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There are many ways that a company can go about recognising the work of its employees. It can be done in the form of promotions or even special rewards for jobs well done. Và while these are certainly welcoming from an employee’s point of view, most of them will also agree that, when it comes to recognition, few things mean more than a pay raise.

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Increasing your professional income is also vital for your career advancement and progression when and if you decide khổng lồ move on to lớn another role, whether it is in the same company or not.

Ahead, we will explore how employees & job seekers alike can evaluate their worth as contributors to lớn the company, as well as how they can negotiate for the salary they deserve, be it during job offers or at annual appraisals.

Learning to be a negotiator

Not everyone is a born negotiator. Just like how price-bargaining is an acquired skill, successful negotiation, too, requires a very different mindset. Most candidates vì not bởi enough when it comes khổng lồ negotiating for a higher salary.

Obviously, the first rule when you go into a salary discussion is khổng lồ never settle for the first salary amount put on the table. Ahead, some of the following tips & tricks to get a higher salary.

1. Vì chưng your homework

Just because the salary offer feels lượt thích it is enough khổng lồ cover your expenses doesn’t necessarily mean that it is the market average. As such, it is critical to do your market research and know what your role is worth before stepping into job interviews and negotiating for a higher salary.

Simply talk to lớn people in the know. It could be someone already in the industry or even a recruitment consultant who can give you the latest updates. There are also websites lượt thích Glassdoor you can explore; these typically nội dung salary numbers revealed by members & are categorised by job positions for easy viewing. With all the research gathered, you would be able to lớn negotiate salary with a lot more confidence.

2. Know your market value

Your value to lớn the organisation is sometimes more than just the position that you are applying for. For instance, if you are applying for the role of a marketing director with 20 years of experience already under your belt, you are going lớn be able to lớn command a certain amount of salary.

However, if you are applying for the same role with the same industry experience, but with added bonuses of entrepreneurial background and experience in tìm kiếm Engine Optimisation & social truyền thông marketing, you are going lớn be bringing a lot of extra skill sets & value to lớn the table.

Furthermore, if you know for a fact that the company you are applying for does not have, say, an SEO-driven nội dung marketing strategy, then your knowledge in that area is suddenly going to lớn be worth a whole lot more.

As you can see, even though the job titles are the same, the difference in the job mô tả tìm kiếm can be quite stark. These peripheral skills you have developed over the years will allow you lớn take the industry standard when it comes lớn salary và increase it. It is also always essential to lớn familiarise yourself with the industry, find out the most in-demand skills and ngân hàng on those during your negotiation.

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3. Ignore your previous salary

One mistake that many job candidates make is to lớn base your salary negotiations on your last drawn salary. While it is always better lớn earn more than your previous job, using your last drawn salary as a yardstick is by no means a good gauge.

Unless you feel that you have gained zero skill since your last job, ignore your previous salary altogether. Instead, look at your objective value to the company & compare that lớn the industry standard that everybody else is getting.

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It is also not uncommon for job descriptions khổng lồ require candidates khổng lồ submit their previous salaries. You can ignore that or reserve the discussion for the interview itself. Revealing the amount even before the interview will put you at a great disadvantage.

Should you reveal your last-drawn salary?

If you are applying for a new job, và the hiring manager or recruiter asks for your last-drawn salary right away, respond with something like, “I’d lượt thích to find out more about the position and the responsibilities, what the team’s like and the company culture before discussing salary. In any case, since you mention, may I ask what is the salary range you’re considering for this position?”

Whether they give you a number that is slightly lower than what you have in mind, let them know và say that you would still lượt thích to learn more about the role. After that, you can demonstrate how your skills would make you a valuable employee và then work on negotiating salary when you got the job offer.

However, if the salary range is way lower than what you have in mind, ask the hiring manager if the amount can be adjusted for the right hire. If the company has a fixed budget that can"t go higher, it would be best to lớn decline the interview & move on.

Eventually, you would have to tóm tắt your latest salary number.

According khổng lồ Kate Nguyen, Associate Manager at Michael Page Vietnam, whether working with an MNC or local company, many employers request the last-drawn salary before being able khổng lồ get approval for the hire. This serves as justification for the proposed offer and is often a phối part of the administration process.

4. Think beyond your base salary

If the company cannot offer you a higher salary, you can also find out what are the KPIs lớn achieve in the next six months and ask the hiring manager or your current manager if your salary can be reviewed in the months ahead at that point. 

Also, calling it ‘salary negotiation’ is, admittedly, not accurate, since you are actually negotiating more than just the base dollar value. Aside from the base salary, you are looking at the basic benefits that come along with your employment.

Benefits package

For instance, the salary on offer might be lower than the value you have in your head. However, the benefits that come along with the salary might actually be attractive & more than compensate for the balance. As a job applicant, you want lớn take these additional benefits into consideration when negotiating for a raise.

If the salary on offer isn’t enough, perhaps you can negotiate for other benefits in your compensation package, such as better health plans, flexible work arrangements, additional leave, training opportunities, etc. & while we are on the point, don’t be limited by your imagination.

There are plenty of benefits beyond the conventional, from tuition assistance to free coffee. Just remember: this is a business transaction, and everything is negotiable.

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5. Hope for the best, but expect the worst

When you negotiate salary, a good idea is lớn give an amount on the higher end and work your way down from there. If the higher offer is accepted, then it is good news for everybody. If it is rejected, adjust accordingly & try again. After all, what’s the worst thing that could happen?

Rejection just means you need to lớn recalibrate & renegotiate, and if the company cannot appreciate what you can potentially bring khổng lồ the table, at least you know to lớn take your expertise someplace else.

Remember: if you don’t ask for a pay raise, you are likely not going to lớn get it; if you vị ask for a pay raise, there is at least a chance that you might just get one.

No real guarantees in salary negotiations

At the over of the day, there are no real guarantees in salary negotiations. Beyond the value you can potentially bring khổng lồ the company, there are many considerations khổng lồ be had from the employer, HR point of view and also factors, such as tight budgets and even tighter competition.

With that said, if you don’t even attempt salary negotiation, then you are doing yourself a great disservice in the long run. So vày your research, enter a negotiation and take the conversation on from there.

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