How to Negotiate Your Salary
Have you found your ideal job and now want to get the ideal salary? According to conventional wisdom, salary negotiations should be numero uno on your agenda. You weren't going to automatically accept the first figure they offered, were you?
Here are a few tips to ensure you get the compensation you deserve:
- Be bold. The first step in negotiating your salary is to be confident that what you are asking for is the correct market value of your services. If you are confident of your market value, convincing your potential employer will be easier.
- Be exact. When you are asked what your expected salary is, it is better to give an exact number because it shows you know your worth and have done your research. This number, however, should be a little higher than what you actually expect to allow you room to negotiate if required.
- Wait for the right time. Do not mention your expected salary in the cover letter or during the initial stages of the hiring process. First convince the employer that you are better than any other candidate they can find; it will be easier to negotiate a high salary after that.
- Be aware of the entire package. While comparing offers, keep in mind that your total compensation package may include other allowances and benefits in addition to your base salary. These can include leave encashments and medical coverage; be clear about them since they can affect your overall take-home salary.
- Be an asset. Do not mention your U previous salary if it is lower than what your current employer can offer; instead, focus on how you can benefit your employer. For example, stating that you can increase your employer's ROI (return on investment) by five percent in two years is much better than vaguely stating that you can add value to the company.
Ultimately, if you want a high salary, ask for it and do not let the fear of rejection hold you back.