Salary negotiation is a tricky game. That’s because your opponent is a smart, shrewd HR manager who will cajole, coax and sweet talk you into accepting that offer letter. Don’t let that happen. Turn the table with these salary negotiation tips and walk away with the hefty package you deserve.
1. Know your worth
Rhonda Byrne’s law of attraction applies here. If you desire a higher salary, ask and you will get it. All you have to do is smartly negotiate and prove your worth. Self-doubt and low confidence will never get you what you want. Therefore, first know what you want and then demand.
2. Don’t be desperate
Sometimes, most of us get so desperate for a job, that we say yes to any offer immediately. Don’t make that mistake because it will only get you less than you deserve. Take your time, quote your number and wait. Don’t be desperate.
3. If you want a 30% hike, ask for 40%
That’s because people in HR are a pack of shrewd people who will bring it down to a 27-28%! Therefore, always, always quote higher. And if they aren’t ready to pay you what you want, then just do point no. 4.
4. Always show a counteroffer from another company
The trick here is to tell the employer that they are not the only option you have. Telling the HR that their competition is eyeing you as well, will increase your value and lead to you eventually cracking the deal. Alternatively if you’re still working, tell them that your current company is ready to give you a raise, better than what these guys are offering. That should definitely crack the deal.
5. Take your incentives and bonuses into consideration and then demand higher
Calculate the incentives and bonuses you got in your previous company, and demand more accordingly. That will be a huge component to increase your CTC.
6. Don’t get aggressive while negotiating. Be logical.
Losing your cool here is not going to help. Nor will that ‘I don’t need you’ attitude. You've got to be calm and levelheaded while speaking to the HR of the desired company. Be logical and prove to them why you’re demanding what you're demanding. Because honestly, they're judging you on how logically you’re negotiating with them. Once they understand your side, there won’t be more cajoling.
7. Find out how much others in the company are getting paid
This can be done if you have a strong network. Hang out with friends who have friends in the desired company. Ask them about the estimated salary packages. That’s how you will gauge the market value of the employer.
8. Mention all desired components for reimbursements
If you don’t want to have a heart attack while checking your payslips, be clear about your salary components and reimbursements. From medical to communication bills, ask the HR for the correct salary breakdown.
9. Don’t get carried away
Which would you pick – a low-paying job from a dream company or a well-deserved pay package from a company that is decent, but not your dream company? Well, if you’re picking the first deal, then you’re definitely underestimating money. Remember, growth is measured by money today, and getting carried away is foolish.
10. Don’t be afraid to walk away
Sometimes, acting like you don’t need X job also works wonders. Don’t be afraid to turn down the offer and walk away, because this shows that you’re capable of going somewhere else and getting what you want. There are other places that will understand your worth and will ‘make an offer you can’t refuse.’
11. Never negotiate after getting the offer letter
Well, that’s just a stupid move because all the talks needed to be done before the offer letter was typed out. If you argue after you get the offer letter, HR is never going to listen. Moreover, this could also lower your chances of getting a higher appraisal in the coming year, as you'd have left a bad impression on your company.
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