One of the best ways to increase your income is through salary negotiations, particularly during a job interview. However, while being compensated fairly is a key factor when accepting the offer for a job, it’s also equally important to begin the salary conversation with your prospective employer at the right stage. Just because failing to do that may compromise your chance of being selected.
According to experts, the ‘Old School’ method states that it is okay to discuss the salary only if the interviewer brings it up first. If the issue of salary is brought up early in the interview, it is advisable asking about the salary range for the position you’re seeking.
“Prior to arriving at a decision to speak about salary, it is pertinent to know what the job description really involves and entails. On top of that, knowing the potential of the job position in terms of career progression over the next five/ten years or so would be extremely vital to broach the topic of the salary,” says Dr D K Batra, Professor-Marketing, IMI-New Delhi.
It is highly sagacious to highlight what you’ll be bringing to the table. Once a good appreciation of your ability and potential contribution to the job has been indicated by the interviewer, it is time to steer the conversation to the total compensation and the impact of the position that have a direct impact on the company’s revenues and profitability. “The negotiation once started can be further steered towards insuring about any flexibility in the offer being made at that time,” says Dr Batra.
Manavjeet Singh, CEO and Founder of Rubique, says that negotiations on salary are often akin to a cat-and-mouse game, with both the prospective candidate and the HR trying to churn out the best pay package that serves their interests. In such a scenario, candidates can ensure such discussions should be held at the end of the entire negotiation process, with many aspects considered beforehand.
Firstly, “candidates should never give away salary requirements with their resume. At this stage, more focus would be on the assessment of candidate’s experience fitment with job requirement. Salary mention at this stage would unnecessarily divert the focus for HR as well as the candidate,” informs Singh.
Candidates should try to have a clear understanding of the job, key responsibilities, work schedule, travel time taken, etc. Only after attaining a clear understanding of a job, should a person enter into salary negotiations, if interested. “Salary discussions can often be tiring and repetitive. Thus, it is best to have this discussion one on one and in a long session that should explain each and every component of the salary break-up,” suggests Singh.
Ambika Sharma, Founder and MD at Pulp Strategy, also believes that salary should be discussed at the right stage in the interview process.
“The initial time should be spent discussing responsibilities, the role, its expectation. The candidate should spend time in discussing the value he can create and how their strength will ensure that the expectations are exceeded. It is important that the “FIT” of the culture, attitude and growth path are understood as well as agreed on. Organizations will pay for good talent. So, the salary negotiation must be towards the flag end,” she says.