According to a recent research around 18% of people never negotiate their salary & 44% negotiate only occasionally. This is totally surprising considering studies to have shown that an individual who fails to negotiate their salary stands to miss out on more than $500k during their lifetime. There are different reasons for such a behavior, including fear of being rejected, not knowing the negotiation techniques, going unprepared or unresearched to the interview etc. Negotiating is not easy. And, for many people, not at all pleasant. But most companies expect a little back and forth and there could be negative consequences if both sides feel regret following the job offer. So, its ok to negotiate!!
Before you continue to read further, do check out my previous blog titled, “What are your salary expectations?” to understand more about how & where to research salaries as well as the various factors to be considered while researching it.
There you go now, 4 tips for negotiating salaries:
1. Don’t give the number straight away
Usually, a recruiter would ask you for your salary expectations during a first telephone interview. Try to postpone this moment to the end of the process, when you know the scope of work and how you can help the company reach its goals. If this doesn’t happen (some companies don’t proceed with candidates without knowing the demanded salary), name a range. Always speak in short ranges! Do your homework and check out the salaries in your region, using Kununu, Glassdoor, Stepstone, etc. (active links are mentioned in the blog above).
2. Ask 10-20% more than what you researched
Always tend to ask 10-20% more money than what your research tells you and in the first discussion state that this is your “dream salary” but if the rest of the job/company sounds perfect to you, you are willing or open to negotiate further.
3. Negotiate the non-monetary perks too
You need to first understand various clauses and details which are part of a German work contract before you even negotiate the non-monetary perks. Don’t worry, I have it covered for you in my previous blog titled, “Understanding & Negotiating Employment Contracts in Germany.” Read this blog before you proceed further.
You can negotiate the non-monetary perks too as mentioned in the blog above. These could range anything from gym membership, public transport allowance, language courses, leadership coaching, relocation expenses, bahncard, company car leasing etc.
4. Long term perspective
If, for any reason, a company cannot match your requirements, but you really want to work for them, make sure to negotiate a pay increase or a rapid promotion to be executed immediately after your end of probation period. Ask them how much and when the change would be possible, and make sure you have it mentioned in your work contract.
A further hack to be executed at your own risk (worked for some of my friends): Call the company (under a fake name) and directly ask the HR or Hiring manager what they are typically imagining as a salary range for this open position.
So, how about you? Do you negotiate? Let me know what has worked for you.