Negotiating the salary The woman's way

Transcription

1 Negotiating the salary The woman's way By not negotiating their salaries, many women sacrifice more than 50% of money that they could have saved in their entire professional lives. As per the survey conducted by Campus connect in some of the business schools across the country, those who negotiated received 7% to 8% more than what they were initially offered. And of those two graduating classes, 52% of the men negotiated, compared to only 12% of women. Over time that adds up since percentage raises are based on a person's current salary women leave a lot of money on the table. Negotiation at the time of offer is seen in the negative light more so with women who negotiate are seen as pushy. Even though the same tactics are used by men for salary negotiation, it is considered acceptable practice. To over come these perception women should negotiate for a win-win cause rather than breaking the relationships. Better way to negotiate I would love to join with a slight upward revision in salary Instead of saying I will take it, if I get these many $ Women should understand that it is pure business and not personal. If not negotiated at the time of joining, you have lost a life time opportunity and at every instance in the career you will be looked down upon as a revision in salary is considered only on the existing salary structure.

2 Unlike men who are negotiate hard, women tend to be soft on their future bosses so as not to spoil the relationship, this may be considered a week character as you don t demand what you deserve. There is a fine line between being liked and being valued. What woman usually says? Seema, production manager: "I have a hard time putting a monetary figure on the work that I do." Padma, administrative assistant: "I tend to think people are pretty fair, so maybe I'm too trusting and expect that I'm getting what I deserve in that I work really hard." Roopa, a journalist: "When I go into a negotiation... I think about maintaining that relationship before I think about my own [needs] really." Sushma, advertising executive: "I'm better at asking for other people, and I can be really direct... but not so much for myself." List out accomplishments The best way forward is to sit and jot down the like and dislikes and the priorities. Further set realistic goals and go about achieving it in a systematic manner. While negotiating, it is important to list out accomplishments and awards / recognitions you have achieved through out your career. This important both on campus salary negotiation and for performance review during the course of job. It is no shame to ask for a written testimonial from your professors / sr. colleague / boss, which you can sue in future to support your claim for higher salary or during performance revision.

3 Pay range Another key to earning the highest salary possible is finding out what the typical pay range is prior to the interview. That way, you have a sense of what to tell them if they ask what you hope to be making. One way to successful negotiation is not to answer the question How much do you make now instead of answering that question postpone as long as possible and give a vague answer and try to draw a parallel with the expectation and the current salary being offered for that position in the organization to a male counterpart. It so happens that once you put a figure, it may sound too and they underestimate you, if it is too high, the hiring manager may get upset and that will become a bench mark for further negotiation. The best way out is to say we shall work out the compensation once we have a common ground Interview When you attend a job interview on campus or for a lateral movement, be confident and explain exactly what you've accomplished at past jobs and discuss what you plan to accomplish at the one you're interviewing for. Support your argument by testimonials and case studies and give out as a flyer. Marketing oneself is not chest beating, "Make sure the right people in the right way know when you're doing great things," and you get recognized for the effort you put it.

4 Check list for successful salary negotiation: 1. Be prepared and in know-how Negotiation is done from the position of strength which can be gained by knowledge about the industry, Target Company and about the subject. 2. Know the range Research and decide on the range and minimum that is acceptable and the salary that you prefer. This can be arrived at by having knowledge about the company s salary structure and industry standards. 3. Watch your answers What you cannot answer just ignore, avoid falling into trap by under quoting yourself. Let the offer come from the interviewer and you negotiate from that figure upwards. 4. Honesty Is The Best Policy No matter what, never, ever lie about your salary. All you will manage to gain is a reputation for dishonesty. 5. Multiple offers Do not confine yourself to a single offer, if you are looking out for a change, apply and try to get multiple offers and make sure the interviewer knows that you already have a offer on hand. 6. Survey the market Women should research what their male counterparts are getting for a similar kind of job in other companies before negotiating.

5 7. Keep your options open Confining to one company for long will not bring big returns, as increase in salary is marginal year on year compared to the big increase that the new job brings in. 8. Prepare Women should practice with other students or colleagues how a negotiation discussion will go and what are the pitfalls. Look at all scenarios and prepare for the unexpected. 9. Negotiate for win-win Take the interviewer into confidence and look at him as a partner instead as a competitor. Show your confidence in securing the job and express interest for the current company the benefits that you can bring in to the organization.