Let’s not play the hypocrite and say it directly – salary is in the top 3 factors influencing an applicant’s decision when choosing a workplace. However, there is a tendency among numerous modern companies to leave this issue open or just to note ‘competitive salary’ in their job ads. Besides being irritating and confusing, it may be a waste of time in the end. But on the other hand, the note’ competitive salary’ may provide room for negotiation and help an applicant bargain for better remuneration. So, keep reading our article to understand the definition and how to handle a competitive salary.
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The term ‘competitive salary’ means that the amount of money an employee will receive in company X in a particular position is comparable to that in other companies. Besides salary, the term also comprises benefits, commissions, and allowances. It often happens that the salary is low. Still, employers compensate for it with the help of decent incentives and, therefore, retain their employees and attract new ones.
Let’s have a look at some of them. Such blue-collar workers as builders who tend to undergo various health threats at work also receive hazard pay or more advanced insurance. Employees who work at night also include better health insurance terms or night shift differential pay. Sales managers get a low employment rate but decent commissions for every sale or deal they close.
There are obviously different factors that form the ‘competitive salary. It depends on the geographical position, subsistence minimum, demand of profession, economic opportunities, etc. People in remote areas such as villages or towns are unlikely to earn the same salary as those in cities and megapolises. Firstly, the demand is low; secondly, the cost of living doesn’t require significant expenses.
Negotiating money matters may well cause loads of stress. However, working on your self-image and developing negotiation skills work wonders. That’s why we have prepared a list of skills that should be honed to succeed in negotiating for a really competitive salary:
The more details you get about the company you’re applying for, the more precise picture of it and its possibilities you have. Therefore, you’ll understand what chances of receiving a higher salary you potentially have. Don’t worry about the fact that usually, the employer is the one who asks questions in the interview – it’s a misconception. An interview is a chance for both sides to learn more about each other and understand if they are a good match. So Don’t waste the opportunity of obtaining a better salary rate as well as making a positive impression on the employer by demonstrating your genuine interest in their company and job opportunity.
Everybody can speak, but have you ever heard the term ‘silver tongue’? The talent of persuading, making people listen to you, and agreeing with what you say doesn’t come out of the blue. Therefore, should you be rubbish at making negotiations, it’s your sign to start changing the situation immediately!
There are plenty of ways to do it – from practicing with your friend and talking to yourself in the mirror to filming yourself on your smartphone. You’ll get an opportunity to look at yourself from aside and spot the weaknesses that should be eliminated. The next step is to try using your speaking skills in real life – a bargain in a market or a store. You may face different reactions from different people – why not check to what extent you are ready to handle such situations and find the way out that will serve your benefit?
It’s not about ultimate positivity and acceptance of everything life is giving to you. It’s about demonstrating your eagerness to compromise and respect the other party at the same time while protecting and standing for your interests. Being patient and open to a discussion will demonstrate to the employer that you care about a positive and comfortable working atmosphere as it contributes to career and business growth much more than people think.
The impostor syndrome has been affecting many professionals lately. One may say that a real pro will never be satisfied with their results and achievements because there is no limit to perfection. It’s a pretty toxic position, though. We do have to be hard-headed when accessing our professionalism, but without self-flagellation and under evaluation. Employees tend to see these flaws, and an applicant loses points immediately. On the contrary, the one who knows their skills and expertise and talks about them with good calmness and confidence automatically win the employer’s respect. Therefore, your salary is bound to be higher as well.
You should not act as overconfident or self-satisfied. It’s highly likely to discourage the interviewer and create a negative image of an applicant. However, being respectful and conscious when negotiating will make the second party more agreeable. Avoid aggressive responses, but don’t let them think you’re easy to persuade. You know your self-worth; you’re here to get what you want, so being firm and direct in your terms is what will help you achieve it.
Whatever happens, it doesn’t mean you are defeated. It means you know what you seek and are not ready to agree for less. Even if bargaining hasn’t brought about the expected results, this is just one step closer to your goal. Show your appreciation for the time and opportunity as well as move on without regrets.
It may sound weird, but jot down a list of skills you can offer to the employer that will benefit the company. Those should be more than vague characteristics – describe your achievements and accomplishments with the accurate results they led to. Furthermore, list the skills you have honed for the past year, and explain how they can help the company strive. Academic achievements or certificates also matter, but you do need to provide them as proof.
The market still dictates the rules and salary rates, so you will not jump over your head. Check the similar job opportunities on different job boards and compare their remuneration. Take an interest and ask your friends in this field; they may know the rates their companies offer. Consider such factors as location and demand – they are the most influential when forming the salary rate.
Requesting a high salary from a start-up or a small business doesn’t look reasonable, does it? Large corporations, in turn, have more opportunities and chances to meet your salary expectations; however, they may offer less attractive working terms and conditions. Don’t neglect to check the reviews of ex-employees or current workers to be sure it’s worth your time and effort. Finally, check the benefits package to know what benefits and perks you can safely request in the interview.
Were you content with your salary, or would you look for new job opportunities? You may face a situation when you make a perfect match with the company, but the salary lags behind. What should you do then? Be sincere and tell them it doesn’t really meet your expectations. Meanwhile, highlight your strong desire to become a part of their team and contribute to their development. Combined with your valuable skills, they will likely find a mutually beneficial compromise for both parties.
Bargaining is a good idea under two conditions: it’s considerate and has reasonable grounds. Here, the list of your accomplishments and credentials comes into handy; otherwise, the employer is unlikely to accept your conditions, just taking your word for it.
If your bargaining skills have taken their toll and the employer accepted your terms, it’s not the time to start celebrating. As the saying goes, what has been written with a pen cannot be wrenched out with an ax. Ensure all your agreements have been included in the contract and signed by both parties. This is to help both of you sleep soundly at night.
