Once you've established a personal market value for yourself, how do you actually make sure you achieve it? It can be easier holding out for more money when you're in the process of being offered a job or negotiating through your Management Recruiter than trying to get a raise when you actually have one, but the negotiating process is essentially the same.
Negotiating a salary for a new job
If you're being offered a new job, don't rush things. If salary figures are discussed directly at an interview, ask for time to consider any offer made to you. Don’t be rushed you may wish to consult with your management recruitment consultant firstly, they maybe able to better the offer for you. If your interviewers ask what you think the role is worth, be ready to turn the question round and ask what range they had in mind. If you expect your new employer to beat your existing salary package, be sure to include all your various benefits in your calculation and then add on a bit extra for bargaining space.
If you're not ecstatic about the role anyway, you could consider turning it down to see whether they come back with an improved offer that might tip the balance. Be aware that this can be a risky strategy if you're desperate for work – It would be a good idea to run this by your management recruitment consultant firstly.
Negotiating a pay rise in your current job
If you are already in a role and trying to secure a pay rise, you need to be prepared. Your direct manager is sure to question why you think you're worth more, so be ready to clearly present your case and persuasively use specific examples to demonstrate your worth. Make sure you have done your research of what other people at your level are earning, after all your manager is not going to pay you more that his own salary.
Whatever your situation, here are some of the key things to consider:
- Positions of power - Each side has something the other wants – you want their job and salary, they want your skills and expertise. The winner of the negotiation will be to one who holds more positions of power so make sure they know just how much impact you will have on their business.
- Bargaining tools - Is there anything extra either side can add or remove from an offer that is of value to the other side? Would you be prepared to forgo a company car allowance if they were able to get a salary closer to what you desire? These tools may not have a specific monetary worth, such as having the option to work from home, but can be of great value to the negotiation process. Added extras to enhance your overall package that could be extracted from the employer include extra holiday, an increased pension contribution, health care, flexi-time working or even your own office. Think about things you could offer such as your black-book business contacts or insider knowledge of a competitor. You may be able to suggest a guaranteed increase in salary after a certain time period once you have proven yourself. This makes the employer see that you intend to put in extra effort to achieve goals during that time to get the reward.
- Consequence of non-agreement - What happens if neither side is happy? When you're negotiating a new job there may be another candidate who is just as good that they could offer the job, maybe at a lower salary! Or you may be the only suitable candidate and they are desperate for you to join the company. When you're seeking a pay rise, if they don't give you what you want would you leave? Meaning they have to go through the cost and effort associated with finding a replacement? Whoever stands to gain the most from completing the deal will generally lose out in the negotiation.
If you approach the negotiation in the right way, your employer or potential employer will be impressed, regardless of whether you eventually win or lose, and see it as another skill which you can bring to their business.
Closing the deal
Make sure you have a record of the agreement down on paper which is signed by both parties. There's no point winning a negotiation if you allow the other side to go back on their agreement at a later date.
Particularly when negotiating a salary for a new job, be sure not to overlook anything that needs to be factored in. Will you need to relocate? Will the company make a contribution to your costs?
If the job is really your dream role, you might find you're willing to be more flexible. But if they ask you to accept a lower salary than you currently enjoy, always check to see how regularly you can expect a pay review.
Should you have any open questions, were one call away;
Regards,
Colin Tovey
Managing Director
T +44 (0) 844 351 0432
F +44 (0) 844 357 6632
E colin@act-ms.com
W www.act-ms.com
0 comments:
Post a Comment