MAKING A SUCCESSFUL CROSSING
Figuring Out Your Worth How can you measure your worth in dollars and cents?
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alary negotiation is an art that many find difficult to grasp. Moreover, as a fresh graduate, you have nothing to lose when it comes to salary negotiation, so take the first step to discuss how much you should be paid for your services with your first employer. After all, you stand to gain, whether in monetary terms or newfound knowledge and experience for this act of necessary evil which may seem scary at first!
Wait till you have an offer Do not bring up salary matters until you have an offer. You need to know that the employer is keen to hire you before you start revealing your cards on what you think you are worth. Timing your negotiation well is a big factor for success too.
State a range Whether you are at the entry level or any other level which you have progressed to in your career, always state a range when it comes to salary expectations. This gives you more wiggle room for negotiation instead of when you nail a single number. By stating a range, you are giving the employer the option of going for the lower or higher end of the range too, though you should also be prepared to accept the lower range of the offer. In other words, the lower range figure will be your baseline for acceptance.
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Research market rates and industry standards Make sure you make informed decisions even as a fresh graduate when it comes to evaluating job offers and benefits packages. Do adequate homework and read up on graduate employment survey findings and market reports. Alternatively, you can also turn to your contacts in the industry and your personal network if they have any clue. Use your research to come up with a range of figures on what you should be paid for each role you have applied to, and do not forget to take the company size and current economic climate into consideration as well. Ask if the company has a structure for increments and enquire about the norm for bonuses too. Work out the sums and decide if the overall amount of what you are getting is considered fair for the offer at hand or not.