Regardless of how wonderful the prospect is, income will play a significant role in whether you accept or reject a job offer. Fair compensation for your qualifications and expertise directly affects how satisfied you are with your work. As a result, it is s crucial to comprehend the subtleties of when and how to negotiate wages, whether it's before or after receiving a job offer.
Before entering into the negotiation, you must make a list of your strengths and weaknesses. Your abilities, information, and expertise which must be highlighted along with how they have benefited your previous organization's main purpose and objective if any.
1. LIST YOUR STRENGTHS AND WEAKNESSES
A SWOT (strength, weakness, opportunity, and threats) analysis is the greatest method for identifying one's strengths and weaknesses. It is a corporate strategy that enables executives to assess their own performance and make adjustments as necessary. For instance, if you are aware of your strength as a good communicator, you might emphasize it throughout the negotiating process to improve your chances of earning your desired job compensation (salary).
Since there is a thin line between success and failure, bringing up money too soon, for instance, may imply that you are more focused on the money than the position. Additionally, if you estimate a desired compensation without conducting the necessary research, you risk leaving money on the table or pricing yourself out of the race.
2. DON’T FORCEFULLY BRING UP SALARY
So how should you approach a prospective employer about money? Any recruiting expert worth their weight will tell you the following about the process of discussing money during an interview: When the subject of remuneration arises, you need to be polite and ready.
Prior to salary negotiations during an interview, research and know the reasonable beginning wage for the position and the organization you are considering. Don't hurry the discussion of money. When negotiating, time is everything.
Do consider factors other than salary. If a greater income isn't an option, more paid vacation days, for instance, could be. Don't offer a salary range or number. Although you don't want to be coy if requested, it's usually advisable to ask for the employer's offer if it is already specified and work on negotiation for an increase if it is below your desired salary range.
3. THE VALUE OF HONESTY AND PERSONALITY
Be sincere. A dishonest job application will be turned down. Never automatically think you must take the first offer. It's always permissible to bargain in good faith, even in a competitive employment market, and never undervalue the significance of personality - It may seem obvious, but it's essential to remember that only those who like you will fight for you. The likelihood that the opposing party will attempt to improve your offer is decreased by any actions you take during a negotiation that makes you appear unlikable. The goal here is to manage the natural conflicts that arise during negotiations, such as asking for what you deserve without coming across as ungrateful, pointing out flaws in the offer without coming across as petty, and being persistent without being obtrusive.
4. THE USE OF SENSITIVITY AND APPROPRIATENESS
It's improper to bring up income in your cover letter or during the initial phone interview. Don't mention it in your initial interview either. Instead, use these chances to demonstrate your aptitude for the position and introduce yourself to the company.
By the second interview, it's typically appropriate to inquire about pay, although discretion is crucial. Before requesting the wage range, express your interest in the position and the skills you would bring to it. Make sure your employer knows you're not only there for the money. If they bring up money first, give them a range with some leeway.
Working on a salary plan that is agreeable to both you and the company requires you to demonstrate your flexibility. Before responding to queries regarding your ideal wage, make sure you are well aware of the job criteria.
So why would interviewers ask about your expected salary? Employers could inquire about your availability in order to determine if they can pay for your assistance. They could ask you this question in order to gauge how highly you regard yourself and your job.
5. EXHIBIT THE POWER OF RESEARCH
You may show the company that you are flexible with your compensation and that you are aware of your value by doing some research and preparing an answer in advance.
While you should strive high, you shouldn't set your sights so tall that you are compensated far beyond the company's range.
You've received the job offer, but the pay isn't what you expected. It is totally normal to ask for more allowance.
You must provide convincing justifications for your viewpoint throughout any discussion. Mention your abilities, background, and past accomplishments in detail, paying special attention to those that had a discernible impact on the bottom line of a company.
Do your research and learn the most recent wage ranges for your area, and profession, as well as the job position you're seeking for early on in the process, even before your phone screening.
Never fabricate other job offers or lie about your present pay to a potential employer in an effort to earn a raise. Eventually, the truth will be revealed. Instead, while addressing compensation during an interview, be sure to highlight the value you can contribute to the company and be forthright about your circumstance.
6. CONSIDER OTHER REMUNERATION PACKAGES
Make cautious and consider the complete package of remuneration. An intriguing position with a lower beginning pay may provide a strong compensation package for employees or chances to advance within the organization. You need to be fully aware of everything, including your health insurance, pension schemes, and vacation time. Employers with limited hiring funds could even entice candidates with sweetening benefits.
While you should strive high, you shouldn't set your sights so tall that you are compensated far beyond the company's range.
7. THE PERFECT TIME TO BRING UP MONEY
The fact is that based on the position and the interview process, there is no one "perfect" time to bring up money. The subject is now more frequently brought up during the first pre-screen interview. If the interviewee brings it up, be honest in your response to save everyone's time. If they don't and you feel safe doing so, bring it up to clear the air and ask the inquiry. To make sure you and the interviewer are on the same page, you might ask a question like, "Would you be able to give me an estimate of the wage range for this position?"
Follow your gut if you feel that discussing wages should be delayed. You may decide to forego that initial conversation and wait until you receive an offer if you can afford to wait it out or if you already have an estimate of the compensation.
8. EXAMPLE OF ANSWERS ON “SALARY EXPECTATIONS”
Example Response 1; My pay scale is adaptable. Of course, I would like to receive appropriate compensation for my ten years of expertise and exceptional track record of sales. I'm willing to talk about exact figures after we've gone through the specifics of the job, though.
Example response 2; I look forward to learning more about the exact responsibilities of this role during this interview. I am aware that jobs like this often pay between $X and $Z in our area, though. I would anticipate earning between $Y and $Z based on my experience, education, and certifications.
Example response 3; I'm willing to talk about what you think is a reasonable pay scale for the job. However, based on my past wage, my expertise of the sector, and my familiarity with this region, I would anticipate a pay range of about $X to $Y. I'm willing to talk to you about these figures once again.
9. SOME KEY POINTS TO AVOID
Things to avoid or not to say during salary negotiations: Don't provide a fixed sum. Negotiation will go better if you can hold off on bringing up a specific wage until after the employer does.
Don't be unfavorable. Respond politely and inquire as to if there is an opportunity for negotiation, even if the sum being given seems infuriatingly low.
10. BE SURE TO KEEP EVERYTHING DOCUMENTED
You received both the job offer and the pay you desired! Then request it in writing. Never leave your current employment without having the pay, title, and duties, as well as any other pertinent information, recorded.
CONCLUSION
Negotiating your salary is similar to understanding how to dance. Starting too soon and stepping on a toe is something that you would like to avoid. You may present yourself in the best light by being well-prepared with wage research and having a firm grasp of how to articulate your most important qualities to your potential employer or recruiter – remember, they would be hiring you for a job and as such, they expect fine qualities worth the compensation they will be giving.
Note: If an employer cannot provide you with a wage that meets your minimal criteria or other advantages that make it worthwhile, don't be scared to decline the job offer.
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Reference
Half, R. (2022, November 7). When and How to Negotiate Salary With an Employer. Robert Half Talent Solutions. https://www.roberthalf.com/blog/salaries-and-skills/when-should-you-start-discussing-salary-in-an-interview
Phipps, M. (2022, December 2). Interview Question: "What Are Your Salary Expectations". The Balance. https://www.thebalancemoney.com/interview-questions-about-your-salary-expectations-2061235
(2022, September 9). How to Negotiate Salary in an Interview. Emeritus. https://emeritus.org/in/learn/how-to-negotiate-a-salary-in-an-interview/
Chevalier, R. (2022, October 19). 4 Tips for Salary Negotiations During the Interview Process. Idealist. https://www.idealist.org/en/careers/4-tips-for-salary-negotiations-during-the-interview-process
Herrity, J. (2022, September 29). How To Negotiate Salary After a Job Offer (With 13 Tips). Indeed. https://www.indeed.com/career-advice/pay-salary/how-to-negotiate-salary
Malhotra, D. (2014, April). 15 Rules for Negotiating a Job Offer. Harvard Business Review. https://hbr.org/2014/04/15-rules-for-negotiating-a-job-offer