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Want to talk about money to your new HR but do not know how to begin? You're in the right space. To start with, we know that salary negotiation is crucial for your career advancement.
It is, by default, essential. So we are not going to focus on writing questions like 'What are Salary Negotiations? Or 'Why is Salary Negotiation Important?'. Let's get straight to the point of good returns ?.
When you are about to join a new organization, there is no better time other than at this spot to make yourself loud and clear. Speaking up is the best way to engage with your HR, your new boss, and key decision-makers.
Your paycheck should not bring about a feeling of instant gratification (if you want instant rewards, get a ? discount coupon). Remuneration is an investment in yourself, and nobody other than you is a better judge of the value you bring to any organization.
In short, you are going to be making money most of your life! You're in it for the long run. Might as well get paid correctly.
Here are 6 tips and tricks to get your dream payscale.
1️ Keep an Open Mind - This is the first thing you should be equipped with when making the initial impression. There will be instances when things do not work out. Be open to discussions, take your time to make a rational decision, and conclude with an option that is ideal for both you and your HR.
If you face rejection, move on. Irrespective of the number of interviews gone haywire, the only state of mind which should be prevalent inside your head is 'How strong I am as a candidate'.
2️ Turn your Game Mode On - Be it a technical, executive or business role, your skillset is the primary reason why you might be getting hired in the first place. Showcase how you have utilized your skills in the previous workplace and back it up by numbers. There is nothing better than a candidate who can measure their success.
Go one step further; demonstrate your expertise to a prospective employer with a case study. Instead of HR giving you an assignment, tell them that you would like to solve an existing problem that the employer is facing.
The two points mentioned above will make you look confident and give you leverage over other interviewees. How? - An HR person will be more likely to offer a better package once they find that you are a good fit for the role and not just an option among multiple candidates.
3️ Go beyond Your Resume - Your resume is a simple written application. A sample CV will talk about your accomplishments, achievements, previous work experience, communication-soft skills, alma mater, and much more. Throw some light upon how you function as a person. This is a crucial eligibility criterion that has been trending among employers for a long time.
Coming from a different background is natural; the ideal scenario in the hiring manager's mind is how seamlessly you get acclimated to a modern working environment. This will showcase your organic plus social potential and help you succeed in building relationships across verticals in any team.
Good relationships will put forward a good name on your behalf. So make it count.
4️ Research is Epitome - Do not limit yourself to the job description mentioned by the employer. Do thorough research on the company. Here, we are not talking about technical research, company background, etc. For all of this information, Google it.
We want you to understand the product or brand that the employer is trying to build or sell. This will help you gain insights and address your customer's needs. You can start by doing a simple SWOT analysis and present it in bullet points. Consider using a SWOT analysis generator to streamline your job. You can also create an entire pitch if you like.
And when you decipher this tremendous learning experience to the key decision-maker, a higher salary offer is bound to follow!
5️ Stay in Touch - We understand that you might not want to stay in touch with a person who rejected you in the first, second, third or whichever round. Never leave the interview conversation in an adverse state of mind. Do not get aggressive and boast about a counter-offer; say that you have something else in mind. What you have agreed on with another employer has got nothing to do with the existing interviewer. It is acceptable to mention the competition but very wrong on your part to use it as leverage.
Remember, kindness can take you very far in life. Staying connected with the recruitment officer is bound to help you in your search for future employment and fair compensation.
6️ Go Beyond CTC - When you apply for a new job, you are most likely to be aware of market trends, salary expectations, compensation range, online company reviews, and employment basics. One thing that we want you to focus on are prerequisites other than monetary remuneration. Why is this important? Let's understand this with the help of an example.
The table below highlights a comparison of sample salary break-up of Rs. 1 lakh; with and without employee benefits.
Benefit TypeSample Salary (Rs.)Salary with Employee Benefits (Rs.)ESOPs01,000Reimbursement Component05,000Provident Fund3,8003,800Professional Tax200200Cash in Hand96,00090,000Wellbeing SessionsNilComplementaryDoctor ConsultationsNilComplementaryHealth InsuranceEmployee SponsoredEmployee SponsoredTotal SavingsRs. 92,000Rs. 90,000The example is for illustration purposes only.
We can clearly ? distinguish the fact that more compensation is available in the first option. But think again, a single trip to the doctor can cost you Rs. 1500 to Rs. 2000 per visit.
Your wellbeing efforts involve going to the gymnasium that costs up to Rs. 10,000 to 15,000. Overall, you will not save much (Rs. 92000 - 2000 - 15000 = Rs. 75,000). That is why you should focus on value and not on the differentiating amount.
Can Employee Benefits ☝️ come as a part of your CTC?
Yes, they can. Many new-age platforms and start-ups provide a series of flexible employee medical and healthcare options to choose from. Out of the benefits lot, employer-sponsored group insurance is an excellent tool to protect yourself and your family members. The option to engage in free weekly wellness programs and online doctors is like icing on the cake over and above your yearly bonus.
Did we mention the fact that you need not go anywhere to get all of this? Reward yourself with good health at home, office or wherever without spending money because it is a part of your CTC.
In short, if your HR cannot match your fiscal expectations, go for a combination of wellness benefits, health insurance and much more.
Go Girl Power ?♀️
Yes, we literally mean this. No pun intended. Never in this life or the next or wherever in this universe\ ? multiverse, a woman applicant ?♀️ cannot be discriminated against based on sex. To help you understand better, Pallavi Pareek, Founder - Ungender, highlights 5 points to imbibe the same.
- Negotiate hard (er). You know your sex is not your weakness or an excuse to be offered less. If needed, read more on negotiation and always ask for what you truly deserve.
- Know your worth as a talent and resource to the team. So many times, women do not have a figure ready for a certain role, usually leaving it to the interviewer to decide. Do not make this mistake.
- Ask for benefits that are relevant and applicable for you. While workplaces should ideally create inclusive policies for all gender and sex if they do not have creche and maternity policies, then demand (it is your right).
- Educate yourself on the terms in an offer letter. I know of so many women who are not aware. While it is okay to not know everything, it is crucial to fill that gap. How do you negotiate if you do not know the terms?
- Ask questions on the salary brackets of members from the opposite sex being paid for the same role and experience. An honest company should be able to tell you these figures confidently.
? thanks and appreciation to Pallavi for helping us curate the aforementioned inputs. Check out her tweet here.
If you are looking to reinvent the wheel for your modern workforce. Say hi to Plum Insurance.
At Plum, our core philosophy revolves around providing meaningful health benefits combined with medical insurance at no cost to the employee. With Plum Insurance, we will help you and your team make actionable decisions towards building an ecosystem of preventive healthcare and wellbeing.
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