In the modern world, we all are making or cutting deals at different points of time. It may be a deal in one’s professional career, a deal with your mentors or teachers, or even with your fellow mates. We tend to be calculative and wary while making a deal. However, the sole agenda while cutting any deal is to gain maximum benefits from it. This is the point where the role of negotiations comes in. Although, is there a certain way to do it? How does it work in different scenarios?
A Northeastern University’s writer, Joe O’Connell, wrote a blog explaining the basic structured way to negotiate whenever you are cutting a deal. He used the analogies and ideas of a negotiation expert, Edward Wertheim, who stated that a major mistake made by candidates when it comes to negotiation is that while accepting a job offer they do not negotiate at all. This may affect their salaries 20 years down the line. Some basic tips you may follow while you step up to the negotiating table are-:
The more planning and research you do, the more familiar you become about the industry and unit for which you are interviewing. Don’t solely focus on salary while you negotiate, other benefits may be more valuable and worth more than the extra bucks you are negotiating for. Try giving the mean salary for your position and experience whenever the manager asks you “what salary you are expecting?”. If the company says negotiations are off the table according to our policy, gently ask if there are situations when the policy doesn’t apply. Always strive to have multiple offers at your hand while you negotiate for one, it gives you an extra edge over the employer.
Negotiations are far more important and impactful during a deal than they seem. It’s just about doing your homework right and making the most of the opportunity and time you get at the negotiation table. If you negotiate wisely, you may end up on a higher note than you were meant to initially. However, not being able to make the most of it and realizing it later brings nothing but regret.
Luvpreet Singh