Do you want to negotiate like a pro? Are you keen on improving your contract negotiation techniques?
Negotiating contracts is one of one of the things in this world that people only learn to do the hard way. But in reality, you will need to lead the charge and creatively negotiate to land your dream contract. The goal of negotiation is not to get everything you want. It’s on how you communicate and interact with a client so that both groups enter a relationship on equal standing. The result is a more powerful, more equal path to partnership. Here we look at how you can improve your contract negotiation techniques to make a groundbreaking deal for your company.
5 Tips to Improve your Contract Negotiation Techniques
1. Get it all in writing
A company provides you with an offer package if they are planning to hire you. This will include a basic outline of all the things that the company is willing to provide you including the basic salary, bonus rates, incentive schemes and other related packages. The offer package will also include some elements like your designation, the senior officer that you are reporting to, and the date of work commencement. It is up to you to accept the terms stated in the offer package or not. The law doesn’t force you to make any quick decision in the interview room. The offer provides you a leverage which prompts you to accept the job.
Negotiation is a key function to perform within the context of a job application. You’ve got to prepare a written sheet of the negotiations and then meet the company representatives on a stated and a fixed date. It is very important to have the points in written form to have proof whenever you want. Verbal agreements always carry a risk where the company representatives could walk away without a stated final decision.
2. Be confident when you are negotiating
A survey report discovered more than 23% of the employees get a negotiated salary after the initial job offer. A simple try could gain you many benefits in future years. If a company offers you a job-related package it means that they want you to be with them. This is the simple reason why they offer you a job. In the backs of their minds, people have the fear that if they come up with a counter offer the company will terminate the contract and start looking for another person. You should be confident about your next move. Asking for a fair salary doesn’t make you a bad or cunning person. The hiring manager is being restricted to a certain limit for the offer and they will start with a comparatively low rate where they expect you to negotiate. Be confident to use your brain and adopt creative contract negotiation techniques. If you don’t negotiate you will have to settle for the bare minimum.
The numbers are quite amazing when it comes to statistics related to hiring and the offers. It should be noted that approximately 70% of the employers don’t feel awkward when the employee tries to negotiate and 57% of the hiring personalities expect job candidates to request for a higher salary after the initial offer provided by them.
3. Don’t miss out on any
It should be noted that the basic salary is just a small portion of the total remuneration that the company is planning to offer the job candidate. It includes many elements like the incentive schemes, healthcare facilities, bonus offering and many others. You can’t be just focusing on the basic salary when you are up for a negotiation. Don’t be pessimistic. Try working on the smallest possible areas when you are planning to negotiate. Most of the companies try negotiating on the basic salary ignoring the other elements like the medical packages, incentive schemes, and bonus offerings. Try working on the other incentives if they are not willing to negotiate on the basic salary. This will help the candidate and the employer to get into a reasonable agreement through a fair negotiation process.
4. Try to be creative when you negotiating
There are many creative ways for you to negotiate for the best possible package from the company. For example, you could ask the employer to give a vacation period of three weeks a year from the second year onwards if your existing holiday window is for two weeks. Some candidates could have medical packages taking care of their health already. In a case like this, they could decline the health care offer and instead they could ask for extra cash. Make them realize the fact that there is a saving for them if you are not willing to take the medical package. An effective and a productive explanation could bring in you great benefits like an increased pay or some other bonus package. Don’t let the salary control all the elements within the negotiation process. There could be other benefits and incentives which add up to a higher average compared to the basic salary.
5. Do some productive research
The task is up to you to find out how much you are worth. Do some research and find out the remuneration packages that your equals are getting. This will help you evaluate your skills and abilities and then decide a suitable package for you. Be armed with relevant information and call attention to it whenever needed.
Negotiation is fast becoming a world of “us against them,” however it can be a worthwhile experience when all parties leave the table feeling as if they both won. If you can follow the tip provided with creative contract negotiation techniques, you will be able to land the dream offer.