Negotiating Your Salary
Negotiating a salary can feel difficult, however it’s important that you know your worth and secure a suitable salary and benefits package.
Do Your Research
Your first step is to research the salaries of similar roles both inside and outside the company. It’s important to note whether salaries in your sector have increased or decreased over the last year and whether there is a talent shortage for candidates with your skills and experience. Assessing these points will help you benchmark realistic salary levels for your role.
Approaching a potential employer with a ballpark figure based on this information will demonstrate that you are addressing the situation from an informed rather than emotional perspective.
When your potential employer makes you a salary offer, consider the additional expenditure that could be attached to the role. Your travel costs may increase and you may lose benefits you received in your last role. Conversely, your travel costs may decrease and you may be offered a better benefits package. If the proposed salary is higher or lower than expected, weigh up the entire remuneration package. You may end up gaining more despite a slightly lower salary.
Additionally, if your new role involves relocating to another jurisdiction consider different tax rates and costs of living. A lower salary in a lower tax jurisdiction may work out just as well from a net perspective as a higher gross amount elsewhere. This all must be factored into your salary expectations.
Don’t be afraid to negotiate
Always keep in mind that your salary must be finically viable, so make sure you assess whether the proposed package will provide an acceptable standard of living. Don’t be afraid to negotiate, but do so from an informed and sensitive point of view.