Many do not realize the need to master the art of salary negotiation during any given interview. It is a rather difficult task as you can either appear greedy or too desperate, and eventually it could affect your whole career.
Let’s look at a step-by step procedure that can be of great help when negotiating your prospective salary with your potential employer:
The first thing to do before going for any interview is to do some research into the remuneration package of the position you are interviewing for. This includes both the market rates as well as what you expect from the position. There are three categories of salary considerations;
- Minimum Salary: This is the amount of money that will enable you to pay your bills and save a little for expenditure. It is the minimum requirement of cash you will need to live on without necessarily having some to spare.
- Expected Salary: This is basically the figure that is anticipated by you or the employer, of the job you are interviewing for. You can determine an expected salary by looking at the market rates of a similar job to the one you have been offered.
- Dream Salary: This is the most tricky to determine because we are all different and have different thoughts on what we would like to earn. However, a little research comes in handy as well. You might want to look at high-end salaries for other jobs that are advertised in your chosen field and also be realistic in your expectations.
There is much more to taking on a job than a fat paycheck. Benefits are equally important. Some of the benefits that are attractive include pension schemes, healthcare, stock options, travel schemes, flexible working options and free gym membership. In addition, you also need to put into consideration the flexibility of these packages. This includes both the monetary values of these benefits as well as time-saving and lifestyle benefits.
The way to Negotiate
After considering the salary and the benefits package, the next step is to put your negotiation skills into play. Your potential employer will have a salary in mind. Once they make you aware of this figure, don’t accept or reject it. Take your time and do the following;
- Find out the flexibility of the offer and how often they review the salaries.
- Let them know of your stand if the offer is below your minimum requirement.
- Even if the offer is near your expected salary, negotiate by giving reasons why you deserve better. This includes your qualifications, experience and knowledge you possess for the job.
- In case the offer is in the area of your dream salary, be sure to discuss your future growth earnings in the organization and development in your career.
- Ask for more time to think through if you need it.
When all is said and done, the decision rests solely on you. You need to know when to say yes or walk away from the job. Be fully aware that salary alone should not make you take on the job. Consider working hours, the job itself, work culture and career development. If you feel that the job doesn’t meet your minimum expectations, it is wise to reject it because it may land you in more trouble than unemployment.
So there you have it. The secret is striking a balance between unrealistic expectations and low self-esteem. Regard yourself with respect and don’t apologize for it, whilst at the same time being practical with your expectations.