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How to negotiate salary?

Negotiating your salary can only lead to two things: either you get the salary you ask for or end up with no job at all. Land the job by doing some research about the company and being aware of your value.
 

Have a killer cover letter and sparkling resume

These documents prove your reliability, expertise and experience, so they better be good. True, you shouldn't put a skill that you don't possess or a job position that you never really had, but nobody said that you can't enhance them. Use your creativity. Instead of stating "I worked as a sales manager" say "I was responsible for a team of sales personnel which generated huge sales for the company." Now, doesn't the latter sound more impressive?

Learn about the company

Do your research. How much can the company pay? Does their pay rate comply with labor standards? If they don't, turn it down and leave as politely as you can.

Be honest

 · 7 tips
If asked what your expected salary is, tell them the figures that you want, but state that it can be negotiable.

Be aware of your value

Assess your qualifications. Are you applying for an entry-level position or are you qualified for a job that rakes in the big bucks? Get real - just ask what is commensurate to your experience and qualifications.

Don't tell your salary expectations too early

Overcome any reluctance to ask for a higher salary

If you’re the type of person suffering from lack of confidence, fear, lack of self-esteem, or humility, it’s perhaps the right time to face your employer and conquer your nemesis. All these are just hurdles which are preventing you from getting the best deal you deserve.

Steel yourself for the negotiation process

Your employer is not a mind reader. Your employer is not going to increase your remuneration, without you asking for it. Before you negotiate salary, remember that there is possibility of several outcomes. They include, “No”, “Yes”, “how about a compromise”, or “we’ll look into it”. At every instance, your employer is listening to your request, and evaluating your willingness to negotiate and seek the best.

Pinpoint accurately what your employer should consider

You must build your case for negotiating salary by pointing out your value to the company. Here, you must highlight your skills, strengths, talent, and experience. You must clearly detail all these points when compared to your peers. You must also highlight your value to the company by emphasizing your ability to use your contacts or draw new clients.

Research; negotiate with facts

Check the latest salary guides. There are many salary guides available online. Negotiating your salary is much easier when you’re aware of facts. You must research information about the salaries employers pay for someone with your skills and experience. Talk to your colleagues and friends from your school.

Fix a reasonable figure

Before negotiating your salary with your employer, arrive at a reasonable figure. It’s easier to negotiate when you have a specific figure in mind.

Practice the negotiating process

Sometimes, negotiating salary is harder than attending a job interview. Hence, prepare yourself with the right answers for the questions that you think your employer might ask. You could practice this with a friend or colleague.

Be reasonable and realistic in your expectations

Never demand an amount that’s higher than the topmost position in your field. You can do this only if you are exceptionally talented and offer prime value to the company. You must use your intuition and general knowledge before working out a reasonable and realistic figure.

Start negotiating your salary

You should clearly know both the lowest and the highest salary that you’re willing to accept. Start the negotiation process with a figure that’s much higher than what you want. This will provide you the necessary leeway to negotiate downwards from that figure and arrive at a “compromise” figure. Most often, you’ll get the figure you demanded initially.

Treat negotiating salary as a business transaction

Though you may consider negotiating your salary as a personal issue, your employer thinks of it as a business transaction. In fact, you must consider negotiating salary as a business transaction, as well. Your company wants to utilize your services at the lowest possible price. Therefore, whenever it is feasible, you must gently and persuasively negotiate your salary.

Always end the negotiation process on a positive note

Irrespective of whether you are successful or not in your negotiations, ensure that you end the process on a positive note with a polite “thank you”. Keep smiling – your easy-to-negotiate-with and friendly approach matters.
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