5 ways for a successful salary negotiation

Source:topresume.com

If you are a fresher, you are on the verge of beginning your employment journey and this part of adulting is too exciting. Finally, all the sleepless nights you spent studying, all the extra credits you got through hard work while managing your part-time job is going to pay off and you are going to live the life you dreamed of.

If you are an experienced hand, you are about to pick an offer that will give you amazing growth opportunities. You have to make the stint at the new place as memorable as the previous ones.

While all the learning curve, job satisfaction do matter, do not undermine the power of your paycheck as most of the things are still bought by money only.

Here are some tips for you to negotiate for what you are worth.

1. Do research keeping in my mind the future — I cannot stress more on the importance of good research about the organization. Read the latest news about the company to find out about recent salary hikes, stock options, etc. Check job portals to understand the average salary for your particular job title in the particular organization and its peers. While deciding on a suitable salary range, do keep in mind your near to medium term salary hike expectations. This you can find out from employee reviews in the various job portals.

2. Make your worth in the job market known to the interviewer — Try to find out the sought after skills for the particular role. Do you have a critical skill essential for the job? If so, make sure to emphasize this while you make the pitch. Today, employers are willing to accommodate your requirements when people with essential skills are rare to find. Add a little bit more credibility by flashing your badges, certificates, testimonials, etc. related to such skills.

3. Ask questions and understand exactly what is expected out of you — Do not let the job descriptions fool you because those are prepared by the HR team who may not be fully aware of every position. As the technical round is wrapped up, do make sure to get a clear picture of your responsibilities from the interviewer. To gear up for asking relevant questions, do have an idea of the organization’s business from its website.

4. Networking can give you more value than any of the discussions with the company — See if someone in your linkedin network works for the company or check if one of your friends could connect you with an existing employee. You will get a good idea of the company’s compensation policies, yearly hikes, performance criteria, bonuses, etc.

5. Understand the variable game — Do not get enticed by the entire package before being informed properly about the variable payouts, ESOPs, etc. The variable pay is based on your performance and is credited at the end of the annual reviews. Understand how performance is evaluated and you can make out on an average, how achievable are the performance metrics during your first year.