In this post, I’ll share tips on how to negotiate your salary.
Know your benchmark
Benchmark - Standard or expected value.
If you tell them your expected salary first then they can negotiate and pull the salary down.
Your answer will be the benchmark.
If they tell you their budget you can try to pull your salary up by asking for more and see if they are willing to give it to you.
Your goal is to pull the salary up.
Their goal is to pull the salary down.
Whoever gives the benchmark first develops the advantage in the negotiation.
In the event that they are unwilling to give a budget for you then you may give a ridiculously high amount in range.
Minimum would be current salary plus fifty percent.
Maximum could be double and more.
Know your numbers:
Not knowing these numbers
- Current salary.
- Hourly, Daily, Weekly, Monthly computations of your salary.
- Current salary plus 10 percent.
- Current salary plus fifteen percent.
- Current salary plus twenty percent.
- Current salary plus thirty percent.
- Current salary plus forty percent.
- Current salary plus fifty percent.
- Hourly, Daily, Weekly, Monthly computations of your desired salary.
When you negotiate don’t easily surrender an extra Php 100 pesos on your monthly rate.
That amount affects your annual salary thirteen times.
If they negotiate down remember that any amount you reduce from your asking salary gets multiplied by thirteen.
Bracket - Expected range or preference.
Offer A: low price in exchange for very little of what the other party wants. Offer B: exactly the price I want in exchange for exactly what the other party wants. Offer C: really high price in exchange for what the party needs.
If I want my offer to be the most desirable to the other party and to prevent them for negotiating my price down, I will need to present offer B along with offer A and C so they have a comparison.
Things to look at in a job offer:
Companies may increase your salary and lower your benefits or extra perks.
In the event that salary can NOT be negotiated you may instead negotiate vacation leaves and other benefits.
Don’t immediately say yes.
Tell them you need to think about it.
Don’t sign anything until you are sure you want the terms that they are giving you.
In the absence of years of experience.
And previous salary that matches your asking salary then your alternate negotiating advantage would be offers from other companies.
Make sure you have other offers.
Instead of negotiating against them make each company negotiate with the offer of other companies.
10-15-20% increase is generally acceptable but why settle if you can ask for higher.
Remember you are starting over.
You are working in a new company.
With it, you will carry risk that if things don’t turn out well you will be inconvenienced and out of a job for a certain time period.
All else fails ask them what’s a fair price for someone with x number of years working in the position?
Ask them what their best offer is.