Compensation Negotiation Tips
Whether you are gunning for a promotion at your current job or you are starting a new job, we all must negotiate. But do we really know how to get that perfect offer right out of the gate? Most of the time, you have to propose what you are looking for, make your case and hope that the company has the bandwidth to fulfil your expectations. Here are the best compensation negotiations tips for getting what you deserve-
Know your value
Before going to ask for a salary, you should know the in and out of the ongoing rate for your position in your specific industry. If you are wishing to have a bump in your salary, make sure you have a proof that you are indispensable for the organisation. Figure out how much you are expecting. Ask a little on the upper side to leave room for compromise.
Silence is golden
During compensation negotiation, let the other side do the talking. When you receive an offer, follow the offer with a flinch-a long period of silence. It makes the other party to revaluate their decision. Silence is as effective as anger, aggression, tears or other strong expressions.
In many cases, employers do not agree your first request for a higher pay. Do not let this lose your confidence. You know your true worth better. Push back gently, justifying your proposed compensation. Explain how you can be the best candidate for the defined role and how the company will benefit from the investment.
Patience is the companion of wisdom
The deeper you get in the process; the chances are brighter to get hired. Do not talk about money in the initial stages of interview. Never spill the beans on your expected salary or current income. If you do, you provide an anchor for the negotiation and will affect you only. Wait for the employer to bring forward this topic.
Always be honest about disclosing your right compensation. Bluffing may bring fruitful results for the time being but it cannot work for the long run. “Sorry” is also one of the red flag word to use in a compensation negotiation. Never apologise for negotiating.
If the employer does not agree to budge on salary, negotiate other compensation. You can ask for perks other than salary such as a flexible schedule, better health insurance, educational reimbursement, performance bonus and a lot more.
Treat negotiation as a collaborative effort
Negotiations should never be presented as an ultimatum. Rather it should be a collaborative process and golden opportunity to create a compensation package that makes sense to both the parties. One of the best phrases to use in a salary negotiation is that you are looking forward to “working together” and this collaboration will lead to a great success.
Get a better understanding of your market worth, you can earn a million dollars over your career span- “YOU JUST HAVE TO ASK FOR IT “