7 tips to negotiating your salary
Congratulations! You’re done with the interview and they want you. What now? How do you agree on a salary? Use these tips to get the salary you deserve.
Marketability
Your marketability depends largely on your past performance record, your CV and your performance at the interview. If these are all outstanding, you will be in a favourable position to negotiate.Scarcity
The scarcer the skills required for the role, the higher the salary you can demand. Do research on what the market is paying for the position. Read a salary survey to gain more information in this regard.Employee benefits
Consider what employee benefits are included in the Cost-To-Company package – if medical aid, pension, life insurance are excluded, then you need to factor them into your salary request. Here you might want to use a salary calculator to better calculate what you should be asking for.Renumeration review
Have an idea of when the company does their remuneration review – if it’s soon, you would most probably be excluded from the exercise, so build in a bit of “fat” into your package – you will not be getting an increase or bonus for another year.Be tight lipped
Many companies want to know your current earnings before they will make you an offer – there is nothing preventing you from requesting that they make you an offer prior to you making that information available to them. That way, you know they will offer what the role deserves and not simply offer you a mark-up on your current package, which may be well below market value.Sign on bonuses
Some companies offer sign on bonuses or relocation allowances – if you don’t ask you’ll never know! If you’re that good and they want you badly enough, your chances are good.Incentive schemes
Find out about incentive schemes upfront to get an indication of your “earning potential” in the new role.Remember, this is a negotiation – you need to use your skills to get yourself the best deal possible.