When an employer wants to hire you, and you want to work for them, the salary then becomes the most sensitive and critical issue in the entire hiring process. Discussing, and thus negotiating the compensation causes extreme anxiety for both the employee as well as the employer. Here are 7 excellent tips to make the entire process of salary negotiating easier and more efficient.
1) Do Your Homework:
Before the actual interview process even begins, you should contact the professional organization (if there is one), that represents your chosen career field. They should be able to provide you with some type of salary range information. You can then also examine and determine your monthly cash requirements. Keep in mind that taxes are usually deducted from your net take home pay. So make sure you add an additional 30% to 40% to your required salary.
2) Evaluate Your Skills:
You should realize that certain segments of the economy always require a variety of different skills, depending on the specific industry. Once you have established and evaluated what your exact skills, training or education level are, and how much they are worth in the current employment marketplace. You would then know the exact range of your salary, based on demand.
A high and low, salary range is usually available from the following publications and/or websites: National Association of College and Employers, American Almanac of Jobs and Salaries, Career Center, and professional groups and clubs in your related field.
When stating your desired salary range, you should be honest when it comes to disclosing your past salary. It’s acceptable to ask for a range of approximately $5 to 6,000 per year above your current salary, to show that you’re within the company’s price range, but you also interested in more compensation.
3) Examine The Company’s Compensation Package:
To determine what your fair market value is for a specific job, you should take into account the geographic, economic, and industry factors of the job. Weigh all the following benefits that’s offered, such as: compensation and possible promotions, health or life insurance, vacation time allowed, and retirement packages and settlements of the salary offer, to evaluate the entire proposed package.
4) Sell Yourself Properly:
If you realize that what you can offer your prospective employer requires an increase in pay from your current salary, you should never state that directly. You should sell yourself a little more discreetly. The interviewer understands that the proposed salary isn’t set in stone or appropriate for your particular background.
5) Always Project A Positive Attitude:
When you are negotiating, never make it seem like a competition. Negotiating should always benefit both parties involved. Understand what your needs are and those of the company.
6) The Final Offer:
Know when the negotiation is done. Going further when a potential agreement is completed, could potentially give a negative first impression on your part. Know when to stop.
7) Show Your True Colors:
The interview for a job is only the first step. If they are interested in you, the interviewer will ask for a rough salary range, just to see if you fit in their ballpark. Convey confidence when stating your salary demands, but also be realistic. Analyze the current market conditions, how much your skills are in demand, and know that what you want as a salary. Understand what you ask for is only the starting point.
Based on a recent survey that was conducted by the Society for Human Resources Management, 80% of employees are intimidated by negotiating compensation. Hopefully, understanding and using some of these tips will allow you to enhance the terms of your new job.
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