Secrets Of Salary Negotiation
What are the secrets of salary negotiation? If you are thinking that you should be earning more but you feel that you are not compensated right, you need to ask for a raise. But how and where do you start?
Sometimes, you might be offered a salary which seems too low. This is where your salary negotiation skills will come into play. We will show you some important tips and things to do to make your salary negotiation a success. It does not only apply to ndividuals who are signing a new contract. Pretty much, you might have been with an employer for the past several years and it is high time to ask for a raise. But what does it take to make these things happen?
Know What You Are Worth
Hard work by itself is not enough as a basis to ask for a raise. To have an intelligent argument or reason for a raise or salary negotiation, it is important that you know what you are worth. This means you need to research the current industry standards as far as your career is concerned. Without doing so, you might be asking for a very steep price that your employer is not likely to give.
After finding out what you are worth, you need to determine what you want. During a salary negotiation meeting, you might be swayed with a lot of other offers such as an increase in your health or medical benefit. Other employers might give you a variable performance pay depending on your performance. Make sure you are resolute with what is acceptable and what is not. Keep in mind that your decision should be based on a reasonable amount, not on what your friends are earning. Before an employer decides on your salary, many things are considered such as your tenure, performance, and the likes.
Know the Right Attitude
Now that you have a firm idea of what you are worth and what you want, you need to believe that what you are asking for is possible. If you hesitate one bit about asking for a salary, you will never succeed. If you are a current employee and you believe you are in good standing, your employer is not likely to let you go. He would rather give what you want, as long as it is reasonable, and make you stay in the company.
If you are currently being offered a job, you are also in a great position. The mere fact that the new employer selected you among the other applicants is an indication that the employer wants you to be part of the team. The only question remaining is how much the employer is willing to give. The most important thing to remember is this: you need to ask for a raise, not demand. There is nothing wrong with asking but demanding puts off your boss or your potential employer.
Know the Right Process
Now, many people blow it up because they do not know how to ask. Once you have determined what you are worth and what you want, you need to practice patience. If you are applying for a job, do not attempt for a salary negotiation until the time they give you an offer. If you do this very early in the hiring process, the employer will be put off by your behavior and is not likely to even extend you an offer.
If you are currently employed, what you need to do is to write a letter to your boss, indicating a request for a salary raise. In your letter, you have to state your argument or reason for the salary increase you are asking for. Do not forget to invite the boss for a meeting so the two of you can weigh the options of a salary increase.
If you are an applicant, politely tell the human resources personnel that you need to think things over. Keep in mind that in the salary negotiation process, you do not have to accept or decline an offer right away. When you are being interviewed and you are asked for your salary expectation, you need to give them a range of what you are expecting.
If you do not need the job right away and you are confident that you deserve more, then you can easily decline the offer, saying that the offer is too small for you. If the company really wants you, you can expect another phone call, asking you to check how they bumped up their offer.
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