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Ace the Salary Negotiations
Salary negotiations are an important part of job search. You should be prepared to play this part well. Avoid leaving money on the table and safeguard your future saving.
Ten commandments for better salary negotiations
#1. Current and expected salary - You may be asked about this information in your job application or in the interview process. Try to push back salary information to the offer stage.
#2. Know the job worth - Do research. Find out how much similar jobs are being paid. Ask your friends. Visit job sites. Ask the consultant. This will give you a good estimate of salary range and know what makes a good offer.
#3. Salary is negotiable and it is perfectly normal to negotiate- At times , we presume that we have got the offer letter and it is final. Offer letter is the beginning of negotiation. Salary negotiation is perfectly normal and to negotiate is not being greedy. This is perfect business. In fact if the offer is lower and you don't negotiate, you will be perceived a weak guy.Your image will be affected.
# 4. Know your living expenses - Know how much are your living expenses including house rent, transportation, education expenses. You also need to save for future and for your holidays. Also add increase due to change in location or country. This is the minimum amount you need to survive and thrive.
#5 Current CTC - It is important to know your current salary. Ensure to include every component e.g. medical insurance, group insurance, bonus, shares, any other allowances etc. Calculate your gross and net salary. If you are making a change, then you deserve an increase. Don't end up selling short.
#6. Study the current offer - Don't accept immediately. Ask for time. Don't mention that you need to show to your spouse or friends. You need to study and make a decision. Compare it with current and expected CTC. Find the missing component.
#7 Build a strong case - Now you have the required information i.e. Job worth value, Your current CTC, Future living expenses . It is important to build a compelling case for asking a better salary e.g. I am due for salary revision( x%) b) I am relocating to capital city. House Rent and Children Education will double. Be reasonable in your expectations.
#8 Send a counter offer - Based on your objective analysis, send a counteroffer on email and follow it up with a call. You will face resistance, which is normal. Persist with your request and request for a face to face meeting.
#9. What else can I negotiate - training, salary review, leave, shares, employment terms. Don't focus only on numeric numbers as intangible things too matter.
#10. Know your leverage - You are looking for job... Is it to escape existing job?, first job, out of job, fired etc. Accordingly you need to adjust your strategy. Be humble and gracious. Be Flexible and know when to back down.
Photo Adaptation / Pixabay / nattanan23-6312362
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Negotiation is an important life skill
We negotiate most of our waking hours. We negotiate with our team members, colleagues, bosses and vendors at work, with our kids, spouse and parents at home. We negotiate during buying or selling of an asset e.g. house, car and also conflict resolution and during salary negotiations. Negotiation is an important life skill and it contributes to our success.
If we do not negotiate well or don’t negotiate at all then there is a big chance that we are going to leave money on the table, which could have been ours. We often don’t negotiate because we feel it is inappropriate or feel uncomfortable and fear it.
“You don't get what you deserve. You get what you negotiate.” Chester Karrass
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