Preparing for salary negotiations will be key to your success in achieving the salary you are seeking. Start by understanding your personal market value, this could be expertise, market demand on specific skill sets or how you might be able to add value to the business. If you have been introduced by a recruitment consultant, they will be able to guide you, but be careful not to price yourself out of a role.
Take your time to consider the numbers if they have discussed them directly with you at an interview. Sleeping on it will give you time to absorb the information, iron out any concerns that you might have and also get excited by the opportunities that the role holds. If you have been introduced to the company by a recruitment consultant, they should be able to guide you as to the salary bracket the company have in place. They will also be able negotiate and find middle ground for both parties.
If you have directly contacted the company and your interviewer ask what you think the role is worth, a confident response by asking what salary range they had in mind should help you understand where you need to be. If you are expecting the new employer to match or make an increased offer on your current salary, include benefits and start higher as it is easier to come down that go up! Bearing in mind not to price yourself out of the role. Probationary period is also a great way to increase salary based on performance, consider a lower salary to start but confirm that a successful probationary period will see the salary increase to such figure. This foot in the door approach has an element of risk but gives you an opportunity to show that you are a valuable asset to their team.
Why are you worth the extra money?
The question you need to be prepared to answer when asking your employer for a pay rise.
Be ready to present your case clearly and persuasively focusing on what value you can offer, use specific examples such as: competitor information, business contacts, achievements, cost saving exercises, additional duties, commitment to the company etc proving that you are a valuable asset.
In order to justify the increase, is there anything extra either party 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?
This negotiation process might not have any monetary value, but the option to work from home to reduce travel costs, additional holiday, increased pension contributions, flexitime, healthcare etc all have personal value to be considered.
Risk it all... If you don’t get what you want would you be prepared to leave? The employer needs to take into consideration, that should the person leave, the cost that would be involved in recruiting and finding a replacement could far outweigh what the employee is asking for?
The party who loses in this process is generally the one to gain most in the overall picture.
Be assertive, positive, know what you want to achieve from the meeting with clear goals. All these skills will impress employers and add to your value in which is another skill you can bring to their business regardless if you win or lose.
You’re set and ready for the move to a new company, salary agreed, paperwork in your hand, walk in to see you employer with a freshly printed resignation letter, to see the bosses face drop!
Then the silence as it is absorbed. A shaky bottom lip spits out “how much have they offered you?”
This is where it begins, “The Counter Offer!
Simple answer is that employers don’t want to get involved with any form of Dutch auction in my experience. They want people that want to work for the business, not people that are using the whole process just to bump up their salary for £20 a month!
At the cost of tainted relationship with a new potential employer, avoid counter offers by thinking about the move thoroughly in the first instance and why you wanted to move.
It is difficult but try and get a record of the meeting and what has been agreed, signed by both parties. I hear time and time again that promises have not come to fruition because a party has gone back on something at a later date.