It may be the last leg of this journey, but negotiating the salary is perhaps the most crucial. Here are some tips on how to strike a great bargain with the new employer.
Don’t discuss pay too early
Don’t make the mistake of quoting your salary expectations before you are asked to. Experts say one should be ready to talk about compensation, but not initiate the discussion. If you jump the gun and state your expectations too early, the employer will be forced to take a decision which could also go against you. Wait patiently till the company has decided that you are the best man for the job. Then you can ask for a good remuneration and, believe us, the company will try its utmost to meet your expectations.
Don’t commit too quickly
Bargaining is part of the game. You should not fault an employer for giving an offer that doesn’t sound great. A lot of people fail here because they think the company will take back the offer and hire somebody else. It doesn’t work that way though. Most companies expect candidates to negotiate. So, don’t be afraid to push the envelope and say no. Even if it doesn’t sweeten the deal, no company will take back the offer because the candidate rejected it.
Mention your options
If you have been shortlisted by another employer or already have an offer, tell the interviewer about it. This is also useful when you are negotiating an increment at your current company. The fact that you have a choice, will force the employer to improve the offer. Don’t make up stories of offers in your pocket, though. It’s not difficult to crosscheck and shows you in a poor light.
Designation and grade matter
Even if the salary looks good, don’t agree to the offer if it is a step down for you in terms of designation and salary grade. Though designations and grades vary across companies and sectors, don’t accept something that is lower compared to your current assignment. A higher grade is better because you can expect a raise without needing a promotion.
Analyse offer in detail
Even if you are a chartered accountant, you can’t instantly analyse the pay package offered to you. One needs to look at the taxability of the various components of the compensation package. Calculate the take-home pay and the percentage hike to know if it is good, bad or ugly. Don’t sign on the dotted line till you know your final take-home pay.
Source : The Economic Times
Date – 7/4/2014