Searching for a new job? Here are the hacks to negotiate a higher salary
Many people end up making salary negotiation more stressful than it needs to be. They think of what they need to earn, and not necessarily what they deserve to earn — those two figures aren’t always the same thing.
One of the biggest reasons for not asking for more is fear — of appearing too rude or being money-minded. To overcome these fears, we bring you some hacks to help you negotiate your next salary.
So, whether you’re male or female, in your first job or your fifth, it’s time to learn how to negotiate.
Be positive, polite and professional
This sounds like an easy one but negotiation always has the element of you versus them. Keep in mind that eventually, both parties want to be on the same side — they want to hire you and you want to work for them. If you think you’re being too polite, you’re not being polite enough.
You never know who else is on the call or to whom our emails is being forwarded, when you are negotiating that salary. Never share personal information on why you need more money.
Don’t give out information too early in the process
The earlier you give up this kind of information, the less room — if any — you’ll have for negotiating a better offer later. Always try to remain as non-committal as possible when asked about your salary requirements early in the interview process.
Influence the key decision maker
While you will be giving the interviews to the best of your ability, make sure that you leave a lasting impression on the key decision maker. Therefore, figure out the organisation chart of the company before interviewing.
After passing through a few rounds of the interviewing process, you will be at a stage where the organisation would have already taken the hiring decision. Now, you will be meeting the key decision maker as part of the final process.
This person is most likely will be the head of the group, an SVP or Director of the group, depending on which level you are interviewing for. The key decision maker will be an important person for breaking or making the deal of the negotiation. Therefore, to influence the decision maker you need to make an impact.
One of the ways is by suggesting a couple of ideas about how to improve their business or research about some new initiatives launched by this person and be complimentary about it. While giving approval for your salary, the key decision maker would remember your efforts and flattery too!
Be firm and bold
Ask for 10–20 percent more than the first offer. Everyone expects you to negotiate so don’t settle for the first offer. Be unapologetic about asking for how much money you deserve.
If you feel the need to ask for more than 20 percent then it means there is a big mismatch between what you think you are worth and what the company thinks.
The Friday feeling
It is ideal to negotiate the salary in person. But if that is not possible then do the negotiations over the phone. Email should be your last resort.
The ideal salary negotiation meeting is in person and on a Friday afternoon. Everyone is in a better mood as the weekend is near and they want to get one more ‘achievement’ before the week is over.
Let that achievement be ‘convincing’ you to join their company. It could be worth the effort to move the meeting to a Friday afternoon.
It’s always better to let the other side do more of the talking. Using the ‘Chapman Method’ of salary negotiation, when you receive an offer — no matter what it is — follow the offer with the ‘flinch’, a long period of silence. Even if it is more than what you wanted. If you receive an offer over email ask them for a 24-hour period before you will respond.
Make them invest in you as much as possible
Get them to send you as many emails as possible and talk to you on the phone as much as possible. Get as many people from the company involved in the process.
The more you get them invested, the more leverage you’ll have when it’s time to talk about your salary.
Spending this kind of upfront time also helps the other side feel like they won when they finally do get you to sign, even if they had to increase their salary offer.
Be nice to the recruiter
Always be nice to recruiters/ headhunters. Even when you are not looking for a job and someone calls you then do help them out with other connect if possible. There are a lot of special circumstances where you can negotiate a much higher salary than you thought possible.
This is where the recruiter you have a connection with might give you the information.
For example, a critical position has been vacant for too long and there is pressure to hire this month/quarter, a company is undergoing a transformation and has to get someone from a different league of companies, a candidate backed out on joining the day, and they needed someone onboard yesterday.
Remember not every negotiation will work out in your favor. Be prepared to walk off. But whatever happens always stay professional. Even if negotiations go nowhere, they did make you an offer. Graciously, thank them for the opportunity, and move on.
Never burn bridges.