Who does not like the prospect of a new job? The excitement of new opportunities and career options sure gets to people. But with new jobs comes a host of other considerable factors. It is not just the new place and people. Sometimes it is about negotiating as well. Negotiation is something that is often overlooked by employees. As a result, most employees fail to secure a deserving remuneration scheme. Negotiating skill is important to make a mark at a new place. However, what is more important is knowing when and how to negotiate a bargain. Here are some effective tips to negotiate salary while accepting a new job offer.
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When to Negotiate
Before getting into how to negotiate the salary, it is important to understand the time for negotiation as well. Typically, the best time to negotiate a salary is after getting hired. An employee has the most leverage at that time. Having proven themselves as competent for the job.
Job recruitment happens in several phases. In each of these assessment phases, the organization looks to eliminate candidates. As a result, an appointment letter works as leverage to negotiate the initial offer. It is ideal to take some time to review the offer. But it should not be more than 48 hours. After that, request for a negotiation session to find a middle ground between expectation and offer.
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Best Ways to Negotiate Salary in Your New Job
Outline the Strengths
A person would negotiate an initial offer only if they believe they deserve more. And this thought should be backed by reasons. Start by outlining them.
It can be anything like industry experience, leadership qualities, degrees, and professional certification. Basically, anything and everything that would certify a person to be an excellent fit. Beyond what the organization was expecting for the specific role.
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Understand the Market Average
A person applying for an entry-level job shouldn’t be planning to negotiate for a million-dollar package. That is just absurd and pointless. Rather the negotiation should be initiated with an in-depth understanding of the market.
Before negotiating, some of the aspects to consider are:
- National salary average for the position.
- Locality-based compensation.
- Average among the competing organizations.
These three aspects will help a prospective candidate to understand the market better and negotiate accordingly.
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Prepare the Arguments
The art of negotiation is like a debate. Just like debaters make their case to the opposition, here also it is important to make a strong case in favor of the negotiation. And it all starts with the points of argument.
- To outline the best points, here are some important ones to consider:
- Previous experience in a similar role, or distinguished achievement on the same.
- Set of skill and experience that precedes the JD requirements
- Endorsed skills and certification in line with the position
- An outline of the average salary within the same positional bracket.