Receiving a selection call from a new employer is definitely something a candidate is looking forward to. The next step after the call is something which most of the candidates dread. Salary Negotiation is one of the important aspects of a candidate’s career ladder. Candidate must be fully aware of what he wants in return and confident enough to convey it to the person on the other side of the table.
Following are some mistakes a candidate should avoid while negotiating salary.
- Settling for less than what you deserve: Most of the candidates out of fear settle for less salary. They tend to accept what they are offered. They accept it happily, being completely unaware of the financial consequences in the long run. Salary raises and pension contribution are based on a certain percentage of one’s salary. Thus, accepting less amount of salary leads to few raises in the salary as well as small contribution. This can also hamper the potential earning as the employer asks for a salary history.
- Being impatient: Very often a candidate reveals what he will accept in the early stages of the interview. A candidate should always wait for the selection call and then pitch in his salary expectations. When a candidate is selected for a specific job he has the power to pitch in his salary expectations and ask for incentives, commissions, health insurances etc. Chances of being rejected are high when a candidate reveals his salary expectations in early stages.
- Putting your foot forward quickly: For a single position, there are hundreds of candidates who apply which results in the longer duration of the interview process. Even if the candidate gets selected for his dream job after weeks of waiting, he should review his salary structure with a cool mind. The candidate is usually given a timeframe, within which he has to convey his/her decision regarding the job to the recruiter. The candidate should make full use of the timeframe and plan his salary negotiation process strategically.
- Backing out without giving a second thought: Candidates decline a job offer, when offered salary does not meet his/her expectation. It may happen sometimes, that a company offers less salary but has a huge compensation package. The company provides the employee with various benefits such as full expense of health insurance, discounts on gym memberships, cellphone reimbursement etc. These perks/incentives can really add up to a real value. Therefore, the candidate should carefully review the salary structure before declining a job offer.
- Accepting the offer without a written letter: After deciding everything, it is necessary the candidate should ask for the offer in writing. Employers will have no issues giving the candidate a written offer letter. If the employer tries to talk you out of the written letter, take that as a red flag and think before going forward with the offer.