Salary negotiation is a tough skill and in order to master this skill, you need to get a sneak peek into your employer's head, to know the final "reservation price" and use this skill to your advantage.
Salary negotiation makes all the difference. Imagine you get to know that you could have been hired on a six figure salary, but because you gave up early, you are still working same hours for a five figure salary; it sounds quite uninteresting right?? But this is reality, most of us give up early because we need jobs and we do not give time in negotiating salary and due to which we lose interest in our job and start looking for another one.
Whether you are an operations executive or a sales representative, the below listed six tips can narrow the difference between a five figure salary and a big fat six figure salary paycheck.
1) Prepare at home - Most of us do not have enough words to answer a very simple yet tricky question, i.e., what are your salary expectations? It's always better to prepare yourself at home and research well before you appear for an interview. There are numerous websites which offer salary calculation tools according to the work profile, experience Salary Calculator, skills set and geographic location. You may also reach out for your friends and family who are working for a similar profile and are willing to share the salary information with you. Analyzing this information according to your skills and ability will help you in narrowing the gap between what you though you deserve and reality.
2) Stay calm and have patience - Patience is the key to achieving good salary package because most of the fresh graduates accept the offer right away when it is put forward by the employer. Because you have already researched on the true value you deserve, you should have patience and give time to potential employer to discover your talents and provide you with a suitable salary
3) Be professional - Your salary is based only on the allocated budget and you capability to perform; hence it is important to keep the negotiations professional. Among many mistakes one common mistake which fresh candidates make is to bring their personal life problems into the conversation like - family needs attention, dog needs operation, and complete an expensive education. It is understandable that you need money for your personal life, but bringing up that point while negotiating salary will only degrade your competitiveness because your potential employer might feel that you will not have enough time to complete the job in time.
4) Sell yourself - Like you shop around for perfect car, the employers shop around for perfect employees who not only meet their budget but also the required skill set; and like you are always ready to pay a little extra for a car which has better features than your expectations, employers are ready to hire people who display the caliber of exceeding their expectations. Hence sell yourself, don't lose a chance to capitalize on your qualities and showcase the ability to overcome all the weaknesses you posses with an attitude and aptitude to learn continuously
5) Don't be afraid to walk away - Last but most important salary negotiation tactic is to overcome the fear of walking away from an offer. It is understandable that you do not have any other offer in your hand and you'd do anything to get through, but this is the best negotiation technique, which gives an impression that you are not a needy because you have capability to move on and get another offer somewhere else. But while you do so you must be very polite and professional in your approach; say that you may be asking for more money than the company expectations but you possess the skills and ability to learn which will enable the organization in cutting down other costs and delivery times. However, be prepared because they can always let you walk away and never call you back again.