Salary is a big part of your job search while negotiating of it is critical that should be addressed before your first interview with target company. Knowing your base rate, and being able to pay your bills with it is something important for you to find before the initial interview. However, many of us are making mistakes and join the interview without any preparation.
Biggest mistakes in salary negotiation
One of the biggest mistakes – a true killer – is to show your cards too soon in the interview on what you will expect for the remuneration package. A lot of interviewers will endeavor to screen you out by discovering what your expectation is. To disclose the amount too soon in the interview can and will fix you to a figure you probably won't be happy with later. Changing your mind on the salary after an offer has been made to you only makes you looked greedy.
Top of mind
You should have a compensation range at the top of the priority list prior to going on your job interview. But, you should keep it in yourself only and not discuss it during your interview. All in all, you will be screened out of the selection before you can show the hiring manager what you can contribute to them.
First interview by HR rep on salary range
In the first interview, if you are requested to share your compensation expectation you should not reply directly. It’s highly probable the first interview is conducted by a HR rep who is responsible to filter some of candidates, one of the common conditions is compensation requirement that HR rep to screen out candidates.
Keep in mind that the rep is knowing very little in regards to your work; the HR rep is entrusted with introducing a various candidates to the actual hiring manager [e.g., chief financial officer, financial controller, managing director, etc.] and knows [or cares] very minimal about your experience or what you can contribute to the organization.
It’s not surprised to see the best candidates get filtered out in early stage as the HR rep does the wild guess in the beginning stage of interview process.
So, what do you do if somebody repeatedly ask your compensation figure? The most appropriate answer can be summarized: "my expected remuneration package depends on the nature and extent of the job." at the end of the day, the more complex of the work, the higher your expected salary will be.
Whenever squeezed further – say the HR rep asks directly on how much you are asking for - you can generally declare a figure nearer to your bottom rate. For instance, if you need 60K and sense that declaring that figure early will sink you, you can let them know: "my target begins in the upper 40s to mid 50s." That way, you won't be screened out for what the HR rep should think about an excessive remuneration requirement. Above all, it will give you to go to the more important second interview with the individual who has genuine recruiting authority.
Salary negotiation on second interview
Subsequently, your next interview is your chance to amaze your potential manager. Share to them all the things you can and will contribute to them. Keep away from negotiating compensation and let them realize they must have you. When you sell them on that point, you will discuss your compensation expectation of 60K, but possibly talk about compensation if the hiring manager bring it up [your third interview should be their real proposal to you, anyway be ready for an offer sooner than that in the event that you WOW them and they demand employing you on the spot. All things considered you should have the option to make sure about your upper figure].
An important point to you is HR could possibly tell the hiring manager about your acceptance of a much lower salary, you should stress the details of role and responsibilities to you in the interview are a lot more complex than what the HR rep had shown. Most hiring managers will be aware that HR just has a general, not a detailed understanding of the position requirements, and will acknowledge this thought. Reemphasize your experience, your commercial acumen, all the items that set you apart from the other candidates, which you are definitely not.
Many candidates fail at this negotiation exercise, which it is a cat and mouse game. Don’t imagine that you will be able to bargain for a higher salary later. If you settle for less you should live on less. Perhaps that works for you, but why not do it much better to avoid for any regret and being unhappy in future.
Tips in salary negotiation
Money is the most touchy issue in the entire employing process. Here are seven different ways to make the process of salary negotiation better when you examine the it with your possible manager.
Before the interview starts, contact the experts that speaks to your field of profession. When they give you your salary data, you would now be able to look at your month to month cash expenditure. Don’t forget around 30% (subject to country) of your gross monthly salary is deducted for taxes, you need to add it back to your paycheck.
2) Determine your skills
You should be aware that various sectors of the economy require different skills, which are subject to the business needs. Whenever you have built up what your skills are and what they are worth to the current job market, you would know your bargaining power in salary negotiations.
In expressing your salary range, try not to put together your ideal salary with respect to your current one. Keep saying the truth with regards to your past compensation. Many would accept to stretch a range to around $6,000 to show that you are within the company's value range.
3) Evaluate the company’s remuneration package
To decide your true value for a specific position, what you could consider including the financial, geographic, and industry components of the job offer. Next, you can weigh the details in remuneration package, promotions, number of days off and retirement benefits to evaluate the proposed offer.
4) Positive attitude: During the negotiation, never fight.
Salary negotiation is fundamentally a process which both parties could be benefited. It is also a process for both parties to understand the needs of the other.
5) Sell yourself
If you understand what you could contribute the company requires a higher pay, never express it directly. When you sell yourself tactfully, the interviewer would be aware that the proposed pay isn't fitting for your experience.
6) Final offer
Know when the negotiation is finished. Driving further when an agreement has been concluded could give a negative initial impression on you.
7) Contribution to the company
The interview and negotiation is just the initial phase in having a higher salary. Whenever you are recruited, show your skills to the organization and demonstrate your value by accomplishing quality work. To recognize your value contributed to the company, a promotion is probably happened on you.
The seven tips are based from a survey conducted by the Society for Human Resource Management, four out of five employees are willing to negotiate the remuneration package. These tips are definitely helpful to your terms of the new role.
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