Valuing your worth
The joy of receiving the good news that you have been successful in your application for a new role brings with in a sense of relief. However you have one more hurdle to jump and that is negotiating your salary. The process requires you to be able to pro-actively manage negotiations; enter them with a level head a realistic sense of worth you can justify and you should be happy with the outcome.
Key factors you should be aware of when entering negotiations –
Know what others are paying / being paid – research the market and understand what rate is being paid for similar roles within the industry. Talk to colleagues and peers in the industry and ask for their opinion on the value of the role. Also, find out if there have been any other roles available within the organisation and find out what rate these have been advertised for. Try to find industry surveys and compare pay rates to your skills and position. These are often published in industry publications each year.
What about the perks? – are there benefits that have a greater value to you than the wage? For example pension contributions, car allowance, employee purchase schemes or gym membership. These are areas that could help to boost your disposable income without actually increasing your salary. Find out which benefits the company offers and if necessary use these to create a package that suits you.
Consider the whole picture – think long term for the role. Is there a chance to include performance related enhancements – giving you the opportunity to prove your worth? Quarterly bonuses or agreed performance reviews can give you a structure to work towards for increases during the first 12 months.
Be realistic about what you need – and work within the constraints of what will make the role viable. Most people have a minimum wage they can accept – maybe that is based on your current wage rate, or it is dictated by your expenses – but a lower rate is the one you should compromise on. If your job is not economically viable then this will not be a long term solution for you. Normally people have a higher ‘dream’ figure they would like to achieve. As long as this is reflective of the market, then this can be a good starting point.
Be ready to back up your claim – show how you meet the full criteria of the role and therefore deserve the higher band rate. However, if this is a role you will grow in to then maybe it is more realistic to start at the lower end and work your way up.
Whenever you are negotiating you must remember to show your employer the level of respect they deserve. You are going to go in to a long term relationship with them, and starting off on the wrong foot will not bode well or future relations.