Career Tips

Are You Satisfied With Your Current Salary? Apply These Tips To Prepare Yourself For Salary Negotiation!

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Salary Negotiation Overview

According to the Maslow Hierarchy of Needs, when a need is satisfied, another need arises. It may be your primary reason to land a job offer, and you will merely sign the contract because you are in dire need of that job, but when you start working there after some time, you will start feeling that your salary is not enough and there is a need for salary negotiation. In this article, I am going to share the golden tips on how to fully prepare yourself for Salary negotiation, as it can be a daunting task when exploring careers and opportunities for professionals. Read more to understand.

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Know your value
As much as this is a debatable issue, you should know how much you’re worthy as professionals. Once you know that, you will appreciate yourself and never take yourself for granted. You should know what you can offer before you proceed with the negotiation process, and this depends on the following;

  • Education / Qualifications
    Salaries may vary according to the level of education. There is a certain grade for Qualifications. You can’t expect to be paid the same as someone with a master’s Degree while you have a diploma, as long as you are exposed to similar careers and opportunities. But this differs, especially in trades where it pays more per hour for someone with just a certificate. Knowing your value against the qualifications you have may help you determine how you will negotiate.
  • Location matters
    Organisational Geographical location is also of paramount importance when determining the pay grade. For instance, in remote areas where the cost of living is very low, it is extremely difficult to lobby for a high pay grade that will match those who are working in cities where the cost of living is extremely high.
  • Experience
    They often say experience is the best teacher. Someone with vast experience spanning a decade and beyond in doing the job is likely to receive more recognition than someone who has only been in the job market for two years.
  • Skills
    Generally, hands-on experience is more preferred for blue-collar jobs, while office work experience is more recognized in the white-collar jobs category. So know the category that you fall into. However, critical skills like technical skills are mostly preferred in most organizations, as these people cannot be replaced easily and they attract a higher salary.
  • Certifications or licenses
    These are key credentials for one to negotiate a high pay grade. This may include journeyman certification, chartered accountants, electricians, software developers, etc. This is because it is guided by international standards that have to be adhered to.
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Know the average salary range in the market
This can be found on government websites and the National Employment Council (NEC). This will give you a clear view of the salary ranges that are governed by relevant authorities, which may be helpful in guiding you in various careers. This gives you a benchmark of the salary expected for various positions in the market. Some of the questions that you may ask yourself are;

  • What could be the average salary for the same position in other organizations?
  • What is the salary range for the job I am doing in the same geographical location?
  • What are the national relevant authorities’ rules regarding the stipulated salary?

Gather your points or facts proficiently
You’re about to launch a topic that’s not liked by many recruiters or employers, hence you need to take a bold step to make sure that you execute your matter in a professional manner. Be specific and precise about your responses. Obviously they are going to ask you the question; why do you think we should increase your salary than what you’re already getting. Apply the following;

  • Firstly start by highlighting how much business you’re bringing to the organisation in result oriented terms. Don’t generalise this one. For instance, if you’re a sales personnel, outline how much revenue or a specific number of clients you have brought to the business over a certain period of time.
  • Highlight the experience you have in the business and unique skills that you possess that they may appreciate they need you in their organisation to make it.
  • Qualifications are also key to giving you an upper hand, as most organizations prefer learned people for the growth of their business. If you upgraded your qualifications along the way, this is your opportunity to bring out that extra qualification and clearly highlight how it will benefit the organization.
  • Lastly, bring out your statistics based on the research that you would have conducted in the market in terms of what the average salaries are the same position nationally on in other organisations.
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Arrange an appointment with your boss or recruiter
This is a valuable matter for you that needs your full attention. Henceforth, you don’t want to be dismissed earlier before you present or exhaust all your grievances, so it’s important to set an appropriate time that is flexible for both parties to achieve a win-win situation. Do your best to remain respectful, as your superior or boss will advocate for your issue at the Human Resources and Finance Departments.

Practice what you’re going to say
To prepare for a vigorous discussion, practice the topics you will be discussing with a colleague whereby you will be answering, and with this you’re practising to perfect how you will present your matter to your boss or the hiring manager as they may also come in defense mode in a bid to cut on costs for the business and you don’t want to be caught unaware. Furthermore, be more confident as this may show the employer that you really know what you want and you don’t want to generalise things as you may end up receiving a general response that may dissatisfy you.

It’s key to say out a higher salary than your goal
This gives you an advantage incase they reduce the figure that you would have requested to go below your expectations. They often say when you aim for the sky you’ll reach the ceiling and when you aim for the ceiling you will reach the floor (Bill Shankly). All the best in your salary negotiation journey!

“If an Opportunity doesn’t knock, Build a door!”

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