You’ve been into an organization for more than two years now, and now you think you deserve better– salary and opportunities. Does this seem relatable to what you’re currently facing? A PwC survey states that more than 43% of Indian employees want to switch their jobs in the next 12 months. The rising competition in the industry becomes challenging for newcomers to get relevant career opportunities.

Some individuals get stuck at some startups, in the name of getting industry exposure, while compromising with a low pay comparatively. Therefore, it becomes important to negotiate salaries effectively during the job interviews whether you’re a fresher or an experienced individual. 

Why Negotiation Matters?

Negotiation is the key to getting a standard salary or a better compensation from the company. There are various reasons why negotiations from the employee’s end matters; employers are anyway going to do that. Salary Negotiation is important for:

  • Getting standard pay as per the industry and also to mark your worth in the industry. 
  • Missed opportunities of salary negotiations might close the doors to a higher compensation rate. 
  • It is a crucial skill that every professional must adopt to showcase their confidence and professionalism. 
  • It also represents that an individual is capable enough to handle challenging situations where negotiation becomes important. 
  • When you negotiate salaries effectively, it gives you confidence and satisfaction of getting a desired pay. 

How to do better at salary negotiations?

Many companies leverage smart payroll management software and automate employees’ salaries. Every detail becomes accurate related to payroll and claims. Now, let’s understand how employees can do better negotiations at interview rounds:

Understand Market Value

You need to first identify the market value of a particular job profile. You must know how much the market pays to the individual with certain skill sets, experience, and knowledge. Other factors also impact the worth such as location and relevant experience. For instance, a pHP developer in Delhi NCR region may earn higher than a developer working in a non-metropolitan city. 

It is additionally important to search effectively to find out the standard salary. Therefore, use platforms like reddit, LinkedIn, quora, etc., and know from industry experts and experienced professionals about market insights, and accordingly prepare yourself. With this practice, you’ll get detailed information about the current market scenarios. 

Think Beyond Salary

Are you aware of additional factors that companies provide, besides salary? While you search for the desired salary, do not miss out on other factors that companies offer. It includes monetary and non-monetary benefits. Monetary benefits include increments, bonuses, stock options, etc., whereas non-monetary options include health insurance, benefits to spouse/ children, free passes, etc. When you negotiate salaries effectively, ensure to discuss all factors that depend on compensation. 

Salary Negotiations Scenarios

Let’s understand some of the basic salary negotiation scenarios that recruiters and employers ask candidates. 

1. When salary expectations are asked in the initial round of interviews

Employers ask about candidates’ salary expectations in the first round of interview. To answer this question candidates should do proper research about their careers, standard salary, etc. It helps recruiters know about the industrial knowledge of candidates and help them know if candidates are serious about the work profile. Therefore, mention a specific range of the profile, instead of sticking to a rigid number.  

2. When offer revolves more around exposure and less on salary

There are situations for freshers to learn in their beginning stage of the corporate world. If you’re a fresher and want to learn about a specific domain, say graphic designing, you should opt for an internship with a decent stipend. It would help give you long-term benefits in terms of exposure, learning, and professional growth. Moreover, you can answer recruiter’s questions like, “yes, I’m ready to begin my professional journey with your esteemed company, however, can we discuss additional incentives or benefits, or a performance review after six-months.?

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3. Mention about your unique skills 

It is also important that you mention the unique skills you have related to your work profile. You may mention your portfolio and previous work to stand out from the competition. It gives a fair opportunity to candidates to market their skills and get a comparatively better salary. 

4. Be Patient and Listen

Sometimes, the best strategy is to stay quiet and let the employer make the first move. Listen carefully to their offer, and don’t rush to respond. Take your time to consider all aspects of the offer before replying.

5. Stay Professional and Positive

Approach the negotiation with a positive attitude. Even if the initial offer is lower than you expected, respond professionally. Thank the employer for the offer and express your enthusiasm for the role before discussing adjustments.

6. Know When to Walk Away

Finally, be prepared to walk away if the offer doesn’t meet your minimum requirements. Knowing your worth and having the confidence to turn down a job that doesn’t meet your expectations can lead to better opportunities down the line.

Conclusion

Every job profile and industry differs, therefore, you need to collect all relevant information related to your work profile. Some profiles give a high salary in the initial years of professional journey, whereas some payoff after a certain number of years. Therefore, when you negotiate salaries effectively, you must know complete ins and outs related to the job interview. For more such information, watch our space. 

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