Jappreet Sethi
In your job selection process, you will naturally look forward to getting the best possible compensation from your employer. So how do you get a salary befitting your qualifications and skills and the recent upswing in market demand for talent? Yes, the job market has finally started picking up, with 34 of 42 countries surveyed by the Manpower group showing a net increase in the projected headcount for the first quarter of 2014.Some of the most common reasons for candidates not asking for anything more than the salary than is offered on the table is the fear of being rejected, lack of self-confidence or aversion to being seen as too pushy. Will you sacrifice your future earnings so that you are seen as a 'good person'?
A 2010 survey conducted by Career Builder on a sampling of 2400 hiring managers showed that 51 percent of the employers were comfortable with employees negotiating a higher salary after the initial offer was extended to them, with 21 percent of employers willing to extend more than two offers to the same candidate.
Remember that the company needs you as much as you need them. A lot of progressive companies like candidates with spine who can negotiate a fair deal for themselves. Gone are the days of employees being at the mercy of the employer or the hiring manager. You have something to offer, and that is why you have made it to the final round.
Here’s how taking an intelligent approach will help you get a good salary in your new job:
Do not forget to NegotiateThe first and foremost principle for any employee accepting a new job should be that they never forget to negotiate for a better salary. By accepting the initial offer from your employer without negotiating, you could lose a significant amount in your job life that you are worthy of and entitled to. If your employer is impressed by your skills and aptitude, they will always leave room for some negotiation on the initial offer they have extended.
Take a patient approachAlways be positive in your approach while negotiating your salary with your employer. It does not help to lose patience and give in too quickly. You will not immediately be offered the best compensation when you switch jobs. Acting with caution and showing patience can give you the upper hand in your negotiations.
Meet your employer halfwayBe polite in your approach and be ready to compromise, if necessary retreating a step from your demands. Meeting the employer halfway on the offer can crack the deal.
Be conversant with your New WorkplaceYou must:• Thoroughly research the status and background of the organization you are joining. • Know about the standard salaries paid by the industry for your job and for people with qualifications similar to yours.
It is not advisable to enter into a negotiation with the prospective employer without obtaining this basic knowledge.
Get advice from expertsIt is always a good practice to ask for advice from experts, as well as professional recruitment consultants. They understand market trends well and can advise you on how best to negotiate for appropriate compensation from your prospective employer. They are usually updated on industry standards and can offer great suggestions.
Forget your last SalaryNever stake your claim on the basis of the last salary you drew in your previous job. If this is your first job, you should not stake your demands on your financial needs. Instead, the stake should be based on industry standards and your qualifications.
Demonstrate how you will add valueThe basic goal of an employer is to have you add value to the organization when they employ you. It is necessary that you indicate how you are going to add value to the enterprise through your services, skill and knowledge. If possible, let them know about the value you provided in your previous place of employment. This will give you the leverage you desire in salary negotiation.
Last but not the least, always allow the employer to initiate the negotiation on salaries, as you will know clearly his or her mindset while you put forth your side of the issue.
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