Over the years, the technological space in India has transformed — the nation is witnessing a significant rise in terms of both companies and the development of technology. Today, almost every major enterprise is setting up their development offices in India while they keep hiring top graduates from good universities. And Data Science is a prime area that is playing a vital role — as companies are also setting up their Data Science divisions in Indian offices.
With this significant rise in the industry, the demand for data scientists has also skyrocketed in order to building AI or Data Analysis based products or service pipelines. However, don’t forget that the field is growing rapidly, and you need to stay up-to-date with all the latest trends.
If you are someone who works in the field of data science and is looking for a new data science or analytics job. Then this might be the right time to go for it. But one can be tough to negotiate is the paycheck.
It is nothing new that a job change is not just about taking on new responsibilities or expanding your skills, but it is also about a hike in your salary. According to one of our studies, there has been a 2% increase in the numbers of analytics jobs that offer more than 15 Lakh annual salary as compared to 2017.
So for that, you might want to try negotiating your salary, but you also have to maintain a positive relationship with your potential employer. How would you do that?
Here Are Five Tips To Negotiate Your Data Science Salary
Do Your Research Before Negotiating
This is the first and foremost thing to keep in mind before you go ahead with the process of negotiating your salary for the data science job. And to do that research, you can look up Glassdoor and LinkedIn. These platforms are always one of the best to get know about the current salary trend for a particular job role.
So, utilise this research to support your negotiating technique. It is always considered to be best practice to figure out your market value before getting into a conversation with your potential employer regarding your salary. Being prepared will not only boost your confidence level but will also help you set reasonable expectations.
Word to wise: Even though data science is one of the highest paying verticals, you cannot expect a high paycheck from every company. Also, sometimes it always better to look for opportunities to grow and learn rather than money.
Be Honest About Other Offers With A Significant Hike
There is no denying to the fact that when someone looks for a job change, they start applying to multiple companies and they do receive multiple offers. It is not an easy task to juggle multiple job offers. However, if you are smart enough, you can turn those offers as a strong point while attending an interview at a company.
While negotiating your salary for a data science job role, you can always let them know that there are companies you are willing to meet your salary expectations. Be honest and establish a trust that works as an advantage. So, let them know, even though you have good offers in your hand why you choose them.
Have The Skill Set That None Can Reject
When you apply for a high paying job like Data Scientist, you need to have the knowledge and the skill sets that works completely for your potential employer. Data science might sound really fancy to many, however, it is not one of the spaces where you can land a job easily.
So turn your skill sets into strong relevant points. Tell them about the projects you have worked on before, the nuts and bolts you know about the data science space — show what you bring to the table and the impact you can have on your potential employer’s business as well to the clients.
Therefore, it is advised to show your skill set and why you deserve the amount you’re asking for.
Choose Your Words And Tone Wisely While Negotiating Your Salary
While negotiating your salary, always make sure that your tone is cooperative — don’t react to the initial amount with an adversarial tone. Rather, take a moment to evaluate the offer, reply positively and politely telling the recruiter about the number you had in mind (and also add the reason behind). However, if the company comes back at you with a “No”, just ask if there is any wiggle room.
Word to the wise: Sometimes, the offer truly is what it is, and in that situation, all you need to do is to make a decision — whether you want to accept the position at that income level.
Look For Other Employee Benefits to Negotiate
If the negotiation of salary fails, check out whether there are any employee benefits and perks that can be negotiated. If benefits like remote working are there, then consider negotiating these benefits instead of your salary — it may give you the chance to cut back on child care expenses, commuting costs or housing fees.
