Whenever we talk of salary increases and pay negotiations, nine out of ten
people suffer palpitations.Remember, being shy, scared, whiny and my job
speaks for itself never works. Raise your hand to be heard or learn the tactics
to get your word in. Negotiation is an acquired skill.
I thought I wanted a career, turns I just wanted a
paycheck
This is what most negotiations turn into, if we are not prepared
beforehand and are not clear minded about our reasons for seeking the new job
change.
Let the employers initiate the salary negotiations
Joy, a marketing
executive was doing well in a small company. His salary was tied to the
commissions he got on the business he brought in. He was out in the field and
learnt a lot. The problems was there was no clear hierarchy in the job. His
boss was doing the same, he saw no avenues for growth. Hence,he applied in an
upcoming aviation company for the post of assistant marketing manager.When it
came to salary negotiations he let it slip that his previous company paid him a
commission on business brought in.
The employers outright rejected the idea and quoted a salary which was
marginally higher than what he was getting, Joy accepted without buying any time
to think through the offer.
Never accept outright
According to human resource managers
there is a general band of salary that the prospective employers have in mind
and they quote the lower end of that band.You do not want to show your
eagerness to settle for whatever salary being offered,they expect you to ask
for more. Do so, but do not outprice yourself. According to a former human
resource executive and a consultant, Neeta Navin, the employers always keep a 10
percent margin for negotiations.And in case you do not get the salary you
expect but the company is excellent with good prospects go for it, she advices.
Most companies bring you at par within three months if you perform well.
Skill set and experience
Back your demands with your job
achievements and skill sets. You cannot just ask for more because you are moving
jobs, it is because you think you are suitable and deserve the hike. Joy
erred on the side of caution, the company was new, he had an excellent track
record and brought tremendous goodwill and skill sets. He never calculated his
worth right
Compensation package
Negotiations are not just about a salary
hike. One can negotiate a good compensation package including healthcare
benefits, stock options, profit sharing, quarterly salary review instead of
yearly, a signing bonus, education allowances, relocating allowance, a company
car, travel costs, the list is endless.
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