Keys to getting a salary increase when changing jobs
When it comes to achieving a successful salary negotiation in a job change, it is essential to understand the situation of the company. In addition, it is very important to know the demand you have in the labor market, the more people are in demand and fighting for a position, the more bargaining power the company will have and therefore, the more difficult it will be to get a salary increase.
According to Robert Walters, the specialist search and selection consultancy for middle managers and executives at a global level, it is essential to have the following information before discussing this issue with the contracting company:
1.- Economic situation of the company
It is important to know the economic situation that the company for which you are being interviewed is going through. Did you make record profits last year? Or on the contrary, did it not reach the planned financial objectives? Have you laid off many employees in the last 12 months? All of these factors will influence whether the organization offers a salary above or below market value.
2.- Salary band for similar positions
It is necessary to investigate what is the average salary band of those professionals who are developing functions similar to those of the position offered. Presenting the information obtained from a remuneration study will be the most reliable source. However, it is advisable to also demonstrate with specific examples of other similar offers, that the salary we are requesting is fair and reasonable.
3.- Conditions of your professional sector
Is there a shortage of candidates with your skills in the sector you work for? Have the salary bands in your sector increased, or on the contrary, have they decreased? Is there a high volume of positions available on the job market that match your skill set? Knowing the answer to these questions will allow us to be realistic and understand what salary we could aspire to.
We must not allow ourselves to be enveloped by a false sense of satisfaction when obtaining a higher salary. We have to consider all those additional costs that the job could entail; a greater expense in transportation or the loss of social benefits such as restaurant tickets, medical insurance, or company car. On the contrary, it is possible that in this new job we receive a lower salary but enjoy advantages that we did not have previously.
If you want to access Robert Walters' compensation study on trends and salary bands in the global recruitment market, click here.
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