Salary negotiation

Salary negotiation is a game that employers usually win. So it is important for job seekers to be savvy enough to represent themselves and get an agreement for a fair salary.

As competition increases within the Caribbean, companies, especially international organizations, bring various strategies to attract and retain the best talents in the region. Potential workers must understand what salary and benefit options are available before accepting a position.{{more}}

Work is an exchange between the worker who has a skill and an employer who wants to purchase that skill. Your skills can save the company money, increase revenues, or both. Whatever your skill, you need to know what your work is worth in order to present yourself well and to be paid fairly.

Unfortunately, some job seekers see themselves as beggars hoping someone will be merciful and hire them. That kind of thinking puts the employee at a disadvantage and reduces his bargaining power.

When you know the value you bring to an organization and can articulate that clearly, you can confidently sell your skills for a fair price.

Some job seekers consider only the subject of take-home pay. But a complete evaluation of other benefits should not be overlooked. Does the company offer room for advancement? Do you feel like you fit the organization? Is there support for career development? Do you have access to a company vehicle and fuel program? Is there overtime and holiday pay? How many sick, personal and vacation days would you receive? Is the schedule night and weekend work or strictly Monday through Friday? Weigh the importance of any type of medical, dental, and optical insurance, and other bonuses.

One potential benefit “tuition reimbursement programmes” needs to be highlighted. This can be an excellent opportunity for employees who ordinarily could not entertain the idea of furthering their education.

Signing up for a degree program or other professional development classes shows your employer your willingness to learn and increases your chances of being considered for a promotion. Your initiative also makes you a more attractive candidate to outside companies. Some companies offer scholarships for employees‚ children; these opportunities should not be passed up.

Delay telling a company your salary requirement, especially if you do not know the scope of the work. Some companies ask at the outset what salary you want and then use this information as an opportunity to be reduce the number of applicants for a position. One of the biggest mistakes job seekers make is to say exactly what salary they want too early in the negotiation process. Salary requirement should be the last item discussed and the interviewer should be the person to introduce the topic.

Do your research and learn what the industry pays for the desired position in your region. Consider your experience. Set a low range and a high range and negotiate accordingly. Talk to friends or consult industry associations to learn more about appropriate salary ranges. Before accepting an offer always ask for at least 24 hours to consider the pros and cons off all the benefits.