This article is written by Mr. Abhay Kumar, Head-Operations & Business Development, Team Recruiters, A Delhi Based HR Consultancy company.
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Negotiating the “Right Cost” for the right resource is as crucial to the employer as is the “Right Salary” for the prospective employee. Employers tend to prefer those candidates who already earn a good income. While these candidates cost more to employ, their higher incoming salaries are assumed to reflect greater competence, initiative and achievement. Hence, salary negotiation is crucial for a win – win situation for both employer / employee.
Zero down on an expectation
Never underestimate the importance of negotiating salary in an interview. It's in your interest to pursue income increases at every legitimate opportunity.
It starts before going for the interview. A crucial part of your research is the salary range for the position you are applying for, given your background and experience. Have a salary range in mind and be prepared to discuss these figures once salary negotiation has come up.
Know your bottom line
Be clear on what is your minimum salary expectation. Decide before you go in for the interview, what salary you want to earn, what you need to live on, and what you will be willing to settle for.
Never discuss salary till it is raised by the prospective employer
If you do, you could price yourself out of a job before the employer is convinced they need you. If pressed by the interviewers, tell them you're flexible and would be happy to discuss salary when you learn more about the job.
Market yourself
It’s about selling your skills and ability at the best possible rate. Emphasize why you suit the requirement. Document your skills and accomplishments, and be prepared to talk about them.
When questioned about desired salary
Avoid a specific salary and put forward a pay range instead or discuss in terms of an expected growth in percentage terms on your current drawings.
Don't forget the value of benefits and perks when negotiating a salary
Sometimes the salary offered may seem low, low enough for you to turn down the job. But the benefits and perks can add up to your basic salary. Some benefits are fixed, but others are negotiable such as stock options, bonuses, employee discounts, training, holiday time and sick leave. Quantify your current benefits for a better understanding of what is being offered.
Make the salary discussion a friendly experience
Be amicable when discussing salary. You should make the employer feel that you are on the same side and working together to find a package that would satisfy everyone's needs.
Don't say yes to an offer right away
Be enthusiastic and appreciative when you get the job offer, but ask for at least 24 hours to respond. This gives you time to get over your initial joy at being selected. If you feel the salary is insufficient, express your concern to the employer when asking for time to consider the offer. You'll find out right away whether the salary quoted is fixed or is flexible.
Declining an offer
If you decide not to accept the offer, make sure you leave on the best of terms. Treat every offer seriously and graciously. You can never tell who you may be doing business with in the future so don't burn any bridges. Decline the offer giving concrete reasons for doing so.