So you had a great series of interviews, HR loves your profile, and the role is perfect for your career. So what’s the sticking point? The money, of course! Most of us have trouble negotiating salaries, either because of our innate discomfort when it comes to talking about money or, if it’s a job you really want, our lack of leverage at the negotiating table. However, these issues should not deter you from getting the maximum possible reward for the work you will be putting in for your prospective employers. And this how you go about it:
- Do Your Research: Before you even consider sitting down to negotiate, make sure you know everything about how roles similar to yours are compensated, both in terms of the money as well as perks such as vacation time, health benefits, car etc. There are a number of resources online that can help you with such information. You should also ask around in your network for those who have taken up similar roles, and their compensation structures.
- Practice Negotiations: Negotiating is a skill, and the more you practice, the better you will get. So sit down with someone you trust and practice negotiating your salary. Record your conversations and review them later, to understand where you made mistakes. The more you practice, the more comfortable you will be when you find yourself doing the real thing.
- Let the other side do the talking: It sounds counter-intuitive, but the best way to negotiate is by talking as little as possible without, of course, killing the conversation. When offered a figure, a viable tactic is to do “the flinch”, which means staying silent until the other side starts talking again. This not only gives you time to think, but also puts your employer under pressure. More often than not, your employer will return with a raise.
- Don’t give up: It is important to be persistent when asking for a higher salary. While you will most likely be met with rejection the first time around, stand your ground, firmly but politely, and attempt to clearly justify why you deserve the salary you asked for.