Continuing with the previous post about salary negotiation, we talk about bonuses, flexibility and the two super hit, tried and tested methods for negotiating your salary – the Noel Smith-Wenkle Salary Negotiation method and the Jack Chapman Salary Negotiation Method.
Regarding the Bonus
At times, a large chunk of our salaries are our bonuses. Different companies have different ways of paying bonuses to their employees. Terms and conditions being attached is not unusual. The employer might say that the bonus is discretionary. However, make sure you seek clarification about what the discretion is going to be based on – group performance, individual achievements or achieving targets? Also, some companies have a rule of revoking the bonus of a certain time period when you put down your papers (resign). Ensure you have complete knowledge about all these aspects.
Be Persistent Yet Flexible
Rarely would an employer accept the numbers you quote at the first go. If you know exactly what you are worth, be persistent. However, if the company does not wish to negotiate at all and this is the job you have been waiting for, be flexible and try making up for your in-hand salary through other incentives like extra leaves, travel or communication bills’ reimbursements, remote-working, better health insurance, etc.
The two most popular practices for salary negotiation are the Noel Smith-Wenkle Negotiation Method and the Jack-Chapman Salary Negotiation Method.
The most basic rule of the Smith-Wenkle method is to never tell the employer how much you are expecting. This is the first question the employer would ask you. Here are four steps which comprise the Smith-Wenkle Method:
- If the company asks for the expected salary on the job application you submit, leave it blank.
- When you reach the interview stage and the employer asks how much you are expecting, be diplomatic with a response to avoid it by telling them you are more interested in the type of work.
- When they ask you for a second time, saying “I will consider any reasonable offer” works as a stalling tactic.
- When they ask you yet again, telling them that they are in a position to gauge how much you deserve almost always works.
Thus, your motive when you employ this method is to never quote the salary first. This works nine out of ten times!
The other method is the Jack Chapman Salary Negotiation Method by career coach Jack Chapman who states five rules for negotiating your salary.
- Postpone salary negotiations until you have been offered the job: It can get embarrassing if you start talking numbers even before you have been offered the job. It is important to first secure the job offer before negotiating your salary!
- Let the other side make the first offer: Use the Smith Wenkle method to accomplish this. Also, here is a short video by Chapman to face awkward questions regarding salary history – http://salarynegotiations.com/Video.htm
- When you hear the offer, repeat the number – and then stop talking: Termed as “the flinch” by Chapman, the almost immediate effect of this tactic is a raise. It also helps you buy some time while pressurizing the employer.
- Counter the offer with a researched response: Like we have mentioned before, you should do your home-work regarding what salary you are expecting. Your counter response to their offer should be well researched and balanced.
- Clinch the deal some more: Once you have frozen on your salary offer, negotiate the additional perks like extra leaves, company transport, etc.
This is all that there is to negotiating your salary. Finally, we would say practicing a mock negotiation with a colleague, friend or relative is the final touch up for your preparation to negotiate your salary and you are good to go! All the very best! 🙂