Ways To Negotiate A Higher Salary While Giving An Interview: Guide For MBA Students

The last round of an interview is often challenging but is also extremely important- it is the part where you realise the salary your company is offering you. During such times, you might find yourself getting an offer that is less than your worth, and this is when you need to remember the following rules that will help you through the process of salary negotiation. 

Do’s

  • Research before the interview- You always have to be prepared with facts. That means, before your interview, you should do your homework about how much salary the company offers to their employees who are working in the same job role as yours. You should be aware of the highest, average and lowest salary they pay and keeping this factor in mind; you set your salary expectation.
  • Confidence is the key- While negotiating your salary, the employer will likely persuade you into taking a lower income. Still, throughout the process, you have to put forward your demand confidently. You have to put your side of the deal clearly and confidently before the employer while reminding your qualifications and expertise.
  • Establish your interest in taking the offer- Always remember that if the employer thinks that after the entire negotiation, you will ultimately turn the job down, they will not be interested in negotiating. So, try to show your interest in taking up the job and be prepared for the tough questions. The interviewer might ask about the other offers you have. But, don’t get confused or tense in such a situation; answer the question honestly while demonstrating your inclination to join the company if given the right offer.
  • Be practical about your expectations- If you ask for an unreal hike in the offered salary without considering the company’s limitations, the negotiation will not result fruitfully. You should not accept compensation that does not match your worth, but you also have to consider how much the company can pay their employers. Thus, ask for a realistic salary that they would want to spend on their employees.

Don’t 

  • Don’t forget the purpose of negotiation- Remember that the entire point of the negotiation is to receive an amount worth your education and expertise. Don’t negotiate just for negotiating. You don’t have to bargain because you see a chance of bargaining. Instead, try to negotiate wisely while keeping scope for doing it again later in your career in the same company.
  • Don’t negotiate your demands linearly- Try to present all your demands together. Do not give some demands to the employer the first day, and once that is approved, demand other things. This looks highly unprofessional and reduces your chance of getting a good deal out of the negotiation. Thus, it is better to ask for your requirements such as your disposal salary, the cost to the company etc, all at once and not one after the other.
  • Avoid using ultimatums- When you give ultimatums, you make the other person feel uncomfortable and offended. Do not use words such as ‘Don’t do this”. Instead, try to be concise and composed and use phrases like ‘it would be better if we try another route’, ‘let’s reconnect again tomorrow after thinking about it.
  • Don’t just focus on the fiscal part of the salary- Even though the monetary amount holds importance, you should also consider the perks and benefits you are getting. This includes bonuses such as paid leaves and travel allowance and starts your negotiation after considering these.
  • Don’t be the first one to ask about the salary- Let the employer bring the topic up because you don’t want to give the employer the impression that money is the only reason you consider the job. Additionally, you have the lower hand in the negotiation whenever you start the conversation, thus waiting for the employer to start the discussion.

Keep these rules in mind while negotiating, and always remember that it is good to keep a realistic salary expectation. Being said, it is also imperative to know your worth. Do not settle for a package less than what you deserve!

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