Money is the most sensitive issue in the entire recruitment process. Discussions on compensation often cause concern for both the employee and the employer. Here are seven ways to make the salary negotiation process efficient.
1) Research: Before the interview process begins, contact the professional organization that represents your career field. You can now check your monthly cash requirements as soon as they provide you with your salary information. Remember that once your taxes are added to your paycheck, about 30% of your gross monthly salary is deducted.
2) Determine your skills: You must understand that different sectors of the economy require different types of skills depending on the setting of the industry. Once you have established what your skills are and what they are worth for the current job market, you will know the limits of your negotiation.
Information on salary ranges is available at the American Almanac of Jobs and Salary, the National Association of Colleges and Employers, the Career Center, and professionals in your relevant field.
When stating your salary range, avoid basing your desired salary on your current salary. Always tell the truth when it comes to your past salary. It is acceptable to expand the range to about $6,000 to show that you are within the company’s price range but are interested in more compensation.
3) Weigh the company’s compensation package: To determine your fair market value for a specific job, you must consider the economic, geographic and industry factors of the job offer. Weigh the benefits of compensation and promotion, insurance, time allowed and retirement settlement to ensure a fair offered salary.
4) Sell Yourself: If you know what you can offer the company needs big income, never say it directly. Once you have sold yourself discreetly, the interviewer will understand that the salary offered is not a good fit for your background.
5) Have a positive attitude: In conversation, never compete. Negotiation is basically a process that can benefit both the parties. Understand your and the company’s needs.
6) Final offer: Be careful when negotiating. Pushing forward when a deal has been settled can have a negative effect on your part.
7) Show what you’re made of: The interview is only the first step in getting a boosted compensation. Once you are hired, offer your skills to the company and prove your worth by doing quality work. By doing this you can also get promotion.
Based on a survey conducted by the Society for Human Resource Management, four out of five workers are willing to negotiate compensation. Understanding these basic tips will help you improve on the terms of your new job.
