Tips to negotiate your salary
Advice for salary negotiation is tricky and one needs to follow different approaches based on their experience levels.
Here are a few pointers that will help an individual negotiate well:
1) Do market research as we prohibit salary discussions internally within the organization. Talk to your peers working in different organizations to understand what they are earning. Keep in view the technology, domain, product-based, service-based, and other factors before establishing a baseline.
2) Visit salary review sites like Glassdoor to find the average [pay range for a particular roles
3) Talk to your mentors - ask them about the salary range - typically industry follows X lakhs per annum multiplier. Multiply that with your experience and see how much you should ideally earn. e.g. 1.5 to 2.5 Lakhs per annum for 10 years experienced guy... should negotiate anywhere between 15 lakhs to 25 lakhs and at times it might be beyond 2.5LPA multiplier depending on the technology and company
For me, few things I keep on mind is
1. Never to answer questions like "what is your expectation"? I always counter question this by asking, "what is the number the Organization has thought of as a remuneration for the position" and post that I see the scope of putting my ask forward
2. While negotiating, I always research about the skill set I will need at a later stage and the cost involved in it.
3. My demographic status
And finally the market...
1. Never to answer questions like "what is your expectation"? I always counter question this by asking, "what is the number the Organization has thought of as a remuneration for the position" and post that I see the scope of putting my ask forward
2. While negotiating, I always research about the skill set I will need at a later stage and the cost involved in it.
3. My demographic status
And finally the market...
Salary negotiation is one of the most important skills, an employee needs to master to fast-track his/her career growth.
But unfortunately, most employees don't negotiate their salary. ( As per research and studies by Glassdoor.com and other firms more than 70%-80% of job applicants don't negotiate their salary.
As per a study by Salary.com, 84% of employers expect job applicants to negotiate the salary during Interviews.
Salary negotiation is both mindset and skill. And both can be developed.
Negotiation is normally having two phases i.e. elementary and core.
Negotiation starts from the time you get a call for the first round of interviews. Your visual and vocal image plays a very important role is
elementary negotiation.
Your inner voice becomes your outer voice. Your confidence and the value you are going to deliver to the organization are the deciding factors.
How you say and with what conviction you say is more important than
what you say.
There are different stages of the interview from knowing who you are to whether we must hire you or we should not let you go to a competitor.
Do research about the organization, about the industry std. salary for the role and experience and what are you going to contribute.
But unfortunately, most employees don't negotiate their salary. ( As per research and studies by Glassdoor.com and other firms more than 70%-80% of job applicants don't negotiate their salary.
As per a study by Salary.com, 84% of employers expect job applicants to negotiate the salary during Interviews.
Salary negotiation is both mindset and skill. And both can be developed.
Negotiation is normally having two phases i.e. elementary and core.
Negotiation starts from the time you get a call for the first round of interviews. Your visual and vocal image plays a very important role is
elementary negotiation.
Your inner voice becomes your outer voice. Your confidence and the value you are going to deliver to the organization are the deciding factors.
How you say and with what conviction you say is more important than
what you say.
There are different stages of the interview from knowing who you are to whether we must hire you or we should not let you go to a competitor.
Do research about the organization, about the industry std. salary for the role and experience and what are you going to contribute.
....
Salary negotiation is an important part of any job search. It gives you the opportunity to make sure you're being paid fairly for your skills and experience, and it shows the company that you're invested in their success. But how do you go about negotiating your salary?
It's important to know that salary transparency is becoming more common in companies, which means that you may have access to information about what your peers are earning or how much room there is for growth within the company. You can use this information to help set a baseline for what kind of salary would be appropriate for your position—and then use it as a starting point when negotiating with companies.
Before heading into a negotiation, make sure you have all the facts about your job responsibilities and performance over time, so that when you talk with an employer about their expectations and benefits packages, they can see how much value they're getting from hiring someone like YOU!
It's important to know that salary transparency is becoming more common in companies, which means that you may have access to information about what your peers are earning or how much room there is for growth within the company. You can use this information to help set a baseline for what kind of salary would be appropriate for your position—and then use it as a starting point when negotiating with companies.
Before heading into a negotiation, make sure you have all the facts about your job responsibilities and performance over time, so that when you talk with an employer about their expectations and benefits packages, they can see how much value they're getting from hiring someone like YOU!
....
When you're negotiating your salary, there are a few things you need to remember.
First, know your value. What is the market rate for what you do? Do some research online and find out what other people in similar positions make.
Second, be prepared with backup arguments. You might need to come up with reasons why the company should pay you more than they're offering or why you deserve more money than average. You'll also want to have a list of reasons why you'd be a great addition to their team and how your experience will help them grow as an organization.
Third, leverage your situation. Is this position a promotion for you? Did your previous employer offer less than this company? If so, don't be afraid to bring it up when negotiating! If they know that another company offered more money, they might decide they need to sweeten their offer because they want someone who's motivated by money over loyalty (and they're not going to get loyalty without paying for it).
Fourth and lastly: practice! It's hard to negotiate your salary if you've never done it before (or if it's been a while since the last time). Your best bet is probably practicing in front of friends and family members until it feels natural enough that
First, know your value. What is the market rate for what you do? Do some research online and find out what other people in similar positions make.
Second, be prepared with backup arguments. You might need to come up with reasons why the company should pay you more than they're offering or why you deserve more money than average. You'll also want to have a list of reasons why you'd be a great addition to their team and how your experience will help them grow as an organization.
Third, leverage your situation. Is this position a promotion for you? Did your previous employer offer less than this company? If so, don't be afraid to bring it up when negotiating! If they know that another company offered more money, they might decide they need to sweeten their offer because they want someone who's motivated by money over loyalty (and they're not going to get loyalty without paying for it).
Fourth and lastly: practice! It's hard to negotiate your salary if you've never done it before (or if it's been a while since the last time). Your best bet is probably practicing in front of friends and family members until it feels natural enough that
,,,
Compensation is a fascinating topic to discuss isn't it? To evaluate, create, negotiate a fair & competitive compensation package is Tricky!
#compensationandbenefits Part -1
Here in this post, i will be discussing about TWO IMPORTANT things related to it which you should know as an employee, as a job candidate or as an employer
◼️How do companies determine compensation?
◼️How to negotiate a better compensation package?
◼️HOW DO COMPANIES DETERMINE COMPENSATION?
1. Market research/online databases help to evaluate & calculate the worth of the job role & compare it with similar roles in the industry
2. Availability of skillful manpower in marketplace
3. Work contribution & accomplishments
4. To attract/retain an employee/ potential candidate
5. Growth opportunities in corporate ladder
◼️HOW TO NEGOTIATE A BETTER COMPENSATION PACKAGE?
Following tips will help you to have an effective salary negotiation
1. Discuss it terms of salary range not figure
2. Don't sell yourself short! "Know your Worth"
3. Be confident! graciously deliver your pitch
4. Take time to examine & evaluate the offer
5. Your negotiating power may vary depending on your priorities, job expectations & employment status
In the end of the discussion,ask to clarify your doubts(if any)- Is the offer negotiable? How do you calculate this number? What metrics do you use to evaluate the performance? Can I get the salary offer in writing?
#compensationandbenefits Part -1
Here in this post, i will be discussing about TWO IMPORTANT things related to it which you should know as an employee, as a job candidate or as an employer
◼️How do companies determine compensation?
◼️How to negotiate a better compensation package?
◼️HOW DO COMPANIES DETERMINE COMPENSATION?
1. Market research/online databases help to evaluate & calculate the worth of the job role & compare it with similar roles in the industry
2. Availability of skillful manpower in marketplace
3. Work contribution & accomplishments
4. To attract/retain an employee/ potential candidate
5. Growth opportunities in corporate ladder
◼️HOW TO NEGOTIATE A BETTER COMPENSATION PACKAGE?
Following tips will help you to have an effective salary negotiation
1. Discuss it terms of salary range not figure
2. Don't sell yourself short! "Know your Worth"
3. Be confident! graciously deliver your pitch
4. Take time to examine & evaluate the offer
5. Your negotiating power may vary depending on your priorities, job expectations & employment status
In the end of the discussion,ask to clarify your doubts(if any)- Is the offer negotiable? How do you calculate this number? What metrics do you use to evaluate the performance? Can I get the salary offer in writing?
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