Common Salary Negotiation Mistakes and How to Avoid Them

“ You do not get what you want. You get what you negotiate”- Harvey Mackay.

Congratulations, you got the job! These are the golden words we would like to hear ringing in our ears when everything goes smoothly in a job interview. However, negotiating about your salary can be a bit daunting, especially when you haven’t officially got the job. Questions like, “ Should I settle for less than what I deserve, or Will my offer get rescinded if I negotiate for more?”- are some of the thoughts that cross everyone’s mind when negotiating for the salary. Often, certain weaknesses, such as our inferiority complex, imposter syndrome, or inexperience, get the better of us, and we succumb to the immense pressure of our internal battle and make us accept the company’s initial offer and move on. but it is important to know your worth and to speak for yourself confidently if you believe you deserve a higher salary. This article will give a comprehensive idea about the most common Salary Negotiation Mistakes and what you could do to avoid them.

Mistake #1: Not doing proper research

Before you enter a salary negotiation, you need to do proper homework, which is to research how much you are worth and what you deserve to get for the work you will be doing. Do a bit of snooping around to find out the market value of your skills, experience, and job role, as well as what others are getting paid for the same work you will be doing. You should also have a fair idea about the national average salaries, salary range, and other incentives offered by the company as well as its rivals. Use online resources like Glassdoor and LinkedIn, industry reports, and networking contacts to learn what others in similar roles are making and what the industry standards are. This will help you negotiate for fair compensation and avoid asking for too much or too little. Proper research will also serve as a logical and legitimate backing for the number you quote. 

Mistake #2:  Accepting the offer before presenting your counteroffer.

It is important to always make a counteroffer. Employers rarely put their best offer first. But, negotiating a salary gives one the opportunity to earn more than the one who does not. It is important to understand that salary negotiation is a part of the whole process and that Employers actually anticipate that candidates will haggle and make a counteroffer.

However, you should avoid quoting your number first. This will prevent you from overshooting a value than the current industry standards or you might inadvertently offer a low wage that will leave you hurting yourself. If the employer asks you directly about your salary expectations, you can respond that you are flexible depending on the range they can offer, or you can quote a figure that has the necessary research support to validate it. 

Mistake #3: letting the negative emotions take control

Whether you are negotiating a salary rise in the current company that you are working for or a new job offer, it is important that you maintain a certain professional decorum. However, making your counteroffer sound like an ultimatum by saying that you will not accept anything less than X or getting defensive or emotional can put off the employers and paint a bad impression about you in their minds. Be gracious and appreciative of the opportunities and knowledge you received in the company if you were working there for a while. Be professional and courteous, and be prepared to walk away if you do not get the offer that you are looking for. You can raise your point respectfully and give clear explanations that have proper research to support you, and on the day of the day, the recruiters will be likely to respect you. You are looking for a cooperative back and forth. 

Mistake #4: Hurrying up the process

Negotiating a salary can be a stressful process, and you should expect to feel under pressure at times. But if you give in to peer pressure to say yes to an offer, you might end up regretting your hasty choice. When negotiating a salary, timing is everything. Neglecting to negotiate and hastily accepting the first offer may result in lost opportunities for greater pay. However, waiting until it’s too late or ineffective to have salary talks can restrict your options. ‍Select the appropriate time to begin negotiations so that you can show that you are ready and dedicated to obtaining just compensation. 

Mistake #5: Imply that you are looking around

Employers ideally want someone who is interested in working for the organization. It is preferable to hire someone who is interested in working with your company long-term rather than someone who is always looking for a “better” opportunity. So, if an applicant exhibits signs of disinterest, lack of enthusiasm, or lack of commitment, the hiring manager may consider the candidate a flight risk.

 

Mistake #6: give a false statement of your previous salary

Candidates who fabricate information about their worth or previous income risk jeopardizing not only their job offer but also their career growth and progression. Creating an inflated salary to bargain for bigger pay is not a wise move, as most recruiters are aware of the current industry and market value of the job role. Also, it is simple enough to confirm the candidate’s prior employment history and income. As the wise saying goes, “ truth always comes out, one way or another,” it is better to keep your self-respect then to risk losing your credibility and career by lying your way to get the job. However, it is important that you avoid negotiating a value that is inferior to what you are worth or bargain for more than what you deserve. Negotiating a rise is always possible once you have proven your value.

Conclusion

Wrapping up, conducting thorough research, and understanding your own value will help you negotiate a salary with ease and efficiency. If you remain firm in the face of rejection, resist giving in to coercion or threats, and hold off on disclosing the counteroffer until after the prospective employer has already concluded that you have accepted, you will be OK. As Priyanka Chopra once said, “Confidence is the best accessory you can wear.” Therefore, exude confidence in your efforts and try to be assertive while making sure not to come across as haughty and rigid during the conversation. Recruiters always appreciate strong negotiating abilities since they show that you are aware of your value and that they will be adding someone of that caliber to their team.