7 Salary Negotiation Mistakes To Avoid
Salary negotiation is probably one art not many are good at but wish to learn. The art of salary negotiation can make a difference of a few thousands in your salary. During salary negotiation, one needs to be careful about the traps and pitfalls as any misstep could make you lose a few thousands.
Here are 7 mistakes to avoid during the process of salary negotiation:
Research about the company:
The first rule about salary negotiation is to be well updated about the job role and responsibilities and what’s the average pay bracket for that position in the industry. It also helps if you are well researched about the company and if it is known to be a good pay master.
What are the non-salary benefits:
While it is important to have cash transactions in your account at the end of each week or every month, sometimes, many companies also offer great non-cash benefits that add to your cash savings, such as fuel and transportation reimbursements, free medical provisions, free trips once a year etc. Such non-salary benefits make up for quite some amount in cash and should be thought of during your salary negotiation.
Don’t come too strong:
While you may be right in your place in showing them your value and demanding a certain package, remember to keep in mind your employer’s needs and their budget. Salary negotiation is about compromising and settling on the mid-way. Don’t get too demanding and come across as someone whose only goal in life is to mint money.
Bring salary later:
The one thing you should wait to talk about during your hiring process is salary. Unless you don’t get the job offer, do not talk salary. When the job offer is made and your hiring manager brings up the numbers, it’s a good time to negotiate for you know they want you. So, it’s always better to make sure first that they really want you before bringing up the salary talks.
What’s your bottom line:
While companies will expect you to reveal your bare minimum salary expectation, many a times that number is considered to be a ceiling. Hence, before revealing your bottom line, find out about the salary range for that job profile, what was the last pay bracket for the same profile in the company and what other roles and responsibilities the company wants you to take up. And most importantly, don’t go talking about your other counter offers from rival companies and what salary are they willing to offer you. Reveal a number only if you feel you are a good fit for each other.
Never accept the first offer:
Remember, whenever you are offered any number, be it salary, bonus, health benefits or anything else, always negotiate. Never accept the first offer that comes your way for almost every company is prepared to go through negotiations.
Get the offer in writing:
Once a final offer is made which has been agreed upon by you and the hiring manager, make sure to get it in writing. For verbal promises are historically known to be broken.