EXACTLY How To Negotiate Your Salary? Watch and Learn | Full Disclosure

Key Takeaways

I was expecting a salary in the range of 14 to 18 lakhs per from an 8.5 LPA you're looking for a salary of 18 LPA Well ma'am if you who put it like that but your experience is also in a very small form I've been a top performer there you have a big cut your Gap in your resume that's the most I can stretch it a candidate can lose lacks even Crowes of rupees over the course of their career if they fail in their first few salary negotiations and More than 70% of candidates don't even negotiate the offers they receive they accept the first offer because of lack of confidence low self-esteem poor market research and most importantly a lack of negotiation skills because most candidates don't know how to identify their Worth or negotiate it they don't know what to negotiate how intensely to negotiate and most importantly when to stop negotiating in this video we will break down the negotiation tactics employed by hiring managers and how you can counter them and navigate a negotiation to get what you actually deserve good morning ma'am good morning welcome anmo congratulations on clearing all your technical rounds we're in fact very happy to extend an offer to you and have you join us on our team but before that we'd like to know what your expectations are the salary negotiation is the last stage of the hiring process and if you have reached till here it's a very good sign you are now a desirable candidate to the company they have invested their time energy and resources on the entire hiring process and they really want to work with you so keep that in mind when you start to negotiate now this candidate had briefly indicated a salary expectations in the telephone interview itself while it's advised not to discuss your salary till you have actually proven your skills and have gotten a better idea of the job role however if the other person insists on it strongly you should indicate a reasonable salary range which is exactly what this candidate did thank you ma'am for the offer uh actually we'd had a discussion about this in the previous rounds as well I was expecting a salary in the range of 14 to 18 laks I feel that is an accurate and fair representation of what my skills are and what I bring to the table uh especially what you're looking for in this role I feel that's a fair ask ideally you should just State your expectations and try not to over justify most people once they State the expectations they try to overcompensate with extra justification but sometimes silence can be one of the most important tactics in a negotiation process just wait once you state your expectations and wait for the HR to respond to you another thing that the candidate did was to State a salary range instead of a fixed number now that's a smart move for two reasons one the HR will always anchor towards the lower limit and in doing so the candidate would have given the HR a free win and because of that they will be more considerate and eager to give the candidate their win too but secretly 14 lakhs perim was always the number he was expecting okay may I know what your last salary was now this is a classic Watch What Happens in my previous firm ma'am I was actually drawing a salary of 8.5 5 lakhs per but I was du due for a promotion there with this simple question the HR has not only put the candidate on a back foot but also anchored the conversation to a much lower number now the candidate is already trying to justify the lower number so from an 8.5 LPA you're looking for a salary of 18 LPA which is 110% hike I would say that's way above industry standards and more Well ma'am if you put it like that uh I I agree that it will seem like an unreasonable ask but if you if you look at the market standards if if you look at the skills that I bring to the table which the previous rounds have also confirmed I feel that is a fair ask and what are the market standards and mo well in my research ma'am uh an SDR with 1 to two years of experience has been getting a salary about of about 13.5 lakhs perom across all major firms and I also want to be at this firm for the long run I don't intend to jump ship so I feel that is a fair ask from my end the candidate has done his research well and wasn't stomped by the HS counter he wasn't pulling out numbers right from the air he was relying on factual data points and that is always a good sign he also subtly implied that he wanted to be at the firm for a long run for HRS who keep worrying about addition rates this is always a good indicator as it makes the candidate even more desirable and I also want to be at this firm for the long run I don't intend to jump ship so I feel that is a fair ask from my end yes but your experience is also in a very small firm for you to come and join a business and start handling something of this scale we will have to invest a lot of time and effort and we will have to give you a lot of training to get you up to pace and apart from that I also noticed that you have a big cut your Gap in your resume can you explain why that is the HR has now anchored the conversation away from the market rates to a few drawbacks in the candidate CV mostly his experience with being with a smaller firm his career Gap let's see how he responds about the career Gap map so there was a period in 2020 during Co when I was in campus and the offers that we were getting they were either either being taken back or they were being postponed and the offer that I had from campus was also postponed indefinitely I did not want to sit idle at home so I started applying to more jobs so I applied and that's how I got to working with the firm that I'm currently working in his response was in the sweet spot where he attributed the reason for his career Gap to an external Factor now a classic framework to answer any question which is directed at your weakness is to a acknowledge R provide reason and C combat that challenge this answer shows a positive career Arc let let's see if this candidate does it now I've been with this firm for 2 years and I've been a top performer there I was due for a promotion and a salary appraisal there I was also being considered to leave the team going forward I exceeded my quotas by 30% and I'm sure the interview process that you had has already tested me for it and you found me adequate which is why we're sitting here and having this conversation the candidate stood his ground here which is crucial since if you notice the HR hasn't revealed their number yet not only that he has tried to move the credibility of his own candidature to their own interview process and since the candidate didn't give an IM immediately this forces the HR to now start talking numbers there are still few counters that the HR can come up with at a later point but we'll see where the negotiation goes well anmo we would like to make this work but you have to meet us in the middle what you're asking for is way above industry standards it's just not practical or feasible we're happy to offer you a package of 11 LPA which would be a 30% hike from your previous salary but that's the most I can stretch it to because I also have a budget I have to adher to the HR has finally shared their number and it is a good starting point for the candidate if negotiated well he should be able to reach his minimum acceptable amount of 12 LS perom but the HR is definitely not going to budge easily from this point let's see what happens thank you for your offer ma' I really appreciate it though I'd like to know the bonus structure and the variable component that is attached to the pay the 11 LPA package we've offered is all inclusive 10 LPA will be your base salary and we have a variable component that varies between 5% to 10% but that's bases your performance okay so that makes 11 lakhs perom my maximum CTC and not minimum yes okay smart move from the candidate he has successfully anchored an amount of 11 plus X LPA into the hr's mind now it is up to him to maximize this x the pause he took at the end of his observation really puts the power back into his own hands just like a candidate starts with a higher than expected offer the hiring manager starts from a lower offer than what they will be actually be willing to provide I appreciate the offer that you've made me ma'am but at this point I think it's slightly lower than what I was expecting can we work out a way in which my base salary becomes 12 laks perom H give me a moment the HR knows that the candidate has proposed a fair offer and they'll be happy to comply however the pause is intentional and it is far effect for what is to come next the HR will try their best to curtail the offer to 12 lakhs perom or slightly below it so we're willing to increase your base to 10.8 LPA and your variable component like I mentioned will be a minimum of 5% and up to 10% the candidate is now pretty close to his accepted offer the candidate now has to decide whether one he wants to accept the offer only marginally lower than what was his expectations two straight out refuse the offer and walk away and try to establish a power Dynamic three or negotiate just a little bit more and see if there's any room for a wig still there it is important to note here that it is at this point that the negotiation of the conversation actually starts to become a little bit uncomfortable for both the parties involved and the objective discussions end up going into more subjective ego battles what will the candidate choose let's see well thanks a lot for the offer ma'am I really appreciate it but I'd like to let you know at this point that I already have a standing offer of 12 laks perom with another firm however I like the problem that you solving and I'd much rather be here and I see myself as being here for the long run so I was hoping that you could at least match the 12 lak per Anum figure and I'd happily come on board Master stroke he kept his Ace of clubs in the sleeves and play it at the most crucial juncture the candidate has just used the principle of scarcity and social proof to make his candidature more desirable by letting them know he's in demand he not only convinced the HR of his credibility by social proof but also introduced that he may soon go out of the job market hence scarcity well played well okay I think we can do 12 LPA let's have the formalities done ASAP and have you join the team welcome on board and mo thank you ma'am this is a well negated interview although this was a candidate who had a lot of his tracks covered and generally had a very strong profile this made the negotiation much more easier with a conversation leading to his favor that said he did make the most of his negotiation and generally did a good job let us know if you want to see more such negotiations where the candidates did not have a lot for them comment down below your salary negotiation experiences and the craziest interviews you've had if you have any questions ping them down in the comment and we'll try to answer as many as we can this is Rohit signing off see you in the next video [Music]