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Salary negotiations are crucial when an employee cracks an interview and proves to be a good fit for the new role. In fact, negotiations work a great deal in facilitating a better salary. Many times, women employees refrain from negotiating over the initial offer, and there are many reasons for that.
1. Women feel they do not have the apt negotiation skills.
2. They believe they don't deserve more than what's offered.
3. They are scared to negotiate for fear of losing the opportunity in hand.
Over the years, women employees have compromised by not seizing their opportunities during a job offer. They hold back as they believe by asking, they would seem selfish to the recruiter. However, thorough research and questioning in the proper manner can get them the right salary. Accepting little would be one of the mistakes that will compound your future. Let's learn how women can avoid these salary negotiation mistakes and tackle negotiations as women entrepreneurs?
Before you even accept the job offer, follow these steps.
1. Compare the salaries of the same position in similar industries.
2. Research what others are getting for your role in the same company (even just a ballpark number). Once you are prepared with your homework, you can negotiate effectively.
3. Assess what you are worthy of for your qualification, training, and experience.
The most significant task is to face the questions you fear the most. With good preparation, the employer will, at the least, consider offering more than the initial offer.
As mentioned earlier in the article, women refrain from saying no to a proposal. They focus more on establishing a relationship than the money. It is often perceived as their weakness, and employers tend to take advantage of this behavior by not making any changes to the offer. Analyze your expectations, your worth, improve your negotiation skills and deny before you accept an offer. Be firm about what you want because no one cares unless you raise the concern. If you feel you are nowhere close to what you want, do not hesitate to walk away.
Women underestimate the need to sell themselves, and they must learn techniques to sell their skills by highlighting their achievements. You must prove to the employer that you are the best fit among the horde of candidates lined up for the interview. What are your top skills? How can your past experience push you to contribute more towards this role? How efficient can you be with respect to your timelines? Preparing for all these questions will persuade your boss to offer you close to your expected range of salary.
Employers take the silence of a candidate as acceptance. Hence, when they start, be ready to effectively negotiate. Most employers begin with a lower range, and it is mandatory-you raise the bar by asking more. The role of communication for a successful negotiation is vast. You must gently place your opinion, pause after making a point, and wait for the next move from the employer. Only your communication skills play a significant role in getting what you want without seeming too demanding.
Many employers tactfully cover the discussion on salary negotiation by giving a variable package without clearly mentioning components. Raise it upfront. Before agreeing to the offer, clarify the in-hand salary, allowances, bonus, stocks, incentives, etc. You must focus on increasing the fixed component of your salary as all your future raises depend on that base amount rather than the variable component.
You cannot demand a specific salary by saying, "I need more than what you are offering." Nor is it only an unprofessional negotiation strategy; it also exposes your vulnerability to want the job. Hence, be smart and politely persuade your employer. When they offer you a number, you can say, "I am interested in the position, but it is slightly disappointing to know the package. Is there a scope for negotiation?" If they agree, proceed, else you can keep looking for better opportunities.
It is also suggested not to apologize when you ask for better pay if you have the skills specific to the job.
One of the common salary negotiation mistakes women should avoid is expecting their employer to understand. It won't happen! Employers will be happy if they get you to work in a lesser package. But you must control your emotions in a price negotiation and not underestimate your worth by agreeing to the amount. Do not over assume that you defending your position will offend the employer. Negotiation is a part of business, and you must do it to advance your career.
Negotiation is essential in everything we do. It gives a perception of what the other party thinks, which helps devise ways to work amicably. By avoiding these salary negotiation mistakes, women take control of their financial well-being. They create value by not giving in to the situation and negotiating for what they are worth. It is an incredible practice that needs nurturing early on to avoid exploitation of employees by employers. It might feel overwhelming to fight with words against someone powerful than you, but doing so will push you to work harder and earn better.
"In business as in life, you don't get what you deserve. You get what you negotiate." – Chester L. Karrass.
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