There are several phases of an interview, but some aspects are trickier than the rest. Salary negotiation is one such topic that can confuse several aspirants. Asked during the final round of an interview, salary negotiation comes into the picture when you have been shortlisted as the final few candidates and the organization is now pitching their remuneration package to bring you on board.
The process can be anxiety inducing since there’s always the fear of settling for less than what your expectations are. Our blog will show you how to negotiate salary with your hirer while convincing them that you’re worth every penny they shell out.
Research the market value of your position:
Do your homework and look up the market value of the position you’re applying to considering your years of experience, career level and industry standard.
Calculate your worth as a professional:
Take into consideration the following:-
- Years of experience
- Your geographical location and where you will be expected to move for the job.
- Your educational qualifications.
- Technical skills and certifications.
- Language proficiency, especially if you’re familiar with international languages.
Don’t be afraid to ask for what you deserve:
Even with fewer years of experience, you may have grown exponentially and delivered an outstanding performance in your projects. Maybe the industry standard may not justify your maturity, expertise or years of experience. Don’t be afraid to ask for what you are worth; you may be pleasantly surprised!
Set up a good defence to justify your expectation:
The hirers will want to understand what lead to the package you are quoting. Hence practice a good justification which takes into account your experience, skills, qualifications and potential. The goal is to convince them you’re worth the salary you have asked for. Here are a few prompts to help you create a good defence:
- Results you’ve brought to the table in previous jobs, professional milestones you’ve met, the revenue you’ve helped an organization generate or accreditations and awards you acquired in your career. Produce genuine numbers and data where possible.
- Years of industrial experience that you have, especially if you have experience more than what the hirer has stated as their requirement.
Confidence is key:
Displaying confidence in your conviction of the salary you are negotiating is important. If you understand your value, have made the correct calculations and can deliver great results for the company, stand in your worth confidently.
Share your current expenses:
The best way to help the hirers understand your salary expectations is showing them your current lifestyle, medical, commute, investments and other expenses. Not more than 30-35% of your salary should be spent on your monthly expenditure.
Leave some room for flexibility:
Sometimes companies don’t have the capacity to pay you what you have quoted, but they may have reasons such as policies or capital constraints of a new organization/startup. If you see amazing growth potential and the benefits of taking up the job outweigh walking away, you could be flexible.
Don’t Rule Out Walking Away:
Sometimes organizations are tight on their budget and have no space for negotiation. If you have faith in your value as a professional and know there are better offers waiting, don’t hesitate to walk away from this one. Remember, there will always be more. Know your worth and do not settle for a salary much lower than your calculated value; you’ll end up giving more than you get.
Always express gratitude:
Reaching the final process where you’re being offered the job has required a huge effort from you and the interviewer as well. Take the time to express your gratitude for their time and decision to consider you for their job opening. Make note of the exciting parts of this job and what you look forward to. Even if you end up rejecting the offer, be thankful for the opportunity.
Practice negotiating your salary with a friend:
Practice your salary negotiations from different angles using the help of a friend or family to be prepared.
We hope that you can successfully come to a great package agreement using our salary negotiation tips. Zoek is dedicated to providing helpful career hacks and informative guides on our info hub. You can learn more about interviewing in our jobseeker blogs section.
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