Mastering the Art of Salary Negotiation | Powerful Leadership Advice

okay so you prepared for the interview you practice really hard and after four five rounds of discussions you're selected the only pending step is the salary negotiation what should you do what should you ask for should it be a percent should it be a number or should you just say as per the company Norms now I can understand there would be some nervousness in negotiating about your salary but don't worry in this video I will share some simple tips on how to negotiate your salary with the HR confidently see negotiation is an art and negotiating for your salary is a very important step in your career it can significantly improve your lifestyle your personal goals and also your financial aspirations but before I share the tips let me talk a little bit about the budget part so how does HR get the budget how do they arrive at a number let's take an example let's say a hiring manager is looking for five SEO Specialists with a range of maybe 2 to 4 years of experience every position has a range has a budget so let's say in this case let's assume it's 4 to six lakhs now for four 4 to six lakhs they would take the median which is 5 lakhs five positions so 25 lakhs ballp would be the budget now HR must utilize this budget and get the right candidates for this role now the next question you'll ask is Will everyone join at 5 lakhs the answer is no they would join based on their experience based on their current package based on their skill set so so if someone is at 3 lakhs they might Jo join at maybe 4 4.25 or if someone is at 4.5 they might join at 6 lakhs The Balancing Act is done by the HR they are experts on this the other aspect is internal parity so let's understand what internal parity means so if the existing team salary is between less say 3.5 to 6.5 lakh rupees then they cannot really get someone above that unless the person has done really well in the interview and the person is like an outlier the hiring manager really wants that person only then they would have an exception otherwise they have to look at the internal team parity because those guys are there for years they cannot really get someone at a very high package that would disturb the equation so let's jump into the tips first things first do your research so research salaries for your role your experience your skill set right look at the average salaries that are being paid in the market companies which are similar to yours industry which you are in you can use some sites like indeed monster salary.com you'll get a fair understanding about what the slab of what the range is and where you are and what the Gap is now this will be a very good starting point for you to arrive at a number you know what could be your expected salary right and the second step is to practice your pitch so this is typic typically how the conversation will go congratulations you've been selected for the role and we ready to offer you so these are typically what the questions would be what is your current salary what is your CTC are there any incentives do you get anything over and above your CTC so be very clear be very specific on what your total CTC is what is the variable component how much you get take home in hand is there a shift allowance what about transport is there a quarterly incentive are there stock options rsus anything which is over and above the CTC add it and talk about it in your discussion be confident and articulate what your expectations are and also give a rational behind why you're talking about that number highlight your skills your achievement talk about the value that you will bring to the organization see when you're having a discussion with the HR about your salary it's good to aim high but also be realistic know your worth very well and with that we move on to the third tip don't be afraid to negotiate do not agree to anything that you feel your are not worths so before you share your expectations your number you can always ask the HR just wanted to understand what is the budget for the position try it if you get to know then you can work around that right but if not then you can say that I did my research I did my study and I understand for this kind of role this kind of Skillet and the experience that I have the range is between X to y and then you can say that I am expecting a little below Y and give a number and then give your rational behind it talk about you know uh why you're expecting that maybe if you're due for a hike in your existing organization then you can call that out and uh don't look at just the number look at maybe the bonus element or the incentive structure or the holiday plan or the vacation policy they have and and also look at the growth opportunity very important to understand what kind of role it is and what kind of exposure you will get how it will help in your long-term career and be practical about it have an open mind you know don't be stuck on on something and the fourth one very important take the right decision way the pros and cons if it's a permanent remote working then you will save on the commute you will save on the rent if you from another city right or if it is moving to another city then you will spend more on rent on food on the other stuff right so consider all of this and if you have a number don't be very rigid about the number see you know how much you can come down to and if it doesn't match your worst case scenario then be open to decline the offer politely you know thank thank them for their time thank them for the offer and you can be very honest about it you can say that you know this is what I was expecting but unfortunately it didn't match my expectations and thank you for your time and you can walk out that's absolutely okay you know do not short sell yourself do not look desperate have confidence in yourself believe in yourself and here there is a bonus tip on what not to do everyone who's actively interviewing please do not get into the shopping mode now you have an offer from company a and you're still interviewing with Company B and then you'll tell Company B that hey this is the offer that I have can you bump it up and Company B will give you another offer and you will take that offer and go back to company a and say hey I have a counter offer don't do that that's not professional in my opinion that's not what you should do because the company is trusting and giving you an offer and then you're kind of getting into the shopping mode so don't do that and anyways there's this musical chairs which is going on in the industry Right company a person is jumping at a 30% hike in Company B company B person is jumping on a 30% hike on with company C company C the person is jumping to company a it's just like musical chair right so that is happening in the industry that is a challenge in the industry I hope these tips help you in any way to get a better offer a better salary which makes you happy all the very best good luck do share this video with people who need need it and if you find these tips of any value give me a thumbs up and consider subscribing to my channel for more career advice and tips on navigating the job market successfully thank you so much for watching

Channel: Ravi G Motwani

Views: 7,395

Keywords: how to negotiate salary after job offer, salary expectations, how to negotiate your salary, how to answer what are your salary expectations, salarynegotiation, HRtips, careeradvice, negotiationstrategies, jobsearch, careerdevelopment, payraise, negotiationskills, joboffer, jobinterview, career, negotiation, success, jobtips, humanresources, professionaldevelopment, empowerment, motivation, leadership, mentoring, coaching, leadership development, how to ask for the pay raise, job, salary negotiation techniques

Id: 0HgJ8Aso2iw

Length: 9min 47sec (587 seconds)

Published: Sat Apr 06 2024