Hiring process: Money talks
Salary negotiations are part of the hiring process so do not hesitate to haggle
Salary negotiations are part of the hiring process so do not hesitate to haggle . DESIGN: ESSA MALIK
1) Do your homework — Before discussing your salary with a prospective employer, first evaluate your self-worth as well as that of the job. Based on your skills, education and experience, research the standard salary for the position. This can be done by attending career fairs, open-days and workshops and browsing through recruitment websites.
2) Be prepared — This is the most important part of the salary negotiation process. Every employer at some point during the interview will inquire about your preferred salary range. This is where most job-seekers get nervous and accept the offer without completely understanding the requirements of the job. The best way to answer this question is by finding out more about the position itself and the fringe benefits (non-wage compensation) that accompany it.
Research from Monster — one of the largest digital recruitment leaders in the world — shows that about 60% of job-seekers never negotiate their initial offer and 85% of them worry about losing it. With rising levels of economic uncertainty today, most people do not get their deserved salary simply because they hesitate to ask for it. The truth, however, is that when a company finds the right candidate, negotiation of salaries is never an issue. Here are a few effective strategies to help one bump up their initial offer:
3)Go beyond salary — In scenarios where the salary is non-negotiable, push for other job benefits. These may include flexibility of timings, paid travel, bonuses, health package, stock options, employee discounts, company vehicle for daily commute, professional development opportunities and other perks that may be associated with the job. Additionally, it might be worth negotiating the timing of your first salary increase. For instance, instead of waiting till the end of the year, you may want to ask for a promotion after six months.
4) Play it safe — Patience is the key to a successful negotiation. Allow the employer to first probe the question about salary and keep your response as honest as possible. Companies have budgets to follow and the hiring manager has complete information about the market rates for similar positions. Make a good impression through body language by demonstrating thought over emotions. If the offer is below what you expected, be ready to counter it using your own research figures about the standard salary rates.
5) Final offer — After receiving the job offer informally, take time to evaluate it thoroughly before accepting it. Based on the position, career opportunities and your preferred salary range, if it does not seem like an ideal fit then do not hesitate to turn it down. If the company is genuinely interested in hiring you, then they might be willing to revise the original offer as well. Eventually, make sure the salary is mentioned in the employment contract along with your signature in order for it to become official.
While negotiating salary, it is important to keep in mind that your current salary will also establish the starting point for your next job. But do not take too long in accepting an offer as the company might then extend the offer to the next best candidate. It is important to remain objective, positive and courteous throughout the conversation to show the employer that you truly value both yourself and the advertised job. And at the end of the day, even if you do not get your desired salary, you will at least be able to gain valuable experience from the whole process.
Moez Allidina is an OD trainer at Maktab Learning Solutions and a Visiting Faculty Lecturer at SZABIST.
Published in The Express Tribune, Sunday Magazine, March 22nd, 2015.
2) Be prepared — This is the most important part of the salary negotiation process. Every employer at some point during the interview will inquire about your preferred salary range. This is where most job-seekers get nervous and accept the offer without completely understanding the requirements of the job. The best way to answer this question is by finding out more about the position itself and the fringe benefits (non-wage compensation) that accompany it.
Research from Monster — one of the largest digital recruitment leaders in the world — shows that about 60% of job-seekers never negotiate their initial offer and 85% of them worry about losing it. With rising levels of economic uncertainty today, most people do not get their deserved salary simply because they hesitate to ask for it. The truth, however, is that when a company finds the right candidate, negotiation of salaries is never an issue. Here are a few effective strategies to help one bump up their initial offer:
3)Go beyond salary — In scenarios where the salary is non-negotiable, push for other job benefits. These may include flexibility of timings, paid travel, bonuses, health package, stock options, employee discounts, company vehicle for daily commute, professional development opportunities and other perks that may be associated with the job. Additionally, it might be worth negotiating the timing of your first salary increase. For instance, instead of waiting till the end of the year, you may want to ask for a promotion after six months.
4) Play it safe — Patience is the key to a successful negotiation. Allow the employer to first probe the question about salary and keep your response as honest as possible. Companies have budgets to follow and the hiring manager has complete information about the market rates for similar positions. Make a good impression through body language by demonstrating thought over emotions. If the offer is below what you expected, be ready to counter it using your own research figures about the standard salary rates.
5) Final offer — After receiving the job offer informally, take time to evaluate it thoroughly before accepting it. Based on the position, career opportunities and your preferred salary range, if it does not seem like an ideal fit then do not hesitate to turn it down. If the company is genuinely interested in hiring you, then they might be willing to revise the original offer as well. Eventually, make sure the salary is mentioned in the employment contract along with your signature in order for it to become official.
While negotiating salary, it is important to keep in mind that your current salary will also establish the starting point for your next job. But do not take too long in accepting an offer as the company might then extend the offer to the next best candidate. It is important to remain objective, positive and courteous throughout the conversation to show the employer that you truly value both yourself and the advertised job. And at the end of the day, even if you do not get your desired salary, you will at least be able to gain valuable experience from the whole process.
Moez Allidina is an OD trainer at Maktab Learning Solutions and a Visiting Faculty Lecturer at SZABIST.
Published in The Express Tribune, Sunday Magazine, March 22nd, 2015.