The Coronavirus global pandemic in 2020 has brought the economic and financial growth of businesses to a screeching halt. Several closures of businesses and downscaling have left employees without a job or with a huge part of their salaries slashed. As unfortunate as this is, the demand for high expertise jobs are on a steady incline in the market. So how does one go about salary negotiation during pandemic, where the pay is limited?
Our blog today will address your salary negotiation skills as well as give you tips on how to negotiate salary during pandemic like scenarios.
Without any stalling, let us jump in!
Why do we need salary negotiation during a pandemic?
Even though there was a standardized salary cut for all employees, the industries with technical experts are still high in demand for employees who perform well under these pressurizing times. While looking for a new job, negotiating your salary as per the current industry standard versus your actual worth may seem difficult, but it is necessary. For you as a professional, a salary is the payment you receive for years spent in perfecting your skillset, your time spent on this job as well as the goals you achieve. If your current employer or the job you are pitching do not offer you the package you deserve, salary negotiation is the route to go by rather than simply rejecting the job offer.
How to negotiate salary during COVID-19?
Below are some basic principles about salary negotiation and how to negotiate salary during pandemic like situations as well as when it is time to ask for a raise in the natural continuance of your life as a professional:
- Know your worth: The greatest aspect of salary negotiation is understanding your worth as a professional and what you bring to the table. This may require taking stock of appraising your own performance objectively. Take note of your professional growth and achievements over the years and the term you have spent at the current place of work. This will give you a fair idea about your potential to forecast your performance in the next year, at least. Knowing your worth as a professional is important since it will help you justify why you deserve the salary or raise you are asking for.
- Check the market standard: Since the market has gone under a few changes in this year due to the COVID-19 pandemic, it is important to check the current averages of the salaries in the market pertaining to your position and years of experience. If you are being offered less than the market average, you can ask for a raise by bringing in statistics. However, if your skills are exceptional and you have an extraordinary background as compared to what other candidates from your pool in the market do, you can revise your expected salary higher above the market average.
- Emphasize on in-demand skills you possess: To be good at salary negotiation, you need to know the skills that are currently high in demand and will be in the future. If you possess them, we encourage you to highlight these skills to your current or prospective employer, so they see why it is worth the higher payment band you are asking for. You can mention the top skills that recruiters are active hunting for in future employees, which will help the parties involved if they do not snatch you, someone else will.
- Keep it simple: The process of salary negotiation needs to be kept simple, where you take up your case and explain concisely why you deserve a higher pay. There is no need for a 10 slides long powerpoint presentation, when you can simply highlight your achievements in the professional careers, show them your contributions to the organization and highlight the skills you have that they will benefit from in the long term.
- Chart a contingency plan: If the company truly cannot overextend their budget and their answer is no, it is best to have a plan-B in place. If your salary negotiation at a new job interview fails, make sure you have another interview lined up to give you the best chances of landing a good job. If your current employers cannot revise their payment, you can look for a better job that pays well before you quit this one.
This is a time where one cannot afford to live without pay, so be sure to cover your losses. Always remember that a “no” right now is a permanent decision. The organizations will raise your pay as and when they will be able to afford it. We hope our blog helped you; visit our info hub to read more about career guidance and job seeking.
Interested in finding out more about the subjects raised on this page?
Simply click on the tags below to read related blog posts...