Salary negotiation is beyond the gross pay on your real check stubs. Only a few employees master the skills to ask for a promotion. We’re about to discuss it here!
First things first, define your value!
By the time you’ve been in your firm, you must have developed new skills that are benefitting the company & taken up new responsibilities. You deserve compensation when your contribution keeps rising. No matter if you are humble, there is a big difference between being humble & undervaluing yourself. Learn your value & ask for it.
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Do you know? Good salary negotiation is a win-win for both sides & the pie gets larger.
7 Common mistakes Employees make during Salary Negotiation
Mistake #1: Choosing the wrong Time
One of the most secret weapons of negotiation that are hardly used by anyone is choosing the right time. Schedule such meetings late in the day. It will give you time to prepare yourself. To be more specific, check this out:
Mistake #2: Not thinking of long-term benefits
It’s important to consider all aspects: How long is the company going to stay? What is the potential of someone in your division to perform as well as you do?
You’ll be staying at your firm for a long-time & not for a week or two after pay hike. Think of the possibilities that will elevate your career for the long-term after this step.
Mistake #3: Getting too eager to say “Yes”
Instant replies are not recommended for agreeing on a certain amount during 1st salary negotiation session. You should say “let me think about it” instead. Check out the demand-supply module for the services you provide.
Ask yourself if there is a demand for your services & the quality of services you supply. This one thing will help you to negotiate better.
Mistake #4: Applying bad math
Don’t go blank-mind or with bad math to ask for remuneration. What monetary value do you bring to your firm? What is the expected % you’re asking for & what is the ideal % hike provided by the firm? Is your expectation higher?
Consider salary + perks at a reasonable rate that brings the ball to your court.
Mistake #5: Talking too much
Don’t talk or discuss too much. Read their mind & try to understand their motives. Too much talking will spoil the game. Also, be patient & test their limits. After all, if you show eagerness, they are likely to consider that you need this job more than they need you as an employee.
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Mistake #6: Rounding the figures
Before asking for a pay rise, make sure you know the trending industry standards. What is the salary of employees similar to your job role? Do you think you’re more eligible than others? Have you enhanced your performance? Can you justify it?
In a nutshell, don’t share the exact figure you desire as expected salary. Say a bit higher amount instead so that the negotiation settles to your amount.
In case if you change the job, don’t forget to create pay stubs online on time to show how much you’ve already making.