk about further specifics before the call in a brief email.

Example-

Hi Ben,

I’m grateful to get an opportunity to work in your company and I’m quite excited for the next steps. I have a few questions to ask. I was wondering when is the right time to discuss this with you.

I look forward to speaking with you.

Best,

Harold.

By doing this, you can have some time to be ready before your call.

Negotiating the salary over the phone

Congratulation! You’ve made it. So now the competition is about to begin!

Locate yourself in a peaceful area where you won’t be interrupted while speaking. It’s crucial to create your personal area where you feel most at ease because doing so will unquestionably boost your confidence throughout the call.

In case you need an extra boost during the conversation or just as a general safety net, have some notes in front of you. Additionally, having some notes will help you relax.

Although, it’s difficult to forecast what will happen during your chat with your potential employer, here’s how to start the pay negotiating process:

“I’d like to like to discuss with you about the offer’s salary. I anticipated receiving an offer of 10LPA, after examining the cost of living in Mumbai, and the pay for someone in a comparable position, with the same level of experience and education. Can you re-evaluate my remuneration given my background and past performance?”

Your salary might increase significantly as a result of this one paragraph.

 But be careful not to ask too many questions. Here is how to counter back during your call to earn some nice rewards.

Negotiating a benefits package

Note down any areas where you could need more support from your employer, such as a relocation package for your job, more stock options, or whether you want to work from home. When negotiating a pay and benefits package, use these precise words:

“While I’m content with the base pay, my major trouble is the long travel from, Andheri west to the office. So, I would greatly enjoy it if I can work from home for two days a week to save time. This arrangement won’t cost the business and I’m certain that I will be just as effective working from home just I would be at the office. This will also enable me to save money on transportation. So, I’m certain that we can agree on this.” 

You can terminate the discussion with the idea that they will get in touch with you as soon as they have an update because hiring managers occasionally need to discuss compensation or benefit changes with the HR departments.

But what to do if I receive a counter offer that I don’t like? Here’s what to do.

Sample counteroffer to negotiate your salary.

Dear Ben,

I appreciate the revised offer. I appreciate all your effort on this and I’m eager to join the team.

But I do think that my corporation will value my work more. I have faith that I can accomplish X, Y, and Z.

According to recent industry norms, this employee will receive a competitive compensation of (mention your counteroffer here). How can we reach that pay grade?

Thank you

Harold.

Pro Tip: Regardless of whether your wage and benefits are negotiable, it’s crucial to understand your chances of receiving a raise or promotion in the future. So, before you move forward with any potential company, be sure to inquire about the outlook for an increase in salary and other benefits.