Tips on Salary Negotiation in Today's Market
From the outset whether you are dealing with an agency or directly with an organisation, salary, benefits and where you pitch yourself can be the difference between getting to interview stage or not. Here are some tips
Q: Where should I pitch myself?
A: Salary is a critical element of the whole job searching process. Firstly, there is little value in today’s market having high demands on salary as cost saving is key for any organisation. Many companies are managing to employ high qualified staff without battling over salary. Be sensible from the outset. Very few employers will give more than 10% of an increase on a current basic. If you are prepared to move for the same or a lower salary, then make sure your recruitment consultant is clear of this. Otherwise they will eliminate and not call you about certain roles as they search through their databases. Benefits also need to be taken into account and your consultant should always be submitting your salary & benefits to employers. EG Some organisations do not have a bonus system while your current employer may pay a bonus of 20%. This is a 5K difference at a 35k level. If you are looking for a 10% increase, will a new employer offer you a base of €43,500? That level of an increase maybe difficult to get in today’s market, so if salary is a key motivator in your transition, don’t waste your time, or any potential employer’s time.
Q: I feel I am underpaid and as I have had to take a paycut recently, I would like to get back up to market rate.
A:Quite often employees feel undervalued by their current / previous employers and see a job change or career move as the opportunity to get them back to the level they feel they deserve. Most employers take your current salary and benchmarking into consideration and are unlikely to make decisions based on your current employer’s salary structures
Q: I was thinking of bending the truth on my salary as I really need the extra cash
A: Always be honest about your current salary. Your P45 will outline your previous earnings so you are only going to be found out! It will mean you start employment on a negative note and this dishonesty could even cost you your job during your probation period.
Q: I was told I should give a salary range. Is this the right thing to do if asked?
A: If asked and pressed on the salary issue, ask if there is a salary range on the role. Always emphasise that the role is the most important thing and whilst salary is secondary, it is still important so you can sustain yourself. Do some market research on your role and experience and review some salary surveys so you can be confident when discussing your requirements.
Q: I was asked by an employer “what do you feel I should be paying for this role?" How do I respond to that?
A: If you have your research done, you will have no problem answering this question