Interview preparation plays a vital role when it comes to getting placed for your dream job. However, even in our favorite job, if we don’t get the salary we deserve, it causes a lack of motivation in our working.
The main reason for this is that while preparing for the interview, the candidate doesn’t prepare for the most important question for their future — The salary they expect.
Negotiating salary in an interview should be a must, but in reality, it is rarely brought up.
According to a survey by Salary.com 62% of people never negotiate their salary, or do so rarely. About half the people surveyed, stated the cause for this being anxiousness or fear. 43% of the candidates were scared of being rejected, 15% said that they lacked the proper negotiation skills, 15% expressed fear of being removed from the process and 13% feared retribution.
All these reasons might seem familiar to you, however, you should also know that the people who negotiate receive an average of 25% more than the expected salary. Also, around 85% of people get a pay hike after negotiation. So, the risk is definitely one to be taken.
The important tip for getting your well-deserved salary is knowing how and when to negotiate. Hence, we have a few tips for you to follow, to help you be satisfied with your job.
1. Be assertive and tactful, yet calm and confident
The main point to remember while answering any question is that you show a calm demeanor. This will help the interviewer realize that you have confidence in yourself and your skills. Hence, it will act as a plus point for your interview as well as negotiation.
2. Know the Market value for your talent
This is a very important step that most candidates don’t devote much time to. Before entering an interview, you should be aware of the average salary of that job in the area. It should also be ensured that you refer to not one, but multiple sources, so that you are confident of your facts.
3. When asked, offer a specific number, not a range
Often when the hirers ask the candidates for an expected salary, they are afraid of demanding more and hence, give a range which leads to the hirer offering a lower salary than the candidate accepts.
It is recommended that the candidate have two fixed figures in mind, the ‘ideal salary’ and the ‘settle for salary’. The ‘settle for salary’ matches with the average salary of the area for that work. While the ‘ideal salary’ is just 5–6 thousand more than the settle for salary. It is the salary that would completely satisfy the candidate.
When asked, he or she should always give this ‘ideal salary’.
Pro Tip: Don’t use round numbers when giving a specific figure in your negotiation as research at Columbia shows that candidates using precise numbers land higher salaries than those who used round numbers.
4. Mention leverage
In case a candidate has multiple offers at hand while going for the interview, it is recommended that he or she mention them to the hirer in a manner that does not sound boastful. This can help the hirer realize your talent and demand and may even lead to them offering you a higher salary.
5. Don’t mention Personal financial needs
It is strictly recommended that a candidate does not mention their personal financial needs like loans, expenses, etc. as they can make you seem needy or desperate for the job and hence, reduce the chances of your selection or increase in your pay.
6. Be prepared with why you deserve it
Often the hirers are interested in knowing why the candidates think that they deserve the pay they are asking. Hence, you should be prepared with a list of your educational qualifications and achievements to prove your value. It can help if you imagine selling your skills to the hirer.
In the case of a fresher, you can even ask them their requirements and explain what you plan to do in the future to help achieve them.
But what if the employer does not agree with your expected salary?
You can tackle this situation by keeping the following in mind :
When preparing for negotiating, get in the mindset of thinking about the situation from your opponent’s perspective, recommends career expert Steph Stern…
Research by Columbia psychologist Adam Galinsky shows that when we consider the other person’s thoughts and interests, we are more likely to find solutions that work well for both of us.
A suggestion can be to use questions for negotiating, instead of statements. This can be useful as questions make you appear more open to the other person’s opinion. It is also popularly said that ‘Who asks the questions, leads the conversation
Never say sorry for trying to negotiate, it can make the hirer feel like you are ready to back down and hence reduce your chances of getting a higher salary.
However, a candidate should also be ready to accept that there are a few companies that do not offer the leverage of negotiation. They may have a fixed salary mentioned in the advertisement itself. Trying to negotiate in such cases can make you come off as money-minded and hence, reduce the chances of your selection.
