No matter how much you love your job ... and are passionate about it, maintaining your bank account matters, and for most professionals, their salary is the main source of income.
It is, for this reason, that salary negotiation is one of the most critical parts of the interview, as getting fair compensation for your skills and experience has a direct impact on job satisfaction. Studies show that people who ask for a higher salary are successful if they follow the right salary negotiation strategies. So in today's blog, we're going to tell you three important things that can surely improve your interviewing skills in terms of salary negotiation and better salary tips. There's an additional tip too, so stay tuned for the end of the blog.
To Understand Your Worth
To understand your worth, you must first understand how companies see your value. The time and effort you put into various jobs, the results those efforts produce, and the value the company gets from those results is their real value. But when the workload and the number of employees increase, HR uses benchmarking and finalizes the company's salary. You may have seen it in the job postings of different companies that offered different salaries for the same jobs.
There is another extrinsic factor, talent. When a company rates employees as qualified and talented, they can beat their own benchmarks and agree to pay a higher salary.
Now, back to your salary, set your low, medium, and high salary points.
Your lowest point is how much it takes you to make ends meet and accept when there wasn't a better option or alternative around the corner.
Your midpoint is how much people like you make. Check Glassdoor and LinkedIn to find out the average salary for your profile.
And finally, your highest point is the payment of your dreams. One that would make you feel like you were getting a raise before you even started.
Taking into account these mid-points and high points; Your salary range should be between your middle and your peak. So when asked about your salary expectations, you know how to negotiate your salary by matching your answer to the company's benchmarks and expectations.
Base your answers on in-depth research
Putting your expectations on the table is only the first part of the process. In most cases, the HR department will try to negotiate and reduce the number. Therefore, you need to justify your salary expectations.
And this is where your investigation ends in the knight and the shining armour. Presenting solid reasoning based on verified research is the goal of the HR department. In addition, my extensive experience, awards and reviews justify my expectations: “It would be much better than sticking to a number for no reason.
Aside from the general questions, HR may be trying to trap you with one question: What is your current salary, or why do your expectations and current salary have a large visible gap?
Basically, HR is trying to figure out how deep you can go. Be very smart with this answer. Workaround it to get to a point where you can say, "If you divide the salary range for this position, I can confirm whether or not my salary is within that range."
Remember, don't be afraid to talk about salary expectations. Simply asking for more is not a reason to turn yourself down, especially if the job posting states that the salary is negotiable.
There is a lot more to avoid than to say
Sometimes self-confidence pushes the boundaries or nervousness takes over. In these cases, people spoil the interviews, which is very painful, especially when the offer is in sight.
So be very careful what you say in the interview.
Avoid phrases as I desire...Can we try…I need more...These cause bad conversations.
Salary negotiations are awkward however, don’t be apologetic about anything. Be assured of your ability, and don’t return down.
Make good use of these resources and practice in front of the mirror to master your game.
The Don’t Tell Anyone Bonus Tip
Once you spill your salary expectations, don’t change them after the interview. HRs tend to look for weaknesses in recruits, and most HRs don’t prefer an employee with commitment issues in a professional environment.
Ok. So that’s it. We hope you will rock your next interview. If you have any questions, leave a comment below, and we will get back to you as soon as possible.
Liked what you read? Then don’t break the spree. Visit our DeepVidhya blog page to read more awesome articles.