Tips for Salary Negotiations

Hi,

I would like to provide some inputs on Salary Negotiations. Most of interview candidates are so excited about their new job that they rarely do pay any heed about salary negotiation, It all depends on the relation between your current job and your new job. For example if your current job really sucks in matters other than salary, you wont pay much heed to the new salary of your new job, and if you are satisfied with your current job, you will negotiate more and try to get as much raise as possible, also some candidates dont speak out their desired salary for fear of losing the new job, hence this article is compiled from various sources, to help an interview candidate be it fresher or experience make a wise decision regarding negotiations so that after the interview he does not regret.

- K. Ravishankar, ravishankar11584@gmail.com

Some golden rules:

Always first get an idea from the employer about the salary range, then put your demand.

While revealing your current CTC to your employer, be sure that if you fake, you must be able to handle the fake salary at any time, if you fail in faking your CTC and somehow spoil the game you are sure to get busted.

Think twice before entering any figure on the expected salary in the application form. calculate the minimum raise which you personally would require, and add 10% to it for negotiations.



TIPS:-

Research the Company:

Before any negotiations on your salary or asking for a raise, it is always recommended to
research the organization''s policy on salaries? Position ranges? Comparing with salary of similar grades in same and different companies? How many positions of your post are in the organisation, i.e in a company are you a having a unique profile or there are x no of persons who have the same profile as yours / doing same job as yours. If you are really unique i.e the onlyone person in the company performing your type of job, you surely can bank on it.






Analyse your needs first:

Almost all people negotiate for a salary without having a clear objective of what or how much raise they expect. You should have a clear measurable goal, i.e., how much will you be satisfied with? Second, what is the most you think the position will pay -- the maximum? What is the least salary that you will accept -- your bottom line?


Is only monetary benefits important to you?

Are you willing to accept more non monetary benefits like vacation time, flexible hours, working from home, bigger title, more responsibility, stock options, pension plans, bigger office, etc. Always consider these items also as part of the negotiations.


Take ample time, dont make decision in a hurry

Don't discuss your salary as an order to be given to waiter in a new restaurant.Demand a special time that will give you time to focus on your salary. Get the boss to commit to a block of time.


Demand without fear and be confident:

Never be afraid of losing the job. At the most only two things can happen you can get the job, you cannot get the job, so ask for what you want. "I think I''m worth more than you are offering/than I''m being paid." The result is either you get your satisfied CTC or you need to search some compatible job. If you''re interviewing for the job, ask, "How much does this position pay?" If you''re negotiating for a raise, ask, "How much of a raise can you approve?" They may surprise you by offering more than you expect.


Remember the 10% Rule :

Ask for more than you are willing to accept so that you can reduce and settle for your target in worst case scenario. If you open the negotiation with your target the employer may interpret this as your opening move and they will offer you less.


Ask open-ended questions:

Be pro-active. Be the interviewer, not the interviewee. Ask questions that can''t be answered with a simple yes or no, but require lengthy answers. Ask your question and shut up.


Follow the 70/30 Rule:

Listen 70% of the time and speak only 30% of the time. The less you talk, the more information you''ll get, and the better they will feel about you. Let the employer talk themselves into giving you what you want.


Be prepared to walk if necessary.

Always be willing to walk away from a negotiation if you can''t get what you want. Another way of putting it is, never negotiate without options. In a salary negotiation, your willingness to walk away gives you tremendous power. The employer will sense it. Conversely, if you are desperate for the job and perceive that you have no alternatives, they will sense your desperation. Face it, the worst thing that can happen is, you''ll have to look for another job -- a BETTER job. They can''t shoot you! If you know what you want and stick to it, you will win no matter what happens.

THANKS .