Looking for a job is not easy. As you enter the job market and decide on the job that suits you best, there are many angles you need to examine. One of them is your compensation package. It would be wise to be prepared to be asked and be expected to answer questions pertaining to your salary at the interview. When these questions arise, you will need to have well-thought-out responses. You should be comfortable enough with what you are going to say so that there is no hesitation. You can then move quickly to another subject without drawing undue attention to the issue. The key to this is preparation. The following key points of negotiation will prepare you to discuss your salary with prospective employers whilst not disadvantaging yourself in the process.
1. Discuss your total compensation, not just your salary.
It is important to assure a potential employer of your value first before discussing the compensation package. In this way, both of you can reach a middle ground satisfactorily. When the time comes to discuss the compensation package, do so without hesitation and reflection. Do not divulge your base salary per se, but remember to include all the perks you receive (car allowance, reimbursement for club dues, expense accounts, deferred compensation, stock and stock options, pension benefits, company-paid insurance etc) and better still, be as ambiguous as possible. For example, you can say: "My salary per annum ranges between $40,000 and $50,000 depending on the bonuses received, allowances, medical benefits etc." By describing your compensation in this way, you are communicating that you take the fact that you will earn a bonus for granted and that you consider it to be part of your basic compensation package.
A candidate's current salary is the single most important factor an employer will use in determining what to offer. As a rule, if a new job doesn't involve a promotion or a relocation to a higher-cost area, an employer will offer a 10 to 15 percent increase over the employee's current salary. Even when a promotion or relocation is involved, an employer will use current salary as the starting point in deciding what to offer.
2. Always take into account future raises and bonuses.
If you are asked specifically about your salary and cannot avoid the subject, be sure to describe your salary in its most favourable light. Because your bonus may vary from year to year, it can provide you with a certain amount of flexibility in the way you describe you compensation.
For example, if the bonus you earned last year was much larger than what you anticipate receiving this year, be sure that you state your compensation in terms of what you earned last year. If, on the other hand, you expect that this year's bonus will be larger than last year's, discuss what you expect to earn this year. Thus you could say that you are earning $50,000 in base salary and expect to receive a $15,000 bonus this year.
3. Never tell untruths.
When responding to questions about your compensation, bear in mind the fifth commandment of employment negotiations: "Never lie, but use the truth to your advantage." Not only is it wrong to lie about your salary; it is a tactical error as well. Remember that your current employer can easily confirm your salary. In fact, in most cases, you may be asked to provide a copy of your last pay slip after you are hired.
4. Focus on market data, if your salary is below the market rate.
A problem you may encounter if you have been with the same employer for a lengthy period of time is that your salary has not kept up with the market. If your current salary is used in setting the salary at a new job, you will continue to be paid less than you are worth. Under these circumstances it is critical to concentrate the discussion on the market rate for the position, and delay discussing your specific salary for as long as possible. Having information as to what other companies are paying for similar positions will help you highlight the value of the job, as opposed to your current salary. When the time comes to disclose your salary, not only should you make it clear that you know you are being underpaid, but you should also explain the reason without being defensive about it.
For example, you might state: "Companies are paying between $50,000 and $75,000 for graphic designers. Although I have been earning only $35,000 at my current company, I have improved myself professionally by taking relevant courses and therefore, I expect to be paid the going rate." Whatever the reason for your below-market salary, be prepared to explain why you have been willing to accept it and to demonstrate what other companies are paying for people with your skills. It would also be good if you could justify your value and thereby the salary you are asking for.
Finally, whatever job you are looking for, remember never to settle for anything less than what you are worth. When you are negotiating your compensation, you are selling your assets for a price, so remember to get the best value for your assets.
by Sophia Su
=============================
More articles @ http://sg.jobstreet.com/career/search/default.htm
Posts
No comments:
Post a Comment