Before you could even kick-start your salary negotiations with the prospective employer, you need to find out your value – both in terms of skill set and experience.
The question you need to ask yourself is: Are my skill set and expertise appropriate if I am negotiating for a higher salary? Have I added some additional skill set through which I will be able to contribute more and add value to the Company and hence I should be paid more? It’s important to dig deep and research before you even discuss salary.
Here are some of the things you should keep in mind when you are negotiating for a higher salary:
- Wait for the Right Time
It is all about being patient and waiting for the right time. Once you are being interviewed for the new position, make sure not to bring up compensation until the employer asks for it.
- Prepare or do your homework well
If you are currently working and want a substantial raise, start by being prepared. It is important to gather salary-related information, market dynamics, recent hikes and other relevant information which could make a difference. Some employers do have budget-related constraints and cannot go out of the way in terms of money.
- Be Clear in your Thoughts
You should be sure of the salary range you are demanding and the justification of why such an increase and both of these things have to be clearly communicated to the interviewer.
- Schedule a Meeting with HR Head or Supervisor
If the need arises, present your case for a higher salary by scheduling a meeting with HR head or immediate supervisor. It should be supported by valid documentation. It is important to make sure that you put across your point logically.
We have listed some of the most important factors that can help you negotiate for a higher salary or higher rise than your current compensation. You can do your bit and present your case in a logical way.
Despite all your best efforts, there may simply be budget constraints associated to increase your salary. The company may work on a fixed salary structure based on the position or role offered and may not want to pay one person more than others holding the same position.
Recommended Reading: 10 Things You Should Never Do During an Interview