While switching jobs, salary negotiations are top of mind for everyone. Thinking about the right ask that doesn't shortchange you but also doesn't scare away the potential employer (or their HR), can be a tight rope walk.
Translating the expectations one has in mind into words that would convince the recruiter is not easy. Hence, the short but crucial joinery should be tread cautiously.
A key consideration when demanding a salary hike at a new job, for example, is that you'll need to back it up with performance in the coming months. A new job is a new beginning. And a higher salary also comes with greater expectations.
For instance, not everyone can expect doubling their salary during a switch, as senior professionals have comparatively higher salary and benefits than junior and mid-level candidates and hence, asking for a 100 percent hike is not always feasible.
Read the room
Candidates must analyse the economy and the respective sector they are joining. While demanding a 100 percent salary hike at a startup might not have been a surprise in 2022 when the growth and expansion phase was at its peak, it's a hard ask in the current environment when various startups are shutting their doors.
Therefore, candidates should research the company, and the industry it operates in, before asking for a salary hike.
Demand a salary you can justify
While a substantial addition to your salary and elevation in the working title might seem like a jackpot, it may turn out to be disadvantageous in the long term.
Imagine getting a salary and role that you are not able to justify in terms of output. Hence, it is advised to focus on returns that you can provide instead of just asking for a higher salary growth.
Support your argument
When asking for a salary hike, candidates need to explain why they deserve it. The argument should not solely be based on factors like switching jobs, but also on how you will work on value addition in the new role.
The demand should be backed by certain measurable outcomes that you have achieved in your last job and how you plan to achieve the same in the next job.
Be ready to adjust
Sometimes, due to strict budgetary allocation to certain job roles or departments, HR and line managers are bound to offer only a certain increase in salary to new hires. This results in a CTC offer that is below what they are demanding.
However, it is advised that candidates are flexible in such situations.
Try for other avenues: employee perks and benefits
Though in-hand salary remains one of the crucial factors while negotiating, candidates should not forget the other benefits they will be receiving. This includes being eligible for upcoming appraisal, family insurance, housing allowance, and in some cases stocks, etc.
By looking at other avenues of benefits, candidates can assess an overall picture that might turn out to be advantageous in the long term.
“Bonus schemes, potential for future growth, and other perks like flexible working hours, professional development opportunities, and employee discounts also play a crucial role in the overall value proposition. By taking these factors into account, employees can make more informed decisions that align with their long-term career and personal well-being goals,” said Upasana Raina, HR Director of Gi Group Holding.
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