Salary negotiation is a crucial part of job-hunting, whether you’re a seasoned pro or straight out of college. Some people dread the act of negotiation, but you can’t do without it whether you like it or not. To get the proper remuneration for your skill and work, you must know the best tactics for salary negotiation. In addition, you must be able to negotiate common landmines people fall into.
In this article, we’ll be discussing some mistakes that people make during salary negotiations and how to avoid them.
- Not paying enough attention to your resume.
Many job seekers fail to realize that their resume is a precursor to their salary negotiation. As a job seeker, you must be prepared to negotiate, and this starts with how you write your resume. Negotiations don’t begin when you’re seated in the office or during the interview; it starts from your resume look.
The way the employer perceives you after going through your resume influences how much they offer and their willingness to interview. Your resume must qualify you for the pay you’re looking to receive.
- Failing to negotiate
This is perhaps the biggest mistake that people make. Your inability or unwillingness to negotiate always plays into the hands of the employer. As a result, you shouldn’t be surprised to find that other people in similar roles as yours in the organization are earning way more than you.
Negotiation is a must during job-seeking. Settling or not negotiating because you’re uncomfortable with it means you’ll earn less than you’re worth.
- Not being straightforward
The fear of losing out on the job makes some prospects play games or refuse to come out straight with the recruiter. However, in reality, the recruiter is more willing to offer them more money than they think. When employees are happy with their salaries, they’re more productive, the company grows faster, and the turnover rate is very low. Employers put this in their minds during salary negotiations. Unfortunately, job seekers don’t realize this. It would be a mistake not to come out straight with your salary expectations. Rather than beat about the bush, tell the recruiter straightforwardly and watch them try to meet your price to bring you over.
- Failure to ask for their budget
According to professionals, a big salary negotiation mistake is to mention a price without an idea of the employer’s budget. Please do your research to determine how much they pay for that role before you walk into the negotiating room. If you don’t know their payment structure beforehand, ask them for their budget for the position you’re filling.
Having an idea of what they’re likely to pay gives you a negotiating edge. Without this foreknowledge, you could call a price that’s outrageously out of their budget and turn them off, or you could price yourself too short and get paid less than your worth.
- Focusing on your need instead of your value
When you mention your price during a negotiation, a big mistake would be to focus more on your financial needs. The right thing to do is concentrate on the value you’re offering the company or prospective employer. This makes you more convincing when you place your value on the table rather than your needs. Your debt, living expenses, etc., is not the employer’s business. The question is, what are you offering them? Why do you deserve the salary that you’re asking for?
- Accepting an offer on a promise
You’ll be shooting yourself if you accept an offer because they promised you future raises. This is extremely risky unless there’s a written agreement – which only minimizes the risk. Before you take any offer:
● Be sure that the initial payment is enough for your basic needs.
● Make sure there are specific requirements that guarantee the raise (such as particular performance metrics).
● Add a specific timeline for your salary review.
All of these put you in a safer zone.
- Discussing the salary too early
There’s power in being patient during negotiations. A common mistake that job seekers make is to jump too quickly into discussing salaries and compensations. It’s something that you should take your time before consulting. Ideally, it would be best if you talked about pay at the final stage of the recruitment when you’re at the point of getting the job offer. This gives you more leverage since they’re convinced about your qualities and willing to have you on board. You have most of the power in your hands at this stage.
Salary negotiation is one of the biggest problems that job seekers face. However, it’s an integral part of the interview process and cannot be ignored. Ignoring negotiations, not being prepared, settling for less, and some other common negotiation mistakes are pointed out in this article so job seekers can try to avoid them.
Jake S. Platt is 31. He has a master’s degree in marketing and currently started his way as a content writer at best online assignment help. He wrote his first story at age 15. He brings his decades of experience to inspire people to explore the world of marketing.