Article: How to negotiate to get a better pay and other benefits/perks?

#Life@Work

How to negotiate to get a better pay and other benefits/perks?

Find out the current market trends and industry salaries for a similar role - is one way you can start with.
How to negotiate to get a better pay and other benefits/perks?

Finding a job is only half the journey covered.  The other half of the journey is in negotiating a good salary, both at the time of joining and during appraisals.  Your next salary hike is linked to the last salary drawn.  So every increase is significant and definitely counts.  

Here are tips on what to do during this negotiation journey.

Research

The best approach used at the negotiating table is to research, research and research.  There is no shortcut to this.  Do your homework well before this all-important meeting.  Find out the current market trends and industry salaries for a similar role.  For your skills and experience, what is the company offering as a salary band?  What is the value that you will be creating for the employer, what are the skills that you will bring to the table and how critical is it for them to hire you now?  These are very important questions for which you need to have the answers ready, before you set out on the negotiation meeting.  Use the information gathered to set a benchmark.

On behalf of another

People do very badly when they are negotiating for themselves, but do very well when they speak on behalf of other people.  Think of how your family will benefit with the increase in salary and negotiate on their behalf.  Be polite, professional and enthusiastic, as it keeps the doors open for them to come back to you with a revised offer.  It also gives an impression that you are interested in the job and in finding a solution.

Plan B

Keep a back-up plan or a Plan B ready.  It would be great to have an offer from another employer, so that you can speak fearlessly.  

Postpone salary discussions

During an interview process, it would be best to postpone salary discussions to a later stage.  But if an interviewer presses you to name a number, you could possibly say that you would like to discuss this at a later stage, you are looking for a fair offer or the company is in a better position to evaluate the value that you bring.  Once the company makes an offer, you can close the discussions if you are happy with the offer or work towards a higher range.

A package deal

Besides a take-home salary, find out what are the other benefits that the employer is willing to offer.  For example, a car, a furniture allowance or a variable bonus works better towards tax benefits than a higher salary.  

Persistence

Never give up during a negotiation.  If you are told that this is the maximum that they can offer and you are not happy with the package, then ask for a bonus or an increment after six months, instead of a year.  Push back against a “No” and explain the reasons for a hike each time.  If the discussion ends without a conclusion, then reconnect after a day or two, to take it forward.  You could possibly earn a health insurance or a flexible working hours deal.

Always start the salary negotiations with a higher number than what you want, so that you have some leeway later.

Topics: Life @ Work

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