Want to increase your salary? 7 tips to master the art of salary negotiation
Negotiating salary is critical for professionals at all levels and across sectors in this competitive world. A well-structured pay package impacts a person’s quality of life as it helps them achieve personal lifestyle goals and provides a safety net for unforeseen challenges.
If you are looking for jobs and want to learn the art of negotiating your salary with your future employer, you can check the tips shared by Harvard Business School. With these tips, you can be a more effective negotiator that will help you secure a compensation package that aligns with your standard of living.
1. Know your value: Explore the standard pay for someone with your education, skills, and experience level in your sector. Talk to people about your work profile, get an idea, do your research, consider your contributions and think about your future work. Extensive preparation will help you to negotiate better with the recruiter.
2. Set a Baseline, But Be Ambitious: You must establish a baseline compensation package you will accept. It is important to be ambitious while negotiating with the employer. Head into the negotiation aiming for that outcome while keeping your baseline parameters in mind to limit how far you’re willing to compromise.
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3. Practice Your Talking Points: Practice talking about the points to your recruiter. Before negotiating, rehearse the points with your friend, colleague, or anyone you trust. Rehearsing your talking points can also help you become more comfortable in your delivery, enabling you to enter the negotiation with confidence and poise.
4. Take Time to Respond: Take your time when deciding whether to take up this offer. Ask the hiring manager for some time to respond. If you get the time, use that time to evaluate whether the salary meets your expectations fully. If it doesn’t, draw from your research to construct a counteroffer that better suits your needs.
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5. Don’t Bargain Against Yourself: Never bargain against yourself. Make it a point for the recruiter to offer you the salary. The recruiter often asks for salary expectations, and professionals rush into proposing a figure from the low end of their range to avoid ruffling any feathers—although it could compromise their chance of getting a better deal.
6. Prepare to Answer Tough Questions: Be ready with some tough questions the recruit can ask you while negotiating the salary. You need to have answers prepared for those questions to maintain your confidence, be a better negotiator and deliver a compelling argument for increasing your salary.
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7. Consider the Full Package: Consider the full package, which includes money, a flexible schedule, a signing bonus, increased stock options, professional development opportunities, etc. If you are okay with other factors, you can compromise your salary to the baseline.
