“What’s your expected salary?” This interview question –although an opportunity for professionals to get a fair compensation to the value they’re willing to add– is awkward and more often than not, inevitable. In answering a question about your salary expectations, don’t make an irreversible mistake by quoting a number without knowing your true value or what the interviewer has in mind. In fact, the right answer to this question is almost always some indirect version of “I’m not telling you.”
Here are Bayt.com tips to master the art of negotiating your salary during a job interview:
1. Know your worth Before you start talking pay with a prospective employer, you need to find out how much you’re worth. Take the time to research salaries using Bayt.com Salaries. Bayt.com Salaries will help you find out salary information for your current job as well as positions you’re interested in. The more information you have, the better prepared you’ll be to negotiate your salary.
2. Start the negotiation When interviewing for a new position, do your best not to bring up compensation until the employer makes you an offer. If you’re asked what your salary expectations are, take the cue from there and quote your range. If you have previous work experience, a good rule of thumb is to ask for a 20% increment over your last salary figure as the minimum expected salary. Another option is to give the employer a salary range based upon the salary research you’ve done up front.
3. Don’t say ‘Yes’ too soon Accepting the offer put forward right away is inadvisable. Usually fresh graduates and job seekers who are relocating to a different geographical location make this mistake. Weighing the salary offered against your actual worth is important. Do not say ‘yes’ unless you feel that the offer is reflective of the value you will offer to the firm. Not speaking up might lead you to feel underpaid, and receive lower increments and a slower salary growth as you move up the career ladder leaving you stressed and lacking motivation. Feeling underpaid might also be your reason to quit later on. According to the Bayt.com ‘Employee Retention in the MENA Workplace’ poll, February 2013, 45.2% of professionals in the region left their last job because of bad pay.
4. Do consider other benefits To look at salary alone and ignore other benefits is also a common error while negotiating salaries. Other factors should be considered like medical insurance coverage, flexible work timings, maternity and paternity leave, paid vacation days, etc. These factors have monetary value attached to them and should be grossed up with the salary figure to measure the value of your package. A better pay and benefits is the third thing professionals in MENA look for in their next job (16%); a good work environment comes in second position (19%); while 20% of professionals look for learning, training and development opportunities. (The Bayt.com ‘Workplace Dynamics in the MENA’ poll, June 2013).
5. Don’t threaten It’s fine to ask for money, but if you threaten the process will leave a bad taste in everyone’s mouths. Ask for the money based on what you can do for the company, and don’t make it a requirement of your employment. Show your employer that you’re reasonable and understand what the company offers you as a whole, and that salary is only one consideration.
6. Be prepared for ‘No’ As long as you ask in a non-confrontational manner, and at a good time, the worst you can hear is “no.” Be prepared for it, and keep your emotions in check about it. Remember that a “no” isn’t forever. You might accept the offer and follow up later. A “no” now can be a solid “yes” later. And you’ll have laid important groundwork. Salary negotiations are tough under any circumstances. It’s difficult to know what to expect as a salary when you receive a job offer, and it’s even harder to negotiate more than you have been offered. In a very competitive job market, salary negotiations can be even more complicated. We hope that these salary negotiation tips will help you know how to negotiate a fair compensation package.
