The salary negotiation will be one of the most important tasks you have in your professional life says Peter DeCaprio. The basic idea behind the concept is to arrive at a mutually agreeable compensation package that can be beneficial for both parties involved.
To achieve this, it requires considerable preparation and finesse on your part.
Here are some tips on how to do it right!
Preparation:
A good negotiator must always put himself or herself in their opponent’s shoes. You need to walk through all sides of this business transaction before entering the talk room. What are your goals? How has your work been rated thus far? Do you think they will agree with your evaluation? What kind of benefits does the company offer its employees? What can you ask for that they may be willing to agree on?
Relaxation:
Settling for a position that is lesser than what you deserve can really haunt you down the road. You will always feel like something has been held back from you and it may eventually affect your performance at work. Never sell yourself short! Remember: it’s your career, so take good care of it.
Keep Calm and Have Confidence:
You need to stay calm and collected during negotiations. Put aside all nervousness or anxiety because the other party will read them as signs of weakness and will use that to their advantage explains Peter DeCaprio. Keep in mind that this is just another business transaction – one which you need to win, not lose! The worst thing that can happen here is a stalemate. What are your fallback options? Do you have any other ways of getting what you want?
Don’t be Greedy:
It is okay to ask for more but don’t go overboard. The main issue that most negotiators fear is the possibility of not receiving anything at all if they fail to achieve this deal. There are some offers that are just too good to pass on.
Consider Your Opponent’s Needs:
Perhaps one reason why salary negotiation strategies tend to fail is that people forget that they need their opponent’s cooperation in order for both parties to benefit from the talk. You should try and understand things from their perspective and how it can impact them as well. Their needs may even be greater than yours. Talking about them can also serve as a counterbalance.
Be Open for Compromise:
You will not get everything you want in negotiation all the time, so it is important to be open to compromise. If both parties are adamant about their stances, there’s a higher chance that they will end up repeating themselves throughout this talk instead of finding common ground. After going back and forth several times, it might be best to call a truce and go separate ways. It saves time and effort if nothing constructive has been achieved by then.
It’s Not All About Money:
Try your best not to make money as the exclusive focus of your discussion because it may cloud your judgment from other factors that should come into play as well such as benefits or perks. Peter DeCaprio says you may get stuck with something that is lower than what you deserve.
Always Dress Smartly:
Negotiating a salary can sometimes go hand in hand with the job interview process. This is to show your opponent that you are serious and willing to work for them. Always be well-groomed! Being too casual might send a negative message as well, so always meet in relaxed but formal attire.
Do Your Research:
Before going into a negotiation, try and gather information about the industry standards for this kind of talk explains Peter DeCaprio. There are various resources online where you can find accurate data about average salaries in your region or type of business. Use it as a benchmark when discussing your demands with your superior(s).
Here are some FAQs recently asked about this article.
Q: How should I know if I’m being underpaid?
A: The first thing you need to do is consult the company’s HR department or any other official records that may contain salary information for employees in your position. Be wary of verbal promises because they tend not to be legally binding. Once you are armed with the essential data, analyze it closely so you can decide where you stand in terms of performance.
If you feel that the amount is too low for what you have contributed, it’s time to talk about increasing your compensation.
Q: What if the HR says that the salary information I’ve been given has been a mistake?
A: It could be a simple case of misunderstanding so try not to jump to any conclusions. If they still refuse to give you accurate records after several attempts, then perhaps there is some truth behind their claims and you should consider other options such as changing companies or deciding on another career path altogether.
Q: What if my current employer pays me way below standard rate but does not want to increase my pay without valid reasons?
A: Some bosses may fail in their duty to remind employees about market value and the importance of negotiating for better pay. You need to consider finding another job if you are not satisfied with what you currently receive.
Q: Why is the salary negotiation process so complicated?
A: It’s a lot of work that requires patience and calmness lest you end up making hasty decisions. That can affect your long-term goals. Be honest about your needs but don’t be too demanding because it might hinder any chance of achieving successful results.
Conclusion:
We are aware that it can be intimidating to bring up the subject of money. But you must understand that equal pay is a right enjoyed by everyone. Peter DeCaprio says it is important to make sure everybody has fair reason to receive an adequate amount of compensation for their work performance. Be assertive when you have the chance and have all your bases covered in order to produce results.