Negotiating a salary for a potential new job is a task many people dread or feel ill equipped to deal with.
Researching salaries
First, you need to know the current salary range for the role. Salary surveys on recruitment websites or those published by industry or professional associations are good sources. Grads can also check with an alumni association. Be wary of salary surveys where people can enter their own pay details as they're open to abuse.
Salary surveys carried out by established recruitment firms are credible.
If you know someone doing a similar role, ask their advice on what sort of money you should be asking for. Obviously you cannot ask them what they earn. A word of warning here too. Some people are very passive when it comes to negotiating a pay rise. They accept whatever the company gives them each year, which could be zero as far as I am concerned. This means that over a number of years, a person could start falling behind market rates. This is one of the reasons it pays to move jobs every few years even if this is just to a new position within your existing organisation. It's also the reason that negotiating the best possible starting salary is so important.
If your first interview is with a recruitment firm, you can ask the consultant what the salary range is for the job. Keep in mind that the recruiter represents the employer so they don't have to nominate a salary. Also keep in mind that the hiring manager will have a budget for the role, which means there will be a limit he or she cannot go over without seeking sign off from a more senior manager.
Sunday, September 9, 2007
HOW TO NEGOTIATE YOUR SALARY
Negotiating a salary for a potential new job is a task many people dread or feel ill equipped to deal with.
Researching salaries
First, you need to know the current salary range for the role. Salary surveys on recruitment websites or those published by industry or professional associations are good sources. Grads can also check with an alumni association. Be wary of salary surveys where people can enter their own pay details as they're open to abuse.
Salary surveys carried out by established recruitment firms are credible.
If you know someone doing a similar role, ask their advice on what sort of money you should be asking for. Obviously you cannot ask them what they earn. A word of warning here too. Some people are very passive when it comes to negotiating a pay rise. They accept whatever the company gives them each year, which could be zero as far as I am concerned. This means that over a number of years, a person could start falling behind market rates. This is one of the reasons it pays to move jobs every few years even if this is just to a new position within your existing organisation. It's also the reason that negotiating the best possible starting salary is so important.
If your first interview is with a recruitment firm, you can ask the consultant what the salary range is for the job. Keep in mind that the recruiter represents the employer so they don't have to nominate a salary. Also keep in mind that the hiring manager will have a budget for the role, which means there will be a limit he or she cannot go over without seeking sign off from a more senior manager.
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