Are you tired of accepting pay that is less than you're worth and want to learn how to negotiate a raise?
Quit scratching your head over a solution! Count on me to lend a hand whenever you need it! In this article, I'll go into the complicated matters of HR interviews to arm you with the knowledge you need to successfully negotiate a raise in your salary.
Most individuals never obtain what they want because they are too afraid to ask for it.
Speaking from my over two decades of experience in HR leadership and as the founder of a successful Talent Acquisition organization, No matter where you are in your career or how long you've been in the industry, my exclusive insights and methods will help you gain confidence to effectively navigate through salary negotiations and come out on top. As we show how to bargain like a pro in your next HR interview round, be ready to open the doors to financial gains that have been blocking your way!
How do salary discussions take place?
The process of negotiating a salary is crucial before accepting the offer, as in the various scenarios that I will discuss here. It is the last thing you should do before accepting a job offer, and the decision you make there might have a huge influence on your future career. Nevertheless, when it comes to negotiating salary, particularly in an HR interview, a lot of individuals get anxious or scared since they don't know what to expect.
We are going to have a conversation about how important it is to negotiate your salary, as well as provide you with some advice on how to do it successfully.
The Significance of Bargaining Power in Human Resources Interviews
The basic objective of every business is to follow the budget. Every year, HR gets an approved manpower budget. The thumb rule is not to overspend and to follow the target line cost mentioned for each position. This is an internal rule, but deviation happens when a company gets excellent talent worth investing in.
You need to capitalize on the situation.
Remember, if you reach a stage of salary negotiation, you are certainly in the top 1% of the applicants that interviewers liked and found suitable for the role.
The majority of the time, Talent Acquisition will try to negotiate a price with you and keep their costs low to earn brownie points.
The majority of the time, Talent Acquisition will try to negotiate a price with you and keep their costs low to earn brownie points.
Negotiating a salary before accepting the offer is the moral right of every candidate. You can guarantee that you will be rewarded fairly for your expertise, years of experience, and worth if you take these steps. A higher salary not only results in a rise in your immediate income but also has long-term benefits for you, such as increased opportunities for promotions and bonuses in the years to come. There are retirals and annual parks that are linked to your basic or gross pay, so when these increase with effective bargaining, your overall cost to the company increases..
How to Successfully Negotiate a Raise During the Human Resources Interview
1. Do your study.
If you want to negotiate a salary that is fair, you should start by researching the market trends and industry norms for professions that are similar to yours. Utilize the available resources online or make contact with individuals in your network who may be able to provide you with information on the typical salary in your industry. Even job portals like Naukri.com provide salary insights. It is best to find out how much your peers are earning (CTC) in similar industries and their experience level
2. Be Aware of Your Value Before Engaging in Bargaining
Now this is tricky. While our minds prompt us with market norms, you need to set an exponential goal on the basis of your skills and abilities that can provide a turnaround to the organization. For example, you are an expert in sales with a go-to-market strategy for maiden markets. The market has potential, but the company has never ventured into it. You have the background and a proven track record to double the company's turnover by cracking these new markets. While the general norm may be a 20-25% hike, you may demand 35-40% if you can prove your worth. This weapon cannot be fired at the last stage of negotiation, but you should carefully build your image with your resume and the discussions that you had in the interviews.
3. Guide the conversation and argue your point sustainably
Talent acquisition professionals are trained to negotiate, and you are not. Remember, that is their job, and they have opportunities to negotiate with candidates every day. Now there are two factors that may ensure you succeed in your negotiation, even if you are not an expert.
(a) You prepare your argument beforehand. It means you should not be reactive, but proactive. So, answering the first question, what salary do you expect? You need to be conscious of asking for the value that is in your mind and avoid being shy, fearing you may lose the job!
If the company is negotiating, be certain that they have found the mettle in you and choose to make an offer as the best choice.
(b) Be firm. Most people break if given the choice. “Take it or leave it." I am not undervaluing the fact that every opportunity is precious, but accepting an offer with a lesser pay or marginal increase may spoil your spirit as a performer and haunt you forever. Be firm and consistent in your negotiations.
A career is not a stock market that you lose someday and gain someday. Your career must always go forward, and your salary and elevation in position earmark prosperity.
Avoid making these common blunders while negotiating your compensation.
➡️ Managing counteroffers and putting the finishing touches on the negotiations like quoting a lower value and trying to close the deal quickly.
➡️ The significance of fighting for yourself and negotiating a pay that is appropriate for your skills and experience. Do not undervalue your worth
➡️ Referring to the offers that are in hand. This is very common. I have seen people cite how many more offers you are holding and try bargaining based on those. Do not ever build comparisons, but keep showing how you can contribute and add value to the company
➡️ Showing desperation. Many people try to build reasons to push recruiters to offer quickly. This may create a negative impression and immaturity in the minds of the recruiters
➡️ Never discuss the offer or Seek advice from others. You are at a very vulnerable stage during negotiation. If the news spreads that you are actively looking for a change and discussing it with another company, you may face flak from your bosses, creating unwarranted complexity for you.
I shared my views on the strategies and risks of negotiating salary at the last stage of interviews.
The sole factor is how you define your self-worth not on the basis of notions or what offers your friends and colleagues are getting but on the foundation of knowledge, competence, and delivery.
If you are confident in proving your worth in the interviews, you will not face any bargains at all. If you need to learn more about interview success, join my Interview Success Gameplan program to be sure you win every interview, as you cannot afford to lose any opportunity coming your way. To subscribe 👉 www.curatescope.co.in