How to negotiate with salary/wages - negotiations tips and video lectures
In this article I will share with you some of the tips about how to negotiate your salary during a job interview. Recently I came across a blog by Ramit Sethi, a Stanford graduate and author of the New York Times best-selling book, 'I will teach you to be rich'. In his blog he has given few tips about how to negotiate the salary. I never knew before that I could negotiate my salary. I was interested to know more about this and hence I started reading and listening to various lectures on this topic. In this article I summerize what I learned. I hope you will find it useful.
I like hearing lectures than reading books and articles. Hence in the first section there are a set of best lectures and presentations about how to negotiate your salary during a job interview. In the end, I have written down the key points some of them are not covered in the lectures.
Mistakes during negotiations
Books by Ramit - Buy from Amazon
Out of Box Salery Negotiations
1. Ask for some time to decide: Once they gave you an offer, ask for a day or two to decide. Thus you get some time for your negotiation strategy.
2. Research on the standard packages for the same position: If you go to Google and search for the standard package for the same position. That may not be an accurate one but you get some idea about your market rate.
3. Understand and write down your productivity history: What is the percentage increase in your production? Have you take on extra duties? What have these duties resulted in that benefits the company?
4. Enter the negotiation table with confidence and try to understand company's compensation policies:
You can’t play the game unless you know the rules. How is job performance evaluated? What’s the maximum raise given? (So you don’t look like a fool and ask for too much.) When are raises given? This information will help you make the best bargain.
5. Emphasis the benefits of your skills: describe your accomplishments. Quantify your successes in terms of cost savings, increased productivity and overall contribution to the company. This will help the interviewers recognize the benefits of having you join their team. It's OK to mention that you have interviews at other companies, but don't try to force a favorable decision.
6. Don't specify salary requirements: If possible, let the prospective employer set the baseline salary. It is to your advantage to start negotiations from a figure the company offers. Also,leave the salary expectation question blank on application forms, and don't mention a specific salary level in your cover letters.
7. Show interest: Throughout your negotiations, reinforce your interest in the position, company, and industry.
8. Do not lie: Do not inflate about your latest salary and other benefits. Employers can easily verify the information that you provide.
9. If your employer gave you an offer far low than what you expected, negotiate for compensations: These include job description and scope of work, starting date, budget and resources, relocation expenses, company match for a 401(k), vacation time, education assistance expenses, professional and gym memberships, company car reimbursement, stock options, bonus, and medical, dental, and other insurance plans. Money is important, but consider the complete compensation package.
10. Silence is golden: Keep negotiations going by staying somewhat flexible in your demands. If one of your demands is met by silence, don’t be panic; let your prospective employer make the next move.
Do you have some tips to share from your own experience? Please leave your comments in the box below.