The biggest mistake most people make is not comfortable asking for more money once their job search has ended and they have an offer in front. Money is very important in life as it helps you to drive your life in a good manner.
Whenever an employer extends an offer to you they generally give you a proposed salary. But if you think that it does not match your education, skillset, and strength then you may choose to negotiate for more money. In this blog post, we will discuss some of the key points that we need to keep in mind while negotiating your salary. If you follow these points properly then you can do a better salary negotiation.
1. The exact working of Salary Negotiation: Let us take an example where suppose you have got your first offer from some XYZ company and the offer is of 8 LPA. You have a thought in your mind that you want to retain in your current company as everything is fine in this company and you will be getting an onsite opportunity too. So you can talk with your manager regarding it and if he thinks that you have a good dependency so he can forward your offer to HR and they will retain you.
Here you don’t have to do much negotiation as they will match the offer or try to give you an amount which is nearby to your current offer in the new company. Let us consider a case where they are giving you 7.5 LPA and your current package which you have cracked recently is 8 LPA then you can tell them that you want to work for more years with them. And if they match it then there will be a different level of motivation to retain here.
2. Procedure to Handle Counter Offers Outside: One way to increase your salary is by staying in the same company and showing the counter offers from other companies outside. But now we will talk about how to negotiate your salary outside. Like you have given an interview and you have got 8 LPA as an offer. Now the next company where you are going to interview asks you what is your expected CTC. So in that case you should tell your previous offer and try to ask for a 50% or 100 % hike on the previous offer.
Whenever you are negotiating an offer you should always consider your current CTC and ask for a hike on the basis of it. Don’t tell that you need to 16 LPA as you are already having an offer of 8 LPA because that doesn’t sound professional. You should always follow a systematic way.
Things to keep in mind before Joining any Company
- Always check the background of the company like the market value of the company, the number of employers working in the company, etc.
- Also, connect with the Engineers of the company on Linkedin and message them asking about the work culture of the company, etc. An important thing to keep in mind is work culture is also dependent on the project requirements and timelines.
- The third thing to keep in mind is about bench policy in the company. Always ask HR about whether you are getting directly hired for a project or you will be on the bench after you are hired and during the bench period you will give interviews on different projects based on your skillset.
- You can also ask about different benefits you will get once you are onboarded like Health insurance etc.
These things should be a part of Salary negotiation as these help you to analyze the company better. Most people skip these steps as they only are focused on the in-hand salary they will get. These things are very important and you should always talk about these points with HR.
3. Self Assessment: Self Assessment is very important as you have a clear idea about how your interview went. If you are very confident that you have gone through 3 rounds and your overall interview has gone very well.
You can talk with HR and ask them to revise the offer as your interview has gone very well. They will surely do it if they feel you are a deserving candidate based upon your overall interview.
An important thing to keep in mind is salary negotiation is a mixture of different parameters combined together. For example: If your current CTC is 5 LPA then they will not directly offer you 20 LPA. You need to have a counter offer of 16 LPA to reach 20 LPA.
My Personal Views and Experience on Salary Negotiation
Word of mouth is very important during Salary Negotiation. Till the end of the notice period, you can decide where you want to go. Nobody can force you on that. You are going to work as an employee in a company so you should make a decision by yourself and take 100% responsibility for your decision once you have been onboardedYou will get to know about the inner insights of the company once you join it.
Another important thing is to get everything in writing. Like if HR tells you verbally that we will revise your package to 20 LPA after seeing your counter offer so you should tell her to draft a proper email stating the same. This is very important.
These were some of the points you should take care of while you are switching jobs and negotiating your salary. Hope you have found this article useful and you would have got a clear understanding of negotiating your salary.