If business organizations exist to earn profits, employees of such organizations have every right to claim a fair share of their compensation for applied hard work and perseverance. Salary is an important aspect when it comes to the employment of a candidate. It can be both tricky and effective at the same time, however, an employee must maintain his interests and protect himself from possible instances of exploitation and deception.
It is common for interviews to ask about your salary expectations during an interview session. A perfect answer to this question lies in the thorough market research and analysis which you must undertake so as to understand the salary being offered in a similar industry to similar professionals.
Considering its delicate and tricky nature, Prepmycareer is pleased to present you an article that teaches you:
- How you can negotiate your salary? – Tips and all the relevant information and
- How to write a salary negotiation letter? -Format and Relevant Samples
Expert Tips For Negotiating Salary
1. Conduct Extensive Research
Responding with any random salary figure will not come in handy for you, rather by doing this, you will enable an interviewer to frame negative opinion in your regards. If you are sharing a figure that is too high, you will simply be termed as a mercenary and at the same time a low salary figure, would deem you to be too desperate and less skillful. Hence, it is necessary that you conduct a proper research on the basis of the following parameters:
|Geographical Location||This factor matters a lot in deciding your salary. If you are taking a up a role at a semi-urban or rural location then you will always get a lesser amount of salary as compared to the employees posted in urban or metropolitan locations, no matter if you are similarly experienced or have similar academic qualifications.|
|Work Experience||At the time of conducting research it is necessary to look after the work experience mentioned in each professional profile. The professionals with a higher work experience always get a higher salary. Hence, as a rule of thumb, expect a 10 to 15% fall in the salary for every fewer year of work experience.|
|Education Level||For employees who are highly qualified and have a variety of valid certifications would always get a higher salary. Hence, the salary taken by the professional whom you are taking as a base, must have a similar educational qualification as you.|
|Skills||This aspect of information is usually not that authentic in the profiles which you will browse through. It is a common habit of the professionals to mention all the relevant skills in their profile that pertains to and matches the nature of their work. Hence, it is recommended that you do not focus much on this type of information.|
2. Develop Your Conversation
In order to negotiate effectively, you must have a few valid reasons and points on the basis of which you can demand a salary hike. These points could be very well influenced by the research conducted by you, but you are requested to lay more focus on showcasing your own educational achievements, skills and work experience.
3. Maintain A High Level Of Confidence
It is highly important at the time of negotiating salary, that you maintain a high level of self-confidence in yourself, as only by this, you will be able to put forward your demand of a salary hike more effectively and impressively. A meek demand coupled with non-enthusiastic attitude, would lead you nowhere and there are high chances that your salary would not be hiked even by a marginal percentage. Hence, have faith, maintain confidence and trust your capabilities as well as talents. You surely deserve the hike, such should be your attitude and approach.
4. Share An Optimal Salary Bracket
It is advisable that instead of sharing any random salary figure, share an annual salary bracket range, with an adequate margin between the higher and lower limit. It is also recommended and suggested to share a higher then normal salary range, so that when your interviewer starts negotiating and brings you to a lower level, you are very much near to the average salary offered for the role.
How To Write A Salary Negotiation Letter?
Be it an Email or a Physical correspondence you are always required to intimate either your senior or an interviewer for an expected salary hike. In both the cases you will be required to write a salary negotiation letter. This letter usually contains the following characteristics:
- The letter must be written in a polite and convincing tone
- Must clearly express all your valid points and grounds on the basis of which you are demanding a salary hike
- Never forget to mention the data collected in your research, as this lays a deep impact upon the reader
- Close the letter with flexibility, and always mention that, “You are open for further negotiations”
Format and Sample Of Salary Negotiation Letter
Writing a salary negotiation letter is often a tricky and sensitive process, hence in order to make an excellent copy you are requested to read the sample letter mentioned below, so as to have a better understanding of the same:
Sample Letter (Main Body)
It has been and will always be exciting to work for your business organization. Be it an overseas project or any domestic outing, this organization has taught me a lot and have improved my skills considerably. However, it has been 6 years since I have been involved with this organization and it is high time that I asked for an hike in my salary.
Sir, based on my industry research and upon comparing the average salary offered in the sector, I request you to hike my salary by 20% or consider a bracket range of $50,000 to $70,000. Further, I have also undergone a variety of certification courses while being in employment, which further strengthens my case. I have gained a lot from the organization, and continue to remain negotiable on the salary front.
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