Wednesday, August 27, 2008

How to Negotiate your package?

You've finally been offered the job you want - the only problem is that the salary isn't quite what you were expecting.

Most recruiters leave some room for negotiating the remuneration package but it's a delicate process. Demand too much and you might not get the job or your new employer might expect more than you can deliver.

Finding the correct level can be tricky, but with my tips you can avoid selling yourself short:

  • Go back to the career plan - does this job fit into the plan, and if not, do you really want it?
  • Check out salaries on offer for similar roles
  • Work out what you need in terms of salary to make the job worthwhile or even affordable. Don't forget extra costs you might incur from changing jobs, such as travel costs, loss of company pension, childcare, or relocation
  • Expecting a prospective employer to match or improve on your existing earnings? Include all your benefits plus expected bonuses or pay rises when calculating your current salary
  • Be prepared to negotiate. Some firms are flexible about benefits too. Research from Hewitt Associates suggests that two in three employers either operate a flexible benefits policy or are considering implementing one
  • Ask your prospective employer to honour any holiday you have already booked
  • Be realistic - if you ask for much more than the original offer, you could appear demanding and out of touch

So now you know the best course of action to take to ensure you get the salary you want, what do you need to avoid doing?

  • Don't resign from your current job until you have a firm offer you can accept in writing
  • Your new job will be dependent on good references - including your current employer so make sure you are still delivering the goods
  • Don't lie about your current salary - your P45 tells the truth!
  • Don't take the first thing that comes your way. If you are in a position to turn it down or if you have any doubts about the job, then don't take it

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