7 Winning Strategies For Negotiating Your Salary

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Photo by Benjamin Dada on Unsplash

During the interview, sometimes the interviewer can ask the question relating to your desired salary. This is mind-boggling to many candidates. There are a few things to consider in making a decision in this regard.

One, if you price yourself too low, you may give out an impression that you’re not as competent. If, on the other hand, you’re too high you may give out an impression that you’re in it for the money and that can be a red flag.

Sometimes, and this is how it has to be, before accepting the job offer you may want to ask about the offer at hand. Some people have had disheartening encounters with very low first paychecks.

Either this is because they thought asking about salary will be too forward or that the employer will pay a fair price naturally. Well that’s not good and you certainly want to save yourself from such perils.

It is critical to ask and then go into the negotiation process. Here are seven ways to make the process of salary negotiating efficient.

1. Research

This is essential because it will help you in getting a working knowledge of the company. You get to know the company culture, which is central to your approach to negotiation.

You also need to examine your monthly cash requirements. Remember to consider tax and be sure of your desired gross monthly salary.

2. Determine your skills

This is what you’ll be marketing. You should understand that different segments of the economy need a variety of skills depending on the industry setting. After you have been offered the job, rethink on your skill set in light of the load and nature of work you’ll be expected to undertake.

Once you have established what your skills are and what they are worth to the current employment market, you would know the limitations of your negotiation. In stating your salary range, avoid basing your desired salary on your current salary. Always tell the truth when it comes to your past salary. It is acceptable to extend it to a range to show that you are within the company’s price range but interested in more compensation.

3. Weigh the company’s compensation package

You always have to think along what the company proposes to offer. Knowing this will help you in proposing your salary along what the company can afford.

To determine your fair market value for a specific job, you should consider the economic, geographic, and industry factors of the job offer. Weigh the benefits of compensation and promotions, insurance, allowed time off and retirement settlements of the offer to ensure a fair proposed salary.

4. Sell yourself

Now here’s the hard work. If you know what you could offer the company requires a larger income, never say it directly. Once you sell yourself discreetly, the interviewer would understand that the proposed salary is not appropriate for your background.

You’ve heard and, probably, interacted with sales people. They can be very convincing. They have their craft well developed and their goal is firm. They want you to buy what they have to offer and they know how to press the right buttons. Be like one.

5. Have a positive attitude

Sometimes, someone very unsettling can interview you. They can be rude at times. Be on your best attitude. Have backup answers if, during the negotiation you find yourself cornered. You don’t want to lose your cool.

In negotiating, never compete. Negotiation is basically a process which could benefit both parties. Understand your needs and those of the company.

6. The final offer

Be aware when the negotiation is done. It can be very awkward if you fall into the trap of continuing the discussion, when the employer has concluded the negotiation without you realizing it.

Start off with a goal and determine when the goal has been reached, so that you come out of the negotiation at the same time as the interviewer. Pushing further when a deal has been set could give a negative first impression on your part.

7. Show what you are made of

The interview is only the first step in having an enhanced compensation. Be as professional on that day as possible. Be relaxed and show the interviewer that you’re a ready and willing individual.

Once you are hired, offer your skills to the company and prove your worth by doing quality work. You may even get a promotion for doing so.

Conclusion

It is essential that you go into the negotiation with a clear understanding of the company culture. There and then, you can determine if this is the company you’d like to continue with.

Don’t be driven by desperation and fall for anything. Understanding these basic tips will allow you to enhance the terms of your new job.

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Teboho Polanka
Teboho is a Social Worker, Writer and Inspirational Speaker. He is in pursuit of MSc. in Managerial Psychology. Graduates are able to apply psychological principles and methods to tackle challenges in the work environment and provide effective practical solutions. Acting as industrial-organizational psychologists.