So you got shortlisted for the interview and you have prepared adequately. However, one thing remains, and that is the salary question. You can’t find a suitable answer to the dreaded “What’s your salary expectation?”
You may want to ignore it and hope the panel won’t ask about it. The problem with this approach is that you come out as someone who doesn’t know their true value and there is the danger of the employer setting the salary so low that you will be grumbling throughout the course of your in the organization.
Here tips to help you negotiate your salary.
Know the industry rates
Do your research about what is the prevailing industry salary for a similar position. You can find this online on websites like Salaries Hub (View Salary). You can also talk to friends and professional connections in the industry to help you out.
Once you have figured out the industry rates, factor in your skills and experience and the company size so you don’t sell yourself short or overprice yourself out of the job. You don’t expect a start-up or a mid-sized company to pay as well as the big corporates. This does not, however, mean that you accept offers that don’t meet your expectations.
Know your value
It is important to know your true value when negotiating your salary. What are the unique skills and experience that you bring to the company? By the fact that you have made it thus far in the recruitment process means you have skills that the employer needs.
It is however still important to know what precisely you offer the company. You can justify your salary demands when you know your value. This will help you come up with a figure that is both acceptable to you and the prospective employer.
It called a negotiation for a reason. Do not be a hardliner when it comes to salary negotiations. Both of you must compromise on an acceptable agreement to be reached.
Have a salary range instead of a fixed value. This allows everyone some room to work with. It shows the prospective employer that you are willing to negotiate and you may even land a higher salary than you would have had you given a fixed figure. There are cases when the employer will have an upper hand, especially when negotiating your first salary.
Understand the whole package
When negotiating for your salary don’t just look at the salary component alone of the remuneration package. There are other factors to look at like career progression and opportunities to advance your education. Look at how long people take to move from one
There also some companies that have a comparatively smaller basic salary but the allowances bring the take home to almost the same level if not more than their competitors.
It is important to take time to understand the whole package offered by the employer before accepting or dismissing it. Some employers have employee bonuses, a comprehensive medical insurance and matching your retirement savings as incentives.