For most people, salary negotiation is a very stressful process. Knowing where to start and how to manage the process can transform it into a positive experience. John Smith, the Recruitment Manager, can help you manage your salary negotiations with his foolproof strategies.
“Salary negotiation is a process that requires creating a win-win agreement for both parties, the employee and the employer,” Smith says. The process may take no more than one conversation, but it is possible that it could require a series of meetings.
The ultimate goal of the process is for the employee to receive complete and satisfying compensation for the work provided. When you are looking for a job and after connecting with the right opportunity, the way you approach salary negotiations during interviewing process can have an immense impact on discussions and ultimate outcome.
The way you approach negotiations depends on a few factors including the offer received, other employment conditions such as schedule, the amount of travel required, and benefits and perks. It also depends on the applicant’s worth in the job market and how much he or she is willing to sacrifice to get the job.
APPROACH THE NEGOTIATIONS PREPARED
How will you succeed in negotiating your perfect salary when you do not know your worth in the market?
To have a successful salary negotiation, it is best to start by doing your due-diligence in regards to typical salary range and other compensation components offered in the job market based on your credentials, experience, skills and qualifications.
The easiest way to get this information is by searching the web for salary calculators in your geographical area. It is also helpful to speak with professionals in your industry through networking events, asking them for industry feedback such as typical salary ranges and compensation packages.
CHOOSE THE RIGHT TIME TO INITIATE THE NEGOTIATIONS
During the interviews or in discussions further into the recruitment process, it is important to choose the correct strategic timing for salary negotiations. In many cases, the employer will initiate this discussion. However, you need to make sure that you have thoroughly explained how your skills and qualifications match the job requirements. The employer needs to understand the value you are bringing to their business and your role in developing the performance of the company. Starting the salary negotiations before laying down the foundation of your worth to the company is a premature move.
THINK BEYOND THE SALARY
Depending on the phase of your professional life,, you might consider other benefits and perks when negotiating salary.
For example, if family health insurance is important to you, try to add the monetary value of such insurance to your calculations. If less travel appeals to you, take this factor into consideration. Some jobs offer higher salaries in monetary value but dictate a more stressful and hectic lifestyle.
Many job seekers do not negotiate the offer they receive because they don’t know how to manage the process or because they believe that salaries and compensation packages are fixed or non-negotiable. Sometimes it is because they are afraid to miss the opportunity. By knowing the possible trade-offs, understanding your worth in the market, and the level of experience and skills you are bringing to the job, you can successfully negotiate a satisfying and rewarding compensation package for the great work you will do.