Analysing how to get the salary you deserve can be hard, it doesn't matter whether you are facing a job interview for the first or the fifteenth time. From underestimating your worth to encountering a tough moderator on the other side of the table, the problems are many when it comes to getting the right money, and more importantly, the money that you think you deserve for your skills.
According to a 2019 study by Glassdoor, 17 percent of employees negotiated and got more salary in their current or most recent job, an increase from 10 percent in 2016.
Many of our mentees have shared the same concern with us overtime. So we have decided to jot down the five most important tips to keep in mind when it comes to analyzing and asking for the right money for your skillset.
Ensure that you research in detail about the company - what’s the current industry status, company vision, their accomplishments, its short and long term goals, and most importantly what you can bring to the table.
Prepare a detailed list of all your valuable aspects that support your candidature to be the best fit for the concerned job role.
Remember, they would likely be meeting you for the first or the second time, with little to zero context about who you are. So, treat it as an opportunity to create the impression that could last for a long time.
Humility is a great character trait and one should definitely look at using it to their advantage. You need to be humble enough but not downplay your achievements or not market your skills enough.
Communicate your aspirations and needs if you get the job and be honest about your expectations.
2. Ask Questions
An important part of an interview and subsequently acing salary analysis is making sure that it isn’t just the employer asking all the questions.
Bring your confident self to the table, and feel free to ask all the questions that you have in mind. One common mistake that many do is keeping quiet for the fear of being judged or in the worst case, rejected for being too open with their curiosity.
Believe it or not, putting yourself out in the open actually creates a better impression. But make sure not to overdo it, be confident enough to let them know that you aren’t someone who doesn’t have the aptitude and the attitude to ask the right questions.
It’s a trait that great organizations seek because, without questions and subsequent discussions/arguments, the growth becomes stagnant. For a great company, it is important that its employees have ample space to think out loud.
3. Exercise Patience
Patience is necessary for most parts of life and this is no different.
To get the salary that you deserve and want, you must keep your emotions in check and show that you are going to analyse. The first step? In most cases, do not take the first offer that you get.
While this doesn’t mean playing hardball with the company. This is often because most companies are likely to offer less than what they can eventually pay.
Just put your number out there when asking for a higher salary, and once they align (if they don’t, try to find a fine balance), make sure that you don’t come off as too desperate. It could play against you in such cases.
4. Aim High
It may sometimes seem like a stretch but this is something you must aspire.
The final salary will obviously depend on a lot of factors but do get an idea of the kind of money the particular company is willing to shell out for a particular role. Talk to peers, and even other recruiters in the space to get a range of sorts or try online resources.
You must understand your limitations but also aim for a higher salary so as to ensure that after the final analysis, you do not fall into the low rungs, which becomes a possibility if you start low.
Most businesses would like to save on some of their precious money, so think of it from their perspective and go about it accordingly.
5. Listen Carefully
While they talk, and as you ask questions and interact, carefully listen to everything that they are saying.
A good listener also makes a good impression most of the time and could in fact give them more reason to actually hire you for the job.
You should also remember to consider the non-salary benefits that the organization may be offering.
Getting a good in-hand salary at the end of the month is a must, but you should also look beyond the money and focus on several other factors such as flexibility of work, avenues for personal growth, health, and lifestyle benefits, among others.
It is always a good idea to weigh an offer from an overall perspective rather than just looking at a higher salary. This is especially important when planning to stay and build a long career in the workplace.
It’s important to understand that salary analysis is a two-way street. It is about the alignment of the needs and wants of both parties - you and the employer - and you must tread accordingly.
So, when you get that offer email next time, be confident, and keep a note of these few points to get the best out of your offer.