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Thursday, February 13, 2014

The best way to negotiate salary increase

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How to get salary relevant to your qualifications and skills


In your job hunt you always look forward to the best possible compensation from your employer. Now the question arises in your mind: “How to get salary relevant to my qualifications and skills?”

In job selection process everybody always looks for the best compensation they can achieve and truly it is the prime concern. Similarly the employers are also looking for to employ the best person at cost effective expenses for them. The best way to negotiate higher salary from the potential employer is to negotiate the compensations and the terms and conditions in an effective manner to maximize their earning possibilities. However, it is easier said than done. We can talk about how one can do better result by taking a few calculative steps in negotiation process for getting the best compensation ever matching your education, skill and ability.

Be Patient in Your Approach
In today’s high competitive job market due to recession, salary negotiations have become even more complicated. It is advised to keep calm at the time of negotiation. It will not help if you lose patience quickly. Even if you do not get the best compensations when you switch jobs you need not become impatient, instead moving with care and caution and showing patience could result in good rewards at the end of it. That means you have to be always positive in your approach while negotiating salaries with the employer.

Let them offer you some
The main conclusion part of an interview is when employer asks about your expectation. This means you have successfully completed the past steps and they are about to finalize. Now, they will try to force you to tell a figure. Don’t fall in the trap. You may lose the opportunity. Never utter any figure. Let them come out. If forced to, then tell some suitable range. but it is important to handle this situation with calm and ease.

Do Not Forget Negotiation
The first and foremost principle for any employee accepting a job should be that they should never forget to negotiate.
•    By accepting the initial offer by the employer without negotiating you could lose thousands of rupees/dollars at the end of it.
•    When the employer is impressed by your skills and aptitude, he or she will always leave rooms for some raise in the initial offer extended.


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Meeting the Employer Mid Point
Of course you need to be polite in your approach and ready to compromise if necessary retreating a step from your demands as well meeting the employer at midpoint of his or her offer. This will satisfy both of you and will also be mutually beneficial.

Be Conversant with the Workplace

You must also –
•    Make a thorough research on the status and background of the organization you are about to join.
•    Take an idea of the budget of the employer for the position. You may take help of the placement service or some employees of the organization through social network site.
•    At the same time you should know about the standard salaries paid in the industry for such jobs and people with qualifications similar to yours. These benchmark can be opted from job portal sites.
Without obtaining this basic knowledge you should never enter into a negotiation with the prospective employer.

Obtaining Advice from Experts

 
It would be good for you obtaining advice from the experts as well as professional recruitment consultants. They know the market trends well and can advice you on how best to negotiate for getting an appropriate compensation from your prospective employer. They are usually updated on the industry standards and can come up with best suggestions for you.

Forget Last Salary

You should never stake your claim on the basis of the last salary you were getting in your previous employment. If this is your first employment, you should not stake your demands on your financial needs. Instead, the stake should be based on industry standards.

Show How You Will Add Value
 

Basic objective of the employer would be that when he or she gives you employment you will add values to the organization. It is therefore necessary that you indicate how you are going to add value through your services, skill and knowledge to the enterprise. This will give you the desired leverage in salary negotiation.

Last but not the least always allows 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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