When it comes to negotiating your salary, understanding the company's situation and your market value, will help to ensure a successful negotiation. The key to negotiating your salary is in gathering as much information as possible before salary talks begin.
Here's what you should consider before entering into salary negotiations with your potential new employer.
It is important to understand how the company you are interviewing with is performing. Have they posted record profits for the previous year, or is their financial performance below their targets? Have they made many redundancies in the past 12 months? All of these factors will have an effect on whether the organisation is going to pay above/below or on the market rate salary for a role.
Find out how much employees carrying out similar roles are paid. The key is to demonstrate your views with good examples of similar jobs both inside and outside the firm. Benchmark your salary against the Robert Walters Salary Survey in your sector.
Try not to be lured into a false sense of satisfaction by the top-line salary figure. Make sure you do your salary sums because you may have increased costs in your new job.
Is there a shortage of candidates with your skill set in the industry you work in? Have general salaries been rising or falling within the sector? Is there a high number of roles appropriate to your skill set available in the sector? It is important you know the answers to all of these questions so that you understand what level of salary you are able to request and what is realistic.
Try not to be lured into a false sense of satisfaction by the top-line salary figure. Make sure you do your salary sums because you may have increased costs in your new job. For example, you may need to travel further to reach your new office or workplace and you might lose out on other benefits too. Of course, the reverse can be true. Your new salary may not be as high as you'd like but there could be other advantages; a company car, free health insurance, gym membership or other perks. Never forget, however, that this is the wage you're going to be living on. So the greater actual salary you earn the greater your financial security.
5 ways to attract employers to your LinkedIn profile
With more than 500 million existing profiles spanning a geographical reach of 200 countries and two new members joining every second, LinkedIn is changing the professional landscape and making it easier for recruiters to interact with you. An effective online professional profile has therefore becomRead More
Why you need to take your HR interview seriously
Many candidates think of their prospective interviewer as falling squarely into the line manager category – full of tough questions about the job. But they may also have to face a HR manager, who has a different perspective but needs to be taken just as seriously. Here’s why and how. Professional inRead More
12 things to do now to get ready for a new job
You’ve decided to make a move, so what are you waiting for? Even before you land your first interview, there are loads of things you can be doing to help you prepare for a change of jobs. Check out this job switch checklist for more. Although coming to the decision that you’re ready to change jobs iRead More
Come join our global team of creative thinkers, problem solvers and game changers. We offer accelerated career progression, a dynamic culture and expert training.