Salary negotiation is something you approach objectively, have reference points and build an evidence-based case.
Generally, quoting your expected salary can ease when you have several elements to base your number on. Some candidates will throw around figures which are either too high or too low, an act which could easily weaken their possibility of acquiring that covetous position.
Before making your decision known about the salary, it is indispensable to ponder over the following guidelines:
1. Current Salary
Your existing salary will determine how much you add to the quoted amount, a figure which the company is willing to part with. Changing jobs means one wants higher pay, hence the need for sound salary negotiations.
2. Your Skills And Experience Level
Skills and experience level go hand in hand and as a basic requirement, the employer will highlight the level of experience as one of the formalities to look at when tabling his/her offer. The number of skills (both hard and soft) you possess will help you confidently pen a figure that both you and the employer are comfortable with.
The job description and demands of the job also go a long way in determining the pay.
3. Nature of the Job
Most entry-level jobs with experience levels as low as two years tend to have a low salary hence the need to be aware of the position and its demands when negotiating salary. On the other hand, mid-level to senior positions will have competitive salaries due to the belief that you have gained experience and your value is undoubtedly high.
4. Additional Incentives That Come With The Position
Jobs that come with many perks tend to have ‘fixed’ salaries which means the possibility of getting additional allowances to the stated one is close to zero. It’s advisable to ask the employer to clarify any benefits (medical cover, company resources like vehicles, training) that accompany the job before discussing the salary.
5. The Market Rates for the Same Job
Economic conditions will influence the salaries and other remunerations that different jobs come with. This is due to cyclical demand and supply forces in the market. For instance, jobs in the Information, Communication, and Technology sector tend to fetch hefty pays due to their steady demand.
This story was originally published on Capital FM.
