How To Properly Conduct Salary Negotiations
With the current job market, negotiating for a salary can sometimes be seen as a no-go, especially for those who aren’t familiar with the nuances of good negotiations. People often feel like trying to negotiating salary job offer can cause them to lose their jobs, thereby having an adverse effect on their professional growth. There are several more myths that surround salary negotiations, and this sometimes hinders the amount that a person could potentially earn when they are working at a particular position.
There is no doubt that a salary that you earn is one of the most important things when working in any professional capacity. If it weren’t for those pay-checks at the end of the month, a lot of us wouldn’t be doing what we are currently employed at. But there are some instances in which negotiating a salary offer that is provided isn’t always the best option, and this especially takes place when an individual is being given a fair estimate of how much they can earn. However, the instances in which these happen tend to be quite rare, which is why knowing how to negotiate a salary job offer is important
The Wiggle Room
When you first get your salary job offer, you are going to be ecstatic and excited for this new opportunity. Companies usually have some kind of personal communication through which they quote a certain amount that the individual can earn. But as any business should operate, companies are always looking to save in whatever way they can. Saving a small amount on one person’s salary can go a long way when taking into consideration the bigger picture. Bigger companies, in particular, are known for doing this because of the standards that they have set in place. While underpaying your employees is not the very best route for companies to take, it is a reality that has dawned upon us. For a variety of reasons, companies tend to commonly offer a lower amount to an individual the first time they are having the communication about their salary. During this time, companies generally expect individuals to voice a counter offer which they see fit. This gives the company an idea of what you can work for, and what you are looking to get from them.
In Singapore in particular, companies are known to downplay the amount that they offer their newer employees. Depending on the scale of the company, one should always be aware of the potential amount that they can earn, as well as the scalability that exists within their industry.
Recruiters are generally equipped to be able to handle any kind of negotiations that potential employees being to them. They have a certain amount of wiggle room that they can move around in to come to a solution that works well for the employee and the company as well. When a recruiter is having this conversation with the employee, they are given a certain limit that they have to work with. For example, a company may authorise a recruiter to work within a limit of $65,000 to $90,000 per year. The first offer that is made to the individual is around $65,000. However, the recruiter can go up significantly because of the upper limit that the company has provided them with. This of course doesn’t meant that the recruiter is just going to hand out a bigger salary to the individual the moment they say anything about it. Recruiters tend to wait for the convincing power of the individual to reach a point that they feel is good enough to warrant a salary. At best, a recruiter, in this instance would go up to $75,000 or $80,000, since too much of a jump could cause an individual to question the initial offer and authenticity of the company as a whole.
The Worst Case Response
A lot of people tend to have the misconception that conducting any kind of salary negotiation may cause them to lose their offer. Because of the reasons mentioned above recruiters hardly ever rescind offers that have already been given out, mainly because they expect a certain amount of negotiations to come their way. The only instances in which a recruiter may draw back the offer is when the individual is being unreasonable and is asking for something exorbitant. Those who are rather bashful and not mindful of the recruiter when conducting these negotiations can also lose their positions, which is why it is important to be familiar with the art of conducting negotiations when going in to counter an offer.
In spite of the positives that come along with a good negotiation, people looking to partake in this tend to have a number of hindrances, mainly because of the fear of being rejected. It is important to note that the worse thing that can happen after conducting good negotiations is the recruiter declining your offer. A simple ‘no’ is not as bad as one would think and is not something that a recruiter is going to hold over you for long — especially considering that your offer to join the company at the salary that they are currently offering is always on the table.
Tips For Negotiating a Salary Job Offer
The art of negotiations can be tricky, but knowing a few tips can help you out in the process. Here are some of the things that you should keep in mind before you approach the company for salary negotiations.
Do Your Research
Before you jump into any kind of negotiations, it is necessary to do your research with regards to the field that you are getting into, as well as the potential salary that you could earn. This can help you go in with a clearer image of what you can potentially get and is something that can make you seem more well informed to the recruiter.
Wait For The Right Time
The point during your conversation wherein you start negotiating can play a significant role in its outcome. For those who want to be able to conduct the most efficient negotiations, the best time to start asking for this is after you have asked the recruiter about the job and the tasks that you will be required to fulfil.
Analyse Your Need For The Job
Even though the instances in which salary negotiations resulting in you losing the job offer are very low, there is still a chance that it can potentially happen. If you are in dire need of the position being offered, it is probably best to leave salary negotiations for your first raise.
Try Negotiating Benefits
Sometimes, recruiters are opposed to offering a raise in the monetary amount but have no trouble offering benefits over the offer that they have made. If you feel like asking for additional money would not work well for you, try negotiating benefits to get the salary’s worth in the form of other deeds.
With the opportunities that are available, there is no good reason not to upload your CV online to get potentially better offers. For those who are looking for good job opportunities, bookmark Future Work the one site where you can get better job offers to possibly advance your career in Singapore further and reach your maximum potential.
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