There are certain skills that are peculiar to certain fields of work. That is, anybody that wants to succeed in such fields has to possess the skills. For an example, a person that wants to succeed as a marketer should possess inter-personal and communication skills. If you don’t have these skills, it may be difficult for you to market a product as you need to meet people; interact with them and be able to explain to them the attributes and the usefulness of the product you sell.
Apart from these specific skills, there are some skills that are general regardless of your discipline or area of work. Among these is the negotiation skill. Negotiation skill is one of the vital skills every job seeker should possess.
Many candidates are usually at sea when it comes to salary negotiation. We have some brilliant individuals who are good when it comes to performance during interview but when it comes to salary negotiation, they mess everything up.
Why do you need negotiation skill? You need this skill for the following:
1. To avoid under-pricing
2. To avoid over-pricing
3. To know where to strike a balance
Because of lack of negotiation skill, candidates tend to under-price themselves. This can also be as a result of the fear of losing the job to another candidate. Pricing your self too cheap may not guarantee you getting the job either. At best, you can get the job but immediately you start the job and realize that the company could pay you if only you have asked for higher salary, dissatisfaction sets in. Some companies can be very kind enough to offer you higher than what you asked for; in most cases, the amount they offer is still the least in your category.
Hey, this is very serious! After performing extra-ordinarily well in an interview to the point that you are even convinced of your chance of getting the job, asking for too much amount can make you lose the job. There is no doubt that the interviewers know that you are the right candidate for the job. You possess the required skills, qualifications and experience expected of the candidate; and your performance during the interview is equally superb. Still, the company may not hire you if your salary expectation is too high. The reason is simple. The company may not be able to pay what you are requesting or that the amount is beyond the level of the job category within the company. Even though you know within yourself that if the company still offers less than what you are asking that you will still take it, the recruiting company believes that if they offer less, you may soon leave them if at all you accept the offer. Therefore, the chance is that you will not get the job when you over-price your self
Know where to strike a balance
Knowing where to strike a balance is always a challenge. You want the job but you don’t want to under-price yourself nor do you want to push yourself out of the recruitment process by over-pricing yourself. So, how do you know where to strike a balance? The following will help you.
1. Do your homework
Researching about the company can save you a lot of stress. If you have an idea of how much the company pays its staff, you can easily guess how much the company can afford to pay. You can get this information from existing staff or from somebody who had worked in the company.
2. Understand the Industry Salary Scale
A lot of people make the mistake of comparing salary with their colleagues. You need to understand that different industries pay different scales of salary. If your industry is different from that of your colleagues, it will be totally wrong to compare your salary. Salary scale in a Manufacturing sector may be quite different from Oil & Gas Sector. Therefore, you need to familiarize yourself with the salary scale that is obtainable in the sector your company belongs.
3. Let Employer Do The First Talk
If you are asked about your salary expectation, it makes sense to allow the employer make the first offer. If he wants to decline, you can put it back in form of a question like; ‘what is the range of salary for the position within your organization?’ There is possibility that the employer will give you the range. When you consider your skills in relation to the position and the general economic condition within the job market, you will be able to reach a reasonable conclusion of how much to ask for.
4. Final note! Ensure you understand the salary structure of the company. Don’t fall into salary traps. Seek to understand every element of the salary (e.g basic salary, housing, transport and leave allowances and bonus etc). Understanding this will help you reach an informed decision whether the offer is worthwhile or not.