You have cracked all the stages of the interview with flying colors. Now the company has called you for the final round – the salary negotiation round. How do you ensure that you get a good pay package without bowing out of the race for the job?
Here are some cool tips that will help you out:
Research, Research and Research
Find out the current industry average salary for the position you are going to be hired. Next, find out the size of the company and try to analyze how much they would be willing to pay. The more information you are able to gather – the more accurately you will be able to set your CTC realistically.
Highlight Your Value
It’s very important to make a professional assessment of your worth. The skill set, experience and the edge that you will be bringing to the company, when they hire you. Do a detailed study of the company and assess what you can offer them. You must be able to present positively how you can contribute meaningfully to your new employer. Always remember, companies are ready to pay handsomely if you can make a tangible impact. Focus on this aspect.
Leverage the Classical Position of Power
It is always a good idea to apply for different companies and secure multiple offers, especially if the job market is bullish. This will automatically put you in a position to negotiate better. Needless to say, when your employer sees that you are already in good demand, they will be more willing to pay the price set by you. Just bring this point subtly so that you don’t come across as someone who is bragging.
Always be Sincere
Don’t try hard to come across or project yourself as a smart candidate. Rather, let yourself come as a sincere candidate who means business. Highlight your achievements in the last job, and quantify your contribution – whether it is increased productivity or cost saving using numbers. Let your employer know that you have done your homework well and you know your worth.
Be Flexible
It happened seldom in job market that you quote a CTC and the company honors it. So always be ready for compromises. Unless you are absolutely sure that you won’t budge from your set CTC – always be ready to take a 5% cut. In case, if the company is quoting something much lower, try to explain rationally why you deserve the CTC you have quoted.