Going through the interview process is stressful and time-consuming for both the employee and the HR. Salary negotiations are one of the crucial aspects of the interview process. Most employees tend to get uncomfortable when it comes to asking for a higher salary than what was initially offered to them. Surveys have shown that close to 70% of women and 50% of men do not negotiate their job offers.
These numbers, however, are not a blanket fact across industries. It is very important that as an HR, You know exactly what is going on in the industry that you work in. Regardless of whether or not the employee decides to negotiate, you should always be prepared for it. Here are some tips and tricks that might help you become better at salary negotiations.
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5 Salary Negotiation Tips and Tricks for HR:
- Learn About Your Company
Every company has a set budget that they allocate to hiring new employees. Every position that your company is hiring for will have the highest amount that you will be allowed to offer a potential employee. As the HR, it is your job to know the limitations of your company’s budgets.
Many companies also provide other benefits to their employees. Some of these benefits can be, bonuses, sick leaves, paid vacations, overtime compensations, and so on. If your company gives these benefits, make sure that you know what can be offered to the potential employee.
- Know Your Industry
As mentioned earlier, everything is subjective to the industry you are working in. This is why it becomes crucial that you have an in-depth knowledge of your industry and know the ins and outs at the back of your hand. You can get all of the required information by networking with other HRs from the industry.
Another source that you can rely on is the surveys and studies that get conducted for your industry. You should only depend on solid sources for your information.
- Get to Know Your Team
It is crucial that you know the employees that are currently working in your company. One of the reasons for this is so that you can determine what positions need more resources. Another reason is so that you are aware of how much your company is currently paying to an existing resource with similar background and position.
- Communicate Well
When it comes to the negotiation part of the interview process, it is highly important that you as an HR, communicate the offer well to the potential employee. This means very clearly stating what the company can offer to the individual if he or she accepts the offer. If there are any non-negotiable policies of the company, this is the time when you make them crystal clear to the candidate.
- Listen to the Candidate
Perhaps one of the most important tips is that you listen carefully to what your candidate is saying. After you are done with all of your research on the industry, your company, and your team when actually talking to the candidate make sure to ask the important questions. These are the questions that will help you determine how much salary you should offer the candidate.
Along with that, this will also help you determine the candidate’s potential and if he or she would be a good fit for your company.
As important as salary negotiations are to the candidate, they are just as crucial for HR. Having the know-around of these small tips and tricks might just make all the difference for you as the HR. In the end, any salary negotiation should be a win-win and not a win-lose. That’s the ultimate goal.