10 ways in which you can negotiate your salary

1) Accept initial offer and lose Rs 1 crore

Always, always, always negotiate. Women and first-time job seekers are more prone to accepting the opening offer without questioning it. A 10% salary difference in the first job with a CTC of Rs 4 lakh represents a lifetime loss of over Rs 1 crore, assuming a 15% annual hike over a 40-year career.

So, politely restate your case and provide justification for a revised offer. In over 95% of the cases, the employer has not made his best offer right away and is expecting you to negotiate upwards. As a ballpark, ask for a 10% increase.

2) Do your homework on position & firm

Thoroughly research the market and the firm. In negotiations, as in war, the better prepared side wins. Never approach a new employer without finding out the standard market salary for the position offered based on your experience and qualification.

Start with online research, and then talk to professionals and recruitment consultants. You can also speak to people in the company to have an idea about the latest state of its business, operations and the compensation structure. Use this data to justify your stand.

3) Don't use last salary or financial need as pegs

Focus on the value you will bring to the company. Most professionals are browbeaten by the firm's hiring manager, who will peg the new offer to your last drawn salary. This is usually underselling your competence since it does not give you a fair market correction.

Similarly, do not negotiate on the grounds of how much money you need. Convey the value addition you will provide to the profile and firm, and why you deserve a better deal.

4) Have a back-up plan

Know your options if you choose to walk away from the offer. Only if you have a back-up plan can you negotiate without fear and take a stand on a fair compensation structure. This is the reason it's not advisable to quit a job before you find a new one. In today's challenging job market, a few months of savings or an alternate source of income will do wonders for your confidence during the negotiation process.

5) Let the employer start salary discussion

Let the employer talk about salary first. Most newcomers make the mistake of initiating the compensation discussion early on in the game. This exposes your inexperience and sends a negative signal that you are concerned only about the salary, not the profile. On the other hand, if the employer makes the first move and quotes a figure, it sets the floor for the negotiation and the final salary can only be negotiated upwards from there.

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Three Clues You’re About to Lose Your Job

The firing process is God awful. (No matter how gleefully Mitt Romney extolled its virtues on the campaign trail.) People hate to cause pain, so there's major stress involved with letting someone go for underperformance. Of course this doesn't even come close to the anguish of the person beingfired. Can't this whole process be avoided?

Both sides may wonder how it ever came to this. Managers question why people don't see the writing on the wall and voluntarily exit a company. Employees feel blindsided.

I was in this exact conversation last week with a coaching client, who had an employee on a serious development plan. My client's strong desire was that this person would self-select out rather than having to go through a messy termination process. However, there was no evidence that this was the case.

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How to Accept a Job Offer

Once you have an offer, you need to evaluate the position and the package you have negotiated and decide if it is the right fit for you. You may even have more than one offer you need to chose between.

Analyze the Offer

Your first task is to determine if the offer is the right one for you. To do this, you need to understand your needs and ambitions. Before analyzing a job offer, we strongly recommend your review your:

• Skill set
• Financial goals & needs
• Short-term career goals
• Long-term career goals

Once you have a firm understanding of your needs and goals, we recommend analyzing the job offer in four steps:

1. First, analyze the company and the job offer to ensure it matches your personal goals:
   • Will you have to make sacrifices in terms of family commitments at the new job?
   • Will you have to travel for the new job?
   • Will you have to move for the new job?
   • Are you willing to work the hours required by the company?
   • Do you think you will like working with the people you met?
   • Will the culture and work environment bring out the best in you?
   • Will you enjoy going to work every day?
2. Next, analyze the job offer and ensure it matches your career goals:
   • Does the job match up with your career goals?
   • Does the job seem challenging and interesting to you?
   • Does the job offer training that will help you to grow?
   • Does the position offer the opportunity of advancement?
3. Finally, analyze if the company itself matches your career goals:
   • Does the company size and culture mesh with your career goals?
   • Does the company foster teamwork? Does this matter to you??
   • Does the company invest in developing its staff?

Make a Decision

Once you have analyzed all of this information, it is time to make your decision.
We recommend talking the job offer over with family and trusted friends to get their perspective. It is always helpful to have a fresh set of eyes review your opportunity and provide their perspective. But remember, you are the one who ultimately must do the job each and every day, so while it is important to listen to different perspectives, be sure to make the decision you make is yours alone.

Formally Accepting the Offer

Once you have decided to accept the offer, place a call or write an email or letter indicating your acceptance. In many cases, emailing your acceptance is more than suitable, but following it up with a mailed letter is a nice touch and it ensures the company received your notice of acceptance. But as always, if the company directs you on how to accept the offer, be sure to follow the instructions precisely.
If the company provided you with forms to complete and sign, by sure to do this promptly.
One final idea we recommend when appropriate: email the people you interviewed with and let them know you have accepted the job offer and are excited to begin working together.

Choosing Between Multiple Job Offers

Choosing between multiple job offers can be difficult and stressful. It is hard to turn away an opportunity.
At GILD, we recommend building a “decision matrix” which allows you to clarify how you want to make this choice so you can objectively compare the options. A decision matrix is very simply to build. Draw a table, and down the rows write the things that are important to you. Next, draw a column labeled “Priority.” In this column you should rank the list of items in order of importance. Finally, draw a column for each company. You are now ready to fill-out your decision matrix.