In the realm of recruitment, the salary is one of the most fundamental elements that eventually decides the outcome of the hiring process.
For the employer, it determines whether a candidate will be hired or not and for the prospective employee, it plays a vital role in whether the job offer will be accepted or turned down.
Interestingly, salary negotiation is usually considered a part of the interview process.
Salary negotiation is the process whereby an employer and potential employee discuss and reach an agreement on how much will be paid for the services, knowledge, experience and skills the potential employee will be bringing to the company.
This process often begins with an offer from the employer, which is usually met by either a request to review or acceptance from the potential employee.
In some situations, the offer from the employer comes with a deadline for consideration of the offer. In cases like this, the salary negotiation happens over a specified period of time; at the end of which the offer from the hiring company is either accepted or turned down.
The salary negotiation, when successful; that is, if the potential employee accepts the offer, is followed by an employment offer from the employer.
Meanwhile, you should bear in mind that besides the salary itself, every item within the salary structure is negotiable and these include hours of work tied to the salary, designation, severance pay, the benefits package, policy on public holidays and much more.
Salary negotiations are very important for both the employer and the potential employee because if not well anchored, the aftermath plays out in the form of disgruntled employees or an overpaid employee who doesn’t deserve what he earns in the estimation of the employer.
Such an employee would, therefore, be considered ineligible for any form of increase in compensation over a given period of time.
Below are 10 tips that put you in a stronger position to negotiate for a higher salary.
Anticipate hard questions
Understand the difference between Gross Salary and Net Salary
Make a request for offer review
Strengthen your negotiation with research
Don’t constitute a nuisance
Re-emphasize your availability and interest
Approach it as a business deal
Practice as much as you can
Who are you negotiating with?
Bring something impressive to the table