Preparing for your interview requires you to have a checklist. You must prepare your clothes, resume, and portfolio for the big day. More importantly, you must be ready for the final hurdle in the interview. Give the perfect answer to the crucial question, “What’s your salary expectation?” Hence, here are the 5Ws and 1H of salary negotiation tips to help you win.
Salary Negotiation Tips: Your 5Ws and 1H Guide
This is your one-stop guide on salary negotiation. Ponder on these questions when you negotiate for your salary:
1. Who Must Lead in the Negotiation?
You need to direct the negotiation. Recruiters have a budget for the position. To get the most out of your job benefits and salary, discuss your options. Don’t be shy in giving your opinions. Remember, if the hiring manager considers you the best person for the job, he or she will listen to what you’ll say.
2. What If the Company Can’t Meet Your Expected Salary?
Your salary is the fixed regular payment for your services. Your benefits are rewards the company gives as part of your package. Northwestern Mutual says that 70% of a worker’s total compensation comes from the salary and the remaining 30% from benefits. So, what must you do if the company can’t meet the price you said?
In the event that the company can’t give the salary you ask for, don’t say goodbye right away. Instead, find out which benefits can replace the deficit. For example, instead of getting only two weeks of vacation, bargain for three. Seek other benefits you can still ask for such as flexible work hours, paid leaves, and health insurance. Check if the company supports professional development perks such as training and being involved in special projects.
3. When Must You Begin the Job Benefits and Salary Talk?
The best time to discuss the salary isn’t during the actual job interview. Wait until the employer springs the offer letter. Not only did this prove your position, but this serves as your anchor in priming the salary negotiation.
4. Where Must Your Salary Negotiation Priorities Lie?
Look at the big picture. One of the salary negotiation tips is stressing your interests and deciding what parts of the offer are negotiable. Will the job offer you long-term success? For example, the company may not afford the salary you want, but it offers profit sharing and stock options.
5. Why Must You Avoid Salary Negotiation Mistakes?
Remember, the interviewer still tests you. It’s his or her choice to hire you you. Keep in mind a few job interview no-no’s:
• Endless requests- Never annoy the interviewer by discussing trivial salary details. Present your cards in a short and concise manner. With this, the interviewer can create an idea of what you’re expecting.
• Haggling too much- Interviewers know the price you want has still some room for haggling. But don’t insist on what the company can’t afford.
• Last-minute changes- Don’t change the details before the final signing of your contract. Not only is it unprofessional, but the company might not hire you anymore.
• Holdout- Don’t miss the chance because you didn’t budge with the minor detail between your preferred salary and what the company can offer.
6. How Does the Actual Salary Negotiation Happen?
Did you know you have two ways to discuss salary? Lifehacker featured them in an article on negotiating salary. First, the Noel Smith-Wenkle salary method developed in the 1980s. The other, the Jack Chapman method, is a recent published work. The Smith-Wenkle method says you must not name your price. Dodge the salary question until the hiring manager offers you the job. If the offer falls in your expected income, join the company. Otherwise, tell the hiring manager the offer is ‘too low’ but never tell how much you want.
However, Jack Chapman suggests another way to discuss your salary. Upon hearing the offer, repeat the number and stop talking. This technique may pressure the recruiter to increase the offer. Chances are he or she will come back to you with a higher offer. Counter the offer with a researched response and your knowledge on the position’s market value. Finish the agreement, depending on your walk-away point.
Both methods, though, agree you must not say your expected salary. Instead, convince the employer to name the offer.
Get your dream job by following these salary negotiation tips and submitting a well-written resume.
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