Negotiating a better salary

Similar negotiation strategies can be employed whether it is for a new a new job, a promotion or just wishing to get a pay rise.  To be successful, you must have skills, qualities or experiences that the company requires or needs to keep. 

If you do not have something that the company wants then the salary negotiation process will be less successful.  The key is to market yourself effectively and doing the necessary research.  Research will help to establish what you are worth and define your best strategy going forward.

Winning CV has structured the key elements of the salary negotiation process.  Please take time to read the whole document as this will give you a full appreciation for what is involved.   Key elements of any successful job negotiation strategy is research, staying focused and knowing what you are worth.

                                                                                                            

Candidates / employees

People become more committed if they are paid what they are worth & feel valued.

Employers / Recruiters

Companies realise it is vitally important in securing the right candidate for the role.

SCENARIO

You have got something that the employer wants.  You want the job.

OBJECTIVE

Satisfying individual salary expectations in relation to market value or worth.

OUTCOME

Both parties must negotiate to reach an agreement.  Be confident when negotiating!

                                                                                                                                                              

Knowing your market value

Information sources: Internet, published surveys, job advertisements & recruitment consultants.
Benchmarking your salary against similar roles & other companies can be useful.
Do not undervalue what you can offer a prospective employer.

Defining your personal financial requirements & salary banding

You have a band between your minimum acceptable & ideal salary requirements.
List your living, travel & work expenses to derive a clear & realistic salary band.
Evaluate what is important to your lifestyle & try to quantify this.

Researching the vacancy

Employers will pay more for specialised skills & if having difficulties in recruiting candidates.
Find out exactly what they want & if you have something unique to offer the employer.
Consider how long has this vacancy been advertised (i.e. can help your cause).

                                                                                                                                                              

Avoid stating your salary expectations at interview

At interview, just state that you are looking for the market rate & maybe prepared to negotiate.
Your bargaining power could well be undermined, as they will know what you are after.

Being offered the job

This strengthens your bargaining position so you can afford to aim slightly higher.
Employers will negotiate you down if your expectations are too high.

Salary offer too low?

Ask for more time, especially if you have other offers - this may force them into a decision.
Politely ask whether there is any possibility of further negotiation.

Salary not negotiable?

Take time to consider the overall package - significant fringe benefits?
Ask about holidays, sick pay, overtime, pensions, healthcare, etc.


                                               


           

Beat the competition! - Make sure your CV stands out from the crowd & win at interview!