Picture this. A talented person is at a job interview and everything has gone smoothly so far. The only hitch comes when the interviewer asks him about his expectations regarding salary. The talented person flounders and finally ends up accepting a salary package way lower than his expectations or worth. Are you that person? Do you want to avoid being that person in future job interviews? Read on.
Research your worth – Do a bit of research on the internet and find out just how much a person with your skills and experience is worth in the marketplace. Find out from others who are working in similar jobs and if you can get them to tell how much they’re making, well and good.
Research the company – A good idea would be to look up about the company where you’re trying a job and to find out if they’re successful or are suffering because of the recession. Talk to employees of the company and find out about how often bonuses are offered and whether salary appraisals make the mark.
Confidence – Confidence can strike a big note in your favor but you have to also make sure that you do not overdo it. Remember that if things work out you will be working opposite the very people with whom you have negotiated. So it’s a good thing to always stay calm, polite and to exude self assurance.
Discussing salary – Avoid talking about the salary until you’re positive that they’re going to hire you. But this isn’t possible in most situations and often you are asked how much you expect. A good idea would be to rebut the question by asking them what their range is so that you know you are not quoting below or above range.
Fringe benefits – Some companies offer stock options and other fringe benefits so find out from the interviewers if they plan on doing something of that sort. If you prefer you can also ask them if you can trade these benefits for an increased salary.
Sizing up the situation – Obviously, the party with greater needs is going to relent and back down. Are you desperate for a job? Then you might have to compensate and take a lower package if the company doesn’t look too open to negotiations. On the other hand, the company could desperately need to hire someone like you, especially if you have a niche factor which is useful for them. They might do the relenting then.
Know when to back off – An important thing to remember is that you know when to back off negotiations and to accept the salary package that is being offered. Don’t wait until you have well and truly annoyed the employers with your insistent negotiating.
Be fair – Be fair in your assessment of the job and your worth and ask the company to be fair as well.
Negotiating for your salary is quite like gambling. You have to know the stakes and you have to know when to bow out. All the best!
