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After clearing several rounds of interviews, when you get an offer letter for a new job, it is a happy moment. But along with this happiness, a difficult question also arises - about the salary. Often, people, especially women, hesitate to negotiate salary. They fear that if they ask for a higher salary, they may lose the offer. But remember, HR professionals know that the candidate will negotiate, and they are prepared for it.

Salary negotiation is your right, so there should be no hesitation in it. But being able to negotiate salary properly is also like a skill, which, if you use correctly, you can get a great salary package according to your ability. These 5 smart tips can be helpful for you.

Why is it important to talk about salary?

Your initial salary forms the basis of all your future salary hikes, bonuses, and promotions. If you agree to a low salary in the beginning, it can affect your earnings throughout your career. A good negotiation not only increases your bank balance but also your confidence. Do not make the mistake of ignoring it.

Tip 1: Do Your Research
It is very important to be fully prepared before sitting at the negotiation table. Talking without research is like shooting an arrow in the air.

Know your market value.
First of all, find out what the current salary is in the industry for your skills, experience, and position. For this, you can take the help of websites like Glassdoor, LinkedIn, and AmbitionBox.

Know about the company.
Try to know about the salary structure of that company. Does it give good bonuses? What are their salary bands? This information will help you to have a realistic expectation.

Decide on a range
Decide on a salary range based on research. It should have three numbers:

Your Ideal Salary: The salary you want to earn.

Your Realistic Salary: The salary you think you can earn.

Your Walk-away Point: The salary below which you won't accept an offer.

Tip 2: You First! (Never give your number first)
HR will ask you, "What is your expected salary?". Don't fall into the trap of this question. If you give a low number at the beginning, you will only harm yourself.

Answer like this:

"I am currently expecting a competitive salary as per industry standards, which will do justice to the responsibilities of this role. Can you tell me the salary range for this position?"

"My salary expectations are flexible. I want to fully understand the responsibilities of this role and the growth opportunities with the company first."

When HR first tells you their range, you get a baseline to start the conversation.

Tip 3: Justify Your Worth
You have to prove why you deserve the salary you are asking for. It is not enough to just say "I want a 30% hike". You have to link your value to the company's benefits.

List your achievements
Reiterate your successes mentioned in the interview. Tell how you saved costs, increased revenue, or improved a process in the previous company. Try to tell these achievements in numbers (eg, increased sales by 15%).

Link it to the job description.
Directly connect your skills to the requirements of the job description. Tell which of your skills will prove to be most beneficial for the company.

Tip 4: Talk about the entire package, not just the salary
Sometimes the company has a fixed budget and it is unable to agree to your requested base salary. Do not be disappointed in such a situation. Salary package does not only include basic salary.

Negotiate on these things as well:

Joining Bonus: One-time amount.

Performance Bonus: Annual bonus based on your performance.

Stock Options (ESOPs): Company shares.

More paid leaves.

Flexible working hours or work from home.

Better coverage in health insurance.

Budget for learning and development.

These things can greatly improve your overall earnings and work-life balance.

Tip 5: Be confident, not aggressive

Your body language and way of talking matter a lot.

Be polite but firm

Put your point across confidently, but your tone should be polite. Don't look at it as a fight, but look at it as a conversation to reach a solution.

Show enthusiasm
HR should feel that you are excited about the job and the company, not just the money.

The power of silence
After making your point, remain silent for a few moments. This gives the other person time to think and respond.

Get the offer in writing
Once you agree on a number, always ask HR to send you an updated offer letter via email. Word of mouth has no legal validity.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.

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