Negotiating Salary


Get what you want because you deserve it! Your interview is over and your interviewers are trying to find out your expectations in the area of compensation, salary and benefits. Most people do not know how to handle this important situation and the common practice in India is to leave this decision to the employer. The end result is a less than satisfying package, because you will always feel that you could have done better and in 90% of the cases you could have!
If you keep the following points in mind, you will come away from the meeting knowing that you have ensured the best deal for yourself, without the stigma of being thought of as interested only in money!
1. Avoid bringing up salary issues until the question about your salary requirements is raised by the employer. If you bring this topic up uninvited, it may be (and generally is,) premature.
2. Never fail to deal intelligently with salary questions and issues by doing research on salary comparables and employers. Always find out about the compensations being paid in the industry.
3. Always know how much you're really worth. This is difficult, but you must have yardstick against which to measure yourself.
4. Try not to specify a single salary figure when asked: ``What are your salary requirements?'' People have a tendency of quoting either too much or too little, both of which are disastrous.
5. Assume your ``qualifications'' and ``performance'' will automatically determine your salary level. Every employer will try and cut his cost by paying you no more than you ask, and even then he will try getting you to accept a lower figure!
6. Never think salaries are predetermined by employers. In business and employment everything is open to negotiation!
7. Do not make the mistake of under-valuing your worth. Be confident of your ability.
8. On the other hand, do not err on the opposite side and over- value your worth.
9. Try no to assume that the employer is in the driver's seat when it comes to negotiating salary. You should endeavour to claim that role.
10. Never approach salary negotiations from a perspective of need or greed rather than as a process of assigning value to your qualifications and promises of performance.
11. Do not put too high a price tag on yourself without providing supports to justify the salary figure, such as previous salary history or indicators of performance. Never fail to compile supports for a negotiating position. You need to back up all your statements while negotiating salaries.
12. Do not forget to calculate benefits as part of the compensation package.
13. On the other hand, do not put too much emphasis on benefits rather than concentrate on the gross salary figure.
14. Try not to project an image that is not commensurate with the salary being negotiated.
15. Never mention a specific salary expectation figure on either your CV or in your cover letter.
16. It is fatal to negotiate salary and benefits over the telephone. You will never get what you ask for!
17. Do not be too hasty in accepting employers' first or second offers. Take time to think about it.
18. Never fail to raise intelligent salary questions about the job and the employer.
19. Always give yourself room to negotiate.
20. Try not to play ``hard to get'' when you have little or nothing to leverage. In this situation, you will have to take what is available, but don't sell yourself cheaply.
21. It is important never to lie about your past salary history or alternative salary offers. You will always be found out and this will always remain a bone of contention between you and your employer.
Negotiation is necessary because you deserve to get what you work for, you owe it to yourself and your family to get the best deal you can!