Your salary is an indication of the price of services you offer as an employee. Because employees rarely work in one company their entire career, it is important for them to think of themselves as independent business owners to be able to get fair salaries. Your main aim as an employee should be working with your company as opposed to working for your company.
This requires you to have a very clear view on what your contribution is to the company and how this contribution adds value. This article will teach you exactly how to get the most benefits and salary. Below is a more in-depth discussion on how to do this.
There is absolutely no problem with feeling uncomfortable about salary and benefits negotiations especially if you are new to the process. You should first and foremost consider doing quick research at payscale.com, salary.com or glassdoor.com among other sites to be able to estimate your salary range considering factors like your job description/title, region e.t.c. The salary range should include the following;
Your Walkaway rate
Your Walkaway rate is simply the lowest pay you can take doing a certain job. The rate should be enough to cover all your monthly expenses perfectly. In summary, you shouldn’t be forced to take another job just to be able to meet all your bills. It is highly advisable to avoid jobs that pay less than your Walkaway rate for obvious reasons. To get the most salary and benefits, it is advisable to commit to receiving your Walkaway rate for a minimum of 2 years if necessary.
Your Ideal rate
As the name suggests, this is the amount of money you would want to make doing a certain job. This amount is ideally many time more than the Walkaway rate. Even after establishing your ideal rate, your work is not done. You must go a step further and pitch your ideal rate properly to make it clear to your employer that you care more about your work than the money you are getting. Considering this approach will give you more bargaining power.
You should be open to other elements of your employer’s offer that compensate for less money. This of course applies when your Walkaway rate is intact. When commencing salary and benefits negotiations, you need to make it clear that you are motivated by your duty as opposed to the money you get carrying out your duty. You should also insist on knowing more about your role as well as other benefits before you consider making any final decisions.
Contrary to popular belief, employers don’t always offer potential employees the lowest rates so if you happen to be impressed by their offer, they most probably foresee your valuable contribution to their organization. An impressive offer may also indicate that it will take them a lot of valuable time to get someone with a similar skills set thus they prefer to close the deal quickly with a good offer.
At this stage, you need to have a wide salary range. Your focus should then shift to showing your potential employer why you deserve a certain salary. You can do this effectively by giving practical examples on how you will add priceless value to the company. In case you are not happy with the initial offer, you can talk about how exciting it is to get the offer but mention the importance of getting more out of the deal salary wise or any other ways i.e. benefits.
At this point, it is important to add specific parameters to the initial offer. For instance, you can state that you would prefer x amount if it is possible for them to revise the offer. It is important to note that there is nothing wrong with asking for more.
It is also worth noting that companies won’t dig deeper to pay their employees better if they don’t view it as an exceptional deal from their end. This explains the importance of stating that you will exceed your employer’s expectations. If you tactfully ask for a better deal, you might very well end up with one. Even if you say no, potential employers will more often than not give you a better offer if your counter offer was fair.
Although the above information may seem too much to digest at a glance, following the above steps will most likely result in the best salary and benefits deal for you.
Image Courtesy: FreeDigitalPhotos.net