💰 Addressing salary expectations for a win-win solution.
The right strategy to establish your worth without scaring employers away.
One of, if not the most, critical points in the recruitment process is the salary negotiation. It’s the do-or-die moment where you either settle with a mutually-beneficial agreement, or one of the two parties settles for less.
You actually don’t need to have world-class negotiation skills to land an on-par job offer. Here are some of the tips on how you could present the right amount at the right time, without being too off-putting to the other party.
The mind trick
Before going into the interview and answering the employer’s questions on your expected salary, you need to be one step ahead of the game. In some cases, employers might not negotiate salaries and present a fixed, non-negotiable number. In some other cases, they will initiate a negotiation.
When an employer asks about your salary expectations, it’s usually for three reasons:
They have a budget. The interviewer wants to make sure your compensation expectations align with the amount they’ve calculated for the job.
They want to gauge how well you know your worth. A good candidate knows how much their skillset is worth in the market and can share it with confidence.
Tip: To define your appropriate market value, factor in your level, years of experience and career achievements.
Determining whether you’re overqualified. Someone asking for a significantly higher amount than other candidates may be too senior for the role.
With these reasonings in mind, now you can better prepare for the question of that will make or break your interview: “What are your salary expectations?”. Remember to:
Provide a range. The employer may opt for the lower end of your range, so make sure your target number is as close to the bottom number as possible.
Example: “I am seeking a position that pays between IDR5,000,000 and IDR6,000,000 a month.”
Include negotiation options. In addition to your salary, there may be other benefits, perks or forms of compensation you consider just as valuable.
Example: “I am seeking a position that pays betweenIDR5,000,000 and IDR6,000,000 a month, but I am open to negotiate salary depending on benefits, bonuses, and other opportunities.”
Deflect the question. If you’re still early in the hiring process, you may want to deflect the question for later in the conversation.
Example: “Before I answer, I’d like to ask a few more questions to get a better idea of what the position entails. That way, I can provide a more realistic expectation.”
Find more examples for different scenarios, and more tips on how to present yourself in a salary negotiation in the Indeed article here.
Defining the salary range
The most important tool you will need in a salary negotiation is your weapon: a target salary range. When you appropriately set a salary range, you ensure a job that is at least on-par with the market value, without coming across as clueless and unprofessional.
Use sites like Payscale.com, Salary.com, GlassDoor.com, or the Indeed Salary Calculator to figure out where you should be aiming.
Based on the data you’ve collected, be clear about your absolute minimum and put that number at the bottom of your range.
Your target number should be on the lower end of your range.
Keep in mind that “the wider the range, the softer it is”, meaning it might give off a nonchalant, disinterested idea.
Follow up by saying these are your initial expectations based on what you know of the job and company so far, and that you’re open to discuss further.
Case study:
If you’re aiming for IDR6,000,000 and are still figuring out whether you like the job, you might give a range of IDR5,500,000 to IDR7,000,000.
If you really want the job, know you can negotiate other benefits and want to be flexible on base salary to speed up their decision, you might tighten your band to IDR5,800,000 to IDR6,500,000.
Read more tips from Andres Lares, managing partner at Shapiro Negotiations Institute, on how to excel in a salary negotiation in the CNBC article here.
Rookie mistakes to avoid
A salary negotiation is a practice that everyone will most likely go through, whether you’re new to job-hunting, or a seasoned professional looking to start a new gig. After understanding the do’s, here are the negotiation techniques you should not implement if you’re looking for a great outcome:
Settling/Not Negotiating
Probably the biggest mistake you can make is simply deciding to settle and accept whatever offer you receive.
Focusing on Need/Greed Rather Than Value
Due to the tension, some people focus on what they feel they deserve rather than their value and the value they bring to the prospective employer.
Asking For Too Many Changes in Counteroffer
If you decide to make a counterproposal, it’s better to only pick the one or two most important elements; it’s highly advised not to negotiate every aspect of the offer.
Not Asking for Final Offer in Writing
No legitimate employer will have issues with putting the offer in writing. Once you have received a job offer that you find acceptable, the last thing you should do is ask for the final offer in writing.
Find up to 10 common salary negotiation techniques to avoid in the full UMass Lowell article here.
This article was written for those who might need more guidance in their job-seeking endeavor.
If you’ve gone past the job-seeking phase, you might want to check out our past Monday Mavens article on how to negotiate for a job promotion / raise here.
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We’ll see you next week ❤️️