Money is the most sensitive issue in the whole hiring process. Discussing the compensation often causes anxiety on both employee and employer. Here are seven ways to make the process of salary negotiating efficient.
1) Research: Before the interview process begins, contact the professional organization that represents your field of career. As soon as they provide you with your salary information, you can now examine your monthly cash requirements. Remember that once you add taxes to your paycheck will result in a deduction of approximately 30 % of your gross monthly salary.
2) Determine your skills: You should understand that different segments of the economy require a variety of abilities depending on the industry setting. Once you have established what your skills are and what they are worth to the current employment market, you would know the limitations of your negotiation.
Salary range information is available at American Almanac of Jobs and Salaries, National Association of College and Employers, Career Center, and professionals in your related field.
In stating your salary range, avoid basing your desired salary on your current salary. Always tell the truth when it comes to your previous salary. It is acceptable to extend a range of approximately $6,000 to show that you are within the company’s price range but interested in more compensation.
3) Weigh the company’s compensation package: To determine your fair market value for a particular job, you should consider the economic, geographic, and industry factors of the job offer. Weigh the benefits of compensation and promotions, insurance, allowed time off and retirement settlements of the proposal to ensure a fair proposed salary.
4) Sell yourself: If you know what you could offer, the company requires a more substantial income, never say it directly. Once you sell yourself discreetly, the interviewer would understand that the proposed salary is not appropriate for your background.
5) Have a positive attitude: In negotiating, never compete. Negotiation is a process that could benefit both parties. Understand your needs and those of the company.
6) The final offer: Be aware when the negotiation is done. Pushing further on an established deal could give a negative first impression on your part.
7) Show you strengths: The interview is only the first step in having an enhanced compensation. Once you hired, offer your skills to the company and prove your worth by doing quality work. You may even get a promotion for doing so.
Based on a survey conducted by the Society for Human Resource Management, four out of five employees are willing to negotiate compensation. Understanding these basic tips will allow you to enhance the terms of your new job.
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