Planning to move to a new job? If you are looking for a career change then you must be having a pay rise as one of the key criteria. If you make the following common salary negotiation mistakes, you’ll end up out-and-out disappointed.
Salaries in most of the industries depend on the following:
- Previous salary of the applicant
- Number of years of experience
- The Urgency of the position and the available budget with the head of the department
- Knowledge of multiple languages or extra skill
- Nationality and Gender (unfortunate but at times true for jobs and various industries and locations)
- And- Your negotiation skills
Whether you’re new to the job market or a seasoned professional, learn to avoid these 6 costly salary negotiation mistakes to get an offer that best matches your educational background, experience, and skill set.
1. Not Knowing your Market Worth
If you are not new to the game, the chances are that you have a rough idea of your market worth.
Do you know the average salary for various jobs in your industry to get an idea about salaries for your job role?
Well if you have travelled across countries and have been in the industry for years then you pretty much know the rules of the game. But, if you are a fresher or getting back to the job market after having worked for one employer for many years, knowing your worth can be a little tricky.
Nonetheless, not knowing your worth based on your skills, education, and experience is one of the biggest salary negotiation mistakes. That’s why it pays to do a little homework.
Check out online salary calculators, job postings, and industry salary guides. Even a bit of research will pay off big.
If you would like to know about the salaries in the hotel industry then please check our definitive guide on Hotel Management Salaries.
At times the biggest mistake hospitality industry candidates make is to have a hazy understanding of the industry standards of a particular job role. Similarly, professionals from the real estate and a lot of other industries also have only a vague understanding of their market worth.
It’s good to have a better understanding of the industry range to gauge the mind of the interviewer.
2. Not Negotiating enough– just Settling
Perhaps you’ve been out of work for long, and you really need the job.
You might think about what if I miss this all-important opportunity.
Maybe it’s an overseas opportunity you have been eyeing for in the past year or so.
But you don’t need to settle or accept the initial offer from the employer — it’s one of the top salary negotiation mistakes you can ever make.
While it might feel intimidating or uncomfortable, negotiating is a crucial part of getting a top-notch offer. This is even more important in labour-intensive industries like the Hotel industry
Yes, you need to be polite and must have enough control over your emotions while setting out your expectations.
If you are from the hospitality industry, real estate or any other industry with varying pay range, then check out these Tips for effective salary negotiation to help you settle your nerves and prepare effectively for this art.
You must be willing to put in the effort into the research. A little extra on research will help you get a raise in salary before you join the organisation.
So, in case you don’t feel confident about how to negotiate, don’t let that feeling pull you down.
3. Revealing what’s an acceptable salary to you
Don’t divulge what you think is the best salary for you. It’s a flop that can cost you dearly.
Dealing with the whole system of negotiating salary is an art. You must be well aware of the Art of the deal to ensure that you don’t lose on some extra bucks and perks.
This is even more important in the hotel industry where salary for the same position varies and depends on the departmental budget.
So, it’s definitely a bad idea to reveal your acceptable salary in the early stages of the interview.
It is always better to ask several questions to lead your recruiter towards mentioning their range.
Just stay calm and try to keep ducking early questions on an acceptable salary.
4. Turning down an offer too quickly
Now this a bug that has predominantly hit the hospitality industry hard. Normally we are all too quick to jump to conclusions.
And, a lot of the hospitality professionals do it after they have through gruelling interview rounds already.
Declining an offer from an employer too hastily can be a great put-off, and one of the most common salary negotiations mistakes one should avoid at all costs.
Of course, this can be a wise idea if the offer is well below industry par. You might want to wait out or negotiate a bit.
It’s not uncommon for recruiters to add company stock shares and big bonuses alongside seemingly small offers especially if you are in Sales & Marketing, Front Office etc.
Just check all the perks, let them know your expectations, negotiate a bit and defend your expectations by sending salary slips and other benefits.
5. Bringing up the salary question too early
Money is a key factor for all of our decision to change a job but this is quite obvious.
So, why to mention the obvious until and unless specifically asked for the same.
There’s nothing that can put off an employer quicker than raising the salary question too soon.
The rule of thumb is to wait until the employer brings up the matter.
It doesn’t hurt to be patient; after all, the issue will come up eventually.
It’s important to know the crucial steps of the art of salary negotiation in general.
6. Making the negotiation all about your personal finances
Instead of negotiating based on your needs, it might be best to focus on your qualification and the value you’ll bring to the company.
Making it all about you is one of the worst salary negotiation mistakes you can make.
Don’t just keep speaking about your personal expenses, family needs, your personal worth, profits because of you to your previous employer etc.
Try to bring the matter in modest and indirect ways as in what your role or qualification deserves.
So, skip a self-centred negotiation. You are bound to score better in negotiation through modesty.
Hope you liked the compilation of the salary negotiation mistakes to avoid at all cost when you plan your next career move.
These negotiation strategies hold true to any industry. A sound salary negotiation strategy would help you get in with some extra confidence and some extra money.
So, here you go. Some tips to help you take your next career move in style and with confidence. If you don’t make these mistakes, you are sure to get a better deal.
We wish you the very best.