5 Tips to Negotiate Salary
They say “if you don’t ask for something, you will never get it” and this phrase perfectly sits right when it comes to salary negotiation. Salary negotiation is a cycle that repeats throughout our career and therefore, it’s an essential skill to have.
Hi guys, Welcome back to Shrofile. My name is Simran Keswani and today in this video, I will be talking about 5 Tips to Negotiate your Salary. So, without further ado, let’s get started.
Now the first tip is to Recognize your value
Most of the times the candidates don’t negotiate their salary because of fear. Fear of losing job, the fear of never finding the job that aligns with their expectations or the fear of looking greedy. But do you really think its worth it to let an emotion drive you away from what you deserve. Well, certainly not But having said that, I am not asking you to be unreasonable with your demands, all I am telling you is to stop short selling yourself and the best way to do that is to do a self-assessment which can be done by measuring your professional parameters which includes – Your educational qualification, your work experience, skills and social competence. Once there is self-awareness about what you bring to the table, there won’t be short-selling of yourself and definitely no compromises.
So, that was about the first point now lets move on to the second point
Now the second tip is to Research the Industry Standards
While of course you would be evaluating your value, its also very important that we study the market trends because usually the salary expectations are in a range and once that range is clear you will know how much you can stretch the negotiation.
Other than that, Websites such as, indeed,com, glassdoor and Naukri.com can help you find your range. The best way to determine the range of your expected salary is to take an average from different resources. Don’t just rely on one resource to find your range.
So, lets move on to the third point.
Now the third tip is to Be specific about the figure
Whenever you are demanding a hike, make sure to be firm about what you want. Usually what happens is that the candidates make the mistake of giving a range but not a specific figure. Always remember that a range has an upper limit and a lower limit so when you are asking for a range, the employer is most likely going to make you settle down to a lower limit which would be much less than what you deserve. So, instead of being vague and wishy washy about your salary expectation, you should be more specific. Moreover, when you ask for a specific it exudes conviction and confidence which increases the chances of your hike by multi-fold,
Now lets move on to the fourth point.
Now the fourth tip is to Always quote a higher number
Now this might sound intimidating and scary but trust me there is nothing wrong with it. Because the fact is that the employers, and the head hunters are anyway going to negotiate it down even further. So, aiming a higher number can actually get you to what you deserve. Now, usually the candidates make the mistake accepting the initial offer because they are too scared that they will sabotage the offer by demanding too much. However, it all comes down to the point “if you don’t ask something, you will never get it”. So, every time you talk to an employer, make sure to be prepared with well thought figures; precisely two figures, one being you “Ideal number and second – “willingly to settle number” and since that would be a little higher than your expectations, you will eventually get what you deserve.
Now let’s move on to the fifth and the final point
Now the 5th tip is to Have back up options:
Do not I repeat, do not rely on just one offer. when you have just one offer in hand you will be walking on egg shells while negotiating and the recruiter is surely going to pick those cues. However, when you have multiple offers in hand, you are sure to walk the negotiation table with utmost confidence. And then it is when you recruiter would realise it’s not easy to make you settle so, they might as well give you what you deserve or if not, now you have nothing to lose.
So that was about it in this video
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