Here’s how you can double your salary in a job offer
Not everyone is skilled with negotiating salary. And there is always a chance that you are being paid a lesser amount than what you are actually worth at your job and in your industry. The salary that you earn at any job will set your career trajectory for the future, which makes it even more important for you to negotiate and double your salary. Whether it is your first job or the many jobs that come after that, negotiating salaries to get proper pay and effectively increase your income, in the long run, is essential for every person. And these tips can effectively double your salary during negotiations if done right
Gain more knowledge
The first idea is to keep enhancing one’s knowledge and skills with time. Learning never ends. If your studies are over, it doesn’t mean that your learning process is over or put an end to exploring new things. Every organization has certain training programs every now and then, to give the opportunity to every employee to enhance his/her skill. If that doesn’t happen in your organization, keep an eye out for conferences, seminars, and workshops, that would add to your skills, making your overall profile better. This would automatically raise your chances of a better appraisal, resulting in a good hike in your existing salary. Also, if you are planning to change jobs, this will give you an added benefit to negotiate for a better pay to almost double your salary.
Research, research, research
It is important to have knowledge of and understand the pay scale going on in your industry, as well as in your company. Look up for what is the average hike rate. See what are the going rates for various levels in your industry. What is the bare minimum offered to people when they start out, and what does the growth rate look like. Check if you match most of the skills required at your level in your field.
Be aware of the job market
It is essential that you are aware of the job market, even when you are not actively seeking a new job. Attend a couple of job interviews to get an insight into what is the current going rate for your role and position. This will help you negotiate and maybe double your salary offer.
Don’t be in a hurry to agree or disagree
It is essential that you do not show your hand immediately to the hiring manager. For a new job application, they will first ask you about your current pay and how much you’re expecting, and will also expect you to provide payslips of your current employment in order to be able to give a small hike to the existing salary and get you on board.
Do not be in a haste to give away a number. Let them make an offer first, based on which, you take it forward. If you feel awkward to ask them the first question, wait for them to make an offer and then start negotiating. If you know the figure they are willing to offer, you will be able to negotiate your way to a higher salary than what is first offered to you.
While you want to be accommodating and provide them with all the required documents, this may prove to be a hindrance in you possibly doubling the initial offer. Be patient, hear them out, negotiate the amount before you say a final yes or a no.
Practice you’re talking points
Negotiations involve a lot of questions being thrown to and fro. Be prepared with answers to certain basic and obvious questions. You may feel uncomfortable talking to a complete stranger about money matters but practice your pitch to sound more confident than what you’re actually feeling. If you have to ask for what you deserve, the last thing you should feel is awkward with the situation.
Don’t be nervous
The hiring managers or your boss expects you to counter their initial offering or the salary that you are receiving at the moment. You are not committing a crime by asking for more money. If you think you deserve it, there is no need to be nervous about talking to your boss about it. Sounding confident about your achievements is important if you are going to ask for a higher pay.
Here are some do’s when you negotiate with the hiring manager to double your salary:
Be certain of your skills and the job profile.
Match the two, and come up with a number that is both reasonable for the company and good to meet your expectations and worth at the same time.
The hiring manager or your boss will obviously point out your flaws and how you have not contributed “enough” to ask for more salary, or how you are only just “meeting expectations”. Accept the mistakes, address them head-on. But also have some of your positive points on hand to point them out while you negotiate your salary.
There is a lot of planning and hard work that will go into coming up to an optimum salary. Make sure you gain all the essential knowledge, skills, put in the required effort in work, and at the same time, let your boss know about your effort and expectations.
Do ask for double the amount you have been offered, back it up with positive points, pitch these points, and wait for an answer.
Be positive and polite at all times.
Never threaten to leave/not take up the offer, because nobody is irreplaceable in any company. Do not get defensive or start arguing about why you may or may not deserve more money.
Remember, there is no harm in asking! But you may become stagnant in your career if you don’t ask for more money. The fact is that you do miss a hundred percent of the shots you don’t take.