Here are some effective strategies to help a job aspirant to navigate salary negotiations and secure a fair compensation package for first job
Salary negotiation is a crucial step during a job search process, however, it can be intimidating too, especially if it’s your first job. Nonetheless, this step is important to determine your financial well-being and sets the stage for your future earnings. With the right approach, you can navigate this process with confidence and make it less difficult.
Here are some effective strategies to help you navigate salary negotiations and secure a fair compensation package for your first job.
Research and Know Your Worth
Before entering into any salary negotiation, it is essential to research and understand the market value of the position you’re applying for. According to Latha Iyer, chief human resource officer at Zaggle Prepaid Ocean Services Ltd, it is important to understand the strategies for successful salary negotiations. “One of the most important things to do is to research the market and the general economic climate to determine the existing emoluments or CTC for the position,” Iyer says.
Online resources, salary calculators, and industry reports can help in this process. Considering factors such as education, experience, and skill set while determining your worth.
Abhay Srivastava, chief human resource officer at IKS Health, says, “It’s important to do your homework and understand the market value for the position you are aiming for. Take into account your unique skills and experience, and make sure to highlight them during the negotiation process.”
Highlight your skills, achievements, and unique qualifications that make you an asset to the company. Emphasise how your contributions will positively impact the company’s bottom line or help solve its challenges. By showcasing your value, you position yourself as a valuable investment, making it easier to negotiate a higher salary.
Practise Effective Communication
Effective communication is key to successful salary negotiations. Practice articulating your thoughts clearly and confidently. With experience spanning over 25 years in the field of talent management, Srivastava says effective communication is key throughout the negotiation process, as it helps both sides understand each other’s expectations and concerns.
Preparing a list of talking points and practicing your responses to potential questions or counter offers can be helpful for a candidate. Be prepared to justify your desired salary based on market research, your qualifications, and the value you can bring to the organisation.
Remember to remain professional and polite throughout the negotiation process, focusing on finding a mutually beneficial agreement.
As for the employers, Latha Iyer, with 16 years of all-rounded experience in multiple dimensions of Human Resources, says, “It is also important to evaluate the value that the candidate brings to the organisation and to understand their expectations. Employers should be prepared to negotiate and offer a competitive salary and other compensation to acquire new talent.”
Be Flexible and Open to Negotiation
Remember to stay flexible and consider the employer’s perspective, being open to alternative proposals, says Abhay Srivastava.
While it is essential to have a clear understanding of your worth, it is equally important to be flexible during negotiations. Consider the employer’s perspective and be open to alternative proposals. Demonstrating flexibility and a willingness to find common ground can leave a positive impression and increase the chances of reaching a mutually satisfactory agreement.
Consider the Entire Compensation Package
Salary negotiation is not just about the base salary. Consider the complete compensation package, including benefits, bonuses, stock options, vacation time, and professional development opportunities.
If an employer is unable to meet his desired salary, he may be open to other forms of compensation that add value to your overall employment package.
According to Latha Iyer, employers can also outline the benefits of working for the company to help with negotiations. “Collaborating, competing, accommodating, and compromising are some of the negotiation strategies that can be used to reach the best possible outcome for both parties,” she adds.
Abhay Srivastava says, “Negotiation is your chance to secure fair compensation and pave the way for your career growth. Approach it confidently, well-prepared, and with a focus on creating mutual value.”
Salary negotiation is a normal part of the job search process, and making it less awkward requires preparation, research, and effective communication. The goal is to achieve a fair compensation package that recognises your skills and contributions while maintaining a positive and professional relationship with your future employer.
