TECHNIQUES IN SALARY NEGOTIATION


Techniques in salary negotiation

Whether you are beginning a new job or in the running for a promotion, the idea of a salary negotiation is a very important subject worth considering.  And despite the fact that salary negotiation is a fantastic idea to think off, it is important to mention that, it can be a very tricky subject. In whatever situation one finds themselves be it seeking for a job, gunning for a promotion or seeking a salary raise, it is paramount for one to learn how to negotiate. And I am here to help with a roundup of expert guidelines and further interpretation to get you totally prepared. Below are the 7 of them:

The 7 techniques in salary negotiation.

1. Speak to Hiring Managers

One way to conduct some research on salary negotiation, is to engage with various recruiters. These people know what persons your experience and know-how are worth thus, use it to your advantage. The next time one gets in touch to you or you happen to network with one, participate in a conversation about the position’s responsibilities and salary. You may not get an exact figure, but even a range is helpful. One of the many ways of getting to meet or network with such persons can be through human resource professional associations in your country. In Ghana, we have the Institute of Human Resource Management Practitioners’ (IHRMP). And in the UK, is the Chartered Institute of Personnel & Development (CIPD).

2. Know Your worth

If you are going to receive the salary you deserve, it is vital to know the current rate for your position in your area of specialisation and in your geographic area on paylab website. In UK, visit paylab UK to determine current salary rates in your said field or area of specialisation. Ramit Seth, author of “I will teach you to be rich” explains that, if you step into a salary negotiation without a figure in mind, you are at the mercy of an experienced employer who can simply dictate the pace of the conversation.

3. Communicate the (Exact) figure

In salary negotiation and from researchers at University of Ghana Business School, you should ask for a very specific number say, GHc3, 750.00 rather than GHc4, 000.00. It happens that, when employees use a more precise number in their initial negotiation request, they are highly likely to get a final offer closer to what they were hoping for. This is because the employer will presume you have done a more broad research into your market worth to arrive at that exact figure.

4. Get prepared to “Walk Away”

In considering the offers on the table, you should also come up with a “walk away moment”; a final proposition that is so low that you have to reject it. This could be centered on financial need, market worth, or simply what you need to feel good about the salary you’re bringing home. Walking away from a proposition or offer will never be easy, but it is vital to know when to do it and hit the “no deal” button.

5. Select the highest in the range

As you conduct your research as far as salary negotiation is concerned, you will likely come up with a range that characterizes your market worth. It can be enticing to ask for something in between the range, but rather, you should request for something towards the top. To begin, you should assume you are eligible to high pay, says the founder of “She Negotiates”, Victoria Pynchon. Secondly, your employer will almost surely negotiate down, so you need make room to still end up with a salary you are happy with.

6. Plan the Right Timing

Turns out, timing is everything, in fact, perfect timing Most people wait until performance review period to seek for a salary regulation, and by that time, your superior has perhaps decided what raises will be given to the team already. Instead, begin discussing with your boss about getting an increase three to four months ahead, that’s when the budget is decided.

7. Be sure you are ready

Before you seek for an increase, you will want to ask yourself a few questions. Have you been working with the company for a year? Have you taken on new work schedules since you have been recruited? Have you been doing better than expected (rather than just meeting set targets)? The response or answer to all of these should be “yes” without a doubt.

Surely, salary negotiation is a complex process with tonnes of books on techniques, tactics, and scripts. But the great news about it is that, the more you practice it, the easier it will become. Even sweeter, the more money you will be bringing home. So, step out there and get your negotiation caps on. You have now acquired the means to do it well. Your comments and views are welcome in the comment section below. And for further consultation or questions, please email to hrforumonline@gmail.com. 

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