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The Rules of Poker a.k.a How to get the Best Deal at Salary Negotiations!
The rules of poker a.k.a How to get the best deal at salary negotiations!
One of the most aggressive hiring environments currently is the Telecom sector in India. An astronomical jump in the number of Service Providers has ensured the testing of classical economic models of demand & supply. Many candidates without the requisite skill-sets are being offered contracts that are inversely proportional to their capabilities. This brings us to the issue of what is the secret of their negotiating success? Some simple rules can be encapsulated as how-to’s as follows:
Survey the competition – this is a crucial step. The successful negotiator gets a clear idea of the number of persons he could be pitted against, their current wage levels, and their interest in looking at greener pastures.
Time Frames – through good networking, get a clear idea of how long the position in question has stayed open, the longer this time period, the greater the chances of success.
Play hard to get – delay sending a CV, take calls only at the oddest times of the day, demand meetings with the senior most persons in the prospective organisation, raise queries about the viability of the company & its project plans, talk about other offers and so forth. This creates the impression of serious evaluation of the contract on offer, as well as establishes the candidate’s importance in his/her current organisation.
Start a (dis)information campaign – make anonymous posts and comments in industry groups raising the same (or similar) questions as discussed in Play hard to get earlier. Make sure your competitor hears enough negatives about the target company to ensure he/she will not consider any offers from them.
The Bogey of the Imminent Appraisal – this January talk about the huge raise you are going to get in your appraisal which is due in June. This is the most important ploy in the Bluffing Game. The desperate employer is likely to blink first, making for a successful bluff.
Make astronomical demands – make (unsubstantiated) claims of a huge retention bonus in the offing. Throw in ESOPs for good measure. Add in the family medical insurance, gadget issues, executive class travel, free meals in the office cafeteria, the cost of the climate controlled air you breathe at work, club memberships, ad nauseum, ad infinitum.
Now take this offer and flash it at other prospective employers and/or your current employer. Get a counter retention offer from your company (provided they want to retain you).
Now you have established a new benchmark for your compensation figures from an established employer. This adds to your negotiating power.
Repeat steps 1 to 8 as outlined above.
Voila! You have played a successful hand...from a salary level of 0.7 Million, you have successfully catapulted your package to the 1.5 Million level. Or, you have negotiated yourself into a state of perpetual unemployment.
Disclaimer: Play poker at your own peril!
Chillibreeze's disclaimer: This is a contributed article and was published on Chillibreeze in February, 2010. The views and opinions expressed in this article are those of the author(s) and do not reflect the views of Chillibreeze as a company. Chillibreeze has a strict anti-plagiarism policy. Please contact us to report any copyright issues related to this article. The relevance of the facts and figures cited (if any) could change after a period of time.
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—About our writer:
Vandana has been a fiction writer for about 10 years now, and her work has been published in India & abroad. She had a travel & lifestyle column in the Hindustan Times Delhi. Vandana is currently co-Promoter & COO of an Executive Search & Staffing Consultancy in Gurgaon India.
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