A very important aspect of a job interview – either for a fresher or not – is negotiating for the right salary. In fact, negotiation is a normal part of the hiring process, and employers typically expect candidates to negotiate. Negotiating one’s salary can be a crucial step in the job application and hiring process.
This is because negotiating salary ensures that you receive fair compensation for the value you bring to the organisation. It allows you to advocate for your skills, experience, and expertise, ensuring that you are appropriately rewarded for your contributions. Also, remember, a higher salary can provide you with greater financial stability and security. It can help you meet your financial obligations, save for the future, and improve your overall quality of life.
According to Neha Gupta, Placement Manager and Assistant Professor, Apeejay School of Management, a candidate especially a fresher needs to know their worth, while negotiating for salary. “Be confident about your strengths and what extra can you bring on plate for the organisation, if they select you. Be aware of Industry standards so that you don’t quote any unrealistic figure. Have specific numbers in mind by doing a research on salary offered by the organisations with similar job roles,” Gupta advised.
“Be confident about your strengths and what extra can you bring on plate for the organisation, if they select you. Be aware of Industry standards so that you don’t quote any unrealistic figure. Have specific numbers in mind by doing a research on salary offered by the organisations with similar job roles”
–Neha Gupta, Placement Manager and Assistant Professor, Apeejay School of Management
She is also quick to point out that there are different strategies to be followed by a fresher and candidates going for senior roles. Candidates applying for senior roles can always elaborate talk about their previous job and experiences whereas as a fresher, candidate can mainly talk about their skills, strengths and new ideas. Experienced candidates negotiate on the basis of experience and best practises followed by them; a fresher can negotiate based on the innovative ideas.
“However, both should know the market trends and the urgency of the position that they are applying for before negotiating the salary. Both should know the value add that they may bring to the organisation if they decide to invest on the candidate as an employee,” Gupta said.
Non-monetary benefits or perks are also a crucial part in candidate’s professional life. “Benefits like flexible hours, remote work, or training opportunities, play a vital role in maintaining work life balance for any employee. They should be considered as important as monetary benefit,” Gupta said and added that the Corporate Resource Center — the placement cell of Apeejay School of Management, organises special sessions on techniques for salary negotiation every year for management students.
“Apart from this session, students are trained on salary negotiation skills based on job description for each and every organisation coming for campus placement,” she added.
An alumna of Apeejay School of Management Divya Singh, who is at present, working as HR (Corporate Trainer) with GMR DIAL said that before entering into salary negotiations, gather information about the average salary range for similar positions in your industry, location, and level of experience. Websites like Glassdoor, Payscale, and Salary.com can provide valuable insights.
“The best time to negotiate your salary is after receiving a job offer but before accepting it. This is when the employer is most invested in hiring you and may be more open to negotiation”
–Divya Singh, Alumna of Apeejay School of Management & HR (Corporate Trainer) with GMR DIAL
“Understand your worth and what you bring to the table. Consider your skills, qualifications, experience, and any unique value you can offer to the organisation. This self-awareness will give you confidence during negotiations,” Singh said and advised that the timing is key when it comes to negotiating your salary.
“The best time to negotiate your salary is after receiving a job offer but before accepting it. This is when the employer is most invested in hiring you and may be more open to negotiation,” Singh opined and shared some tips for job-seekers.
Be cautious: Avoid discussing salary too early in the interview process, as it may give the impression that money is your primary motivation.
Prepare a compelling case: Develop a clear and concise argument to support your desired salary. Highlight your accomplishments, relevant experience, and any additional responsibilities you may be taking on. If fresher, focus precisely on explaining how your skills and contributions will benefit the organisation and justify the higher compensation.
Practice effective communication: Approach the negotiation with a positive and professional mindset. Clearly articulate your points, listen actively to the employer’s perspective, and respond thoughtfully. Maintain a respectful tone throughout the conversation and avoid making ultimatums or becoming confrontational.
Be flexible: While it’s important to have a target salary in mind, be prepared for some flexibility. Consider alternative forms of compensation or perks that may be offered if the employer cannot meet your desired salary. This could include performance-based raises, additional vacation time, or a review of your salary after a probationary period.
“But the most important aspect is to maintain confidence in your abilities and the value you bring to the organisation. Be willing to compromise if it aligns with your overall career goals. Avoid rushing or accepting an offer immediately if you’re not satisfied. Evaluate the offer and its implications for your financial well-being and long-term career growth,” Singh advised.
Negotiating salary is necessary for several reasons
Recognition and motivation: Negotiating your salary demonstrates that you value your worth and are confident in your abilities. It sends a message to your employer that you are serious about your career and expect to be recognised and rewarded for your performance.
Gender and diversity pay gaps: Negotiating salaries can help address gender and diversity pay gaps. Research has shown that women and underrepresented groups tend to negotiate their salaries less frequently than their male counterparts, resulting in lower overall earnings.
Building confidence and assertiveness: Negotiating salary requires assertiveness, confidence, and effective communication skills. Engaging in this process can help develop these important professional qualities, which can benefit you in various aspects of your career.
“Negotiating salary is a professional and important part of the job offer process. Be confident, and assertive in advocating for the salary you deserve, engage in healthy and constructive discussion, but never argue. Be a good listener and understand your employer’s perspective as well,” Gupta said.