- January 24, 2016
- Posted by: admin
- Category: Financial Planning
Negotiating to make sure you are paid what you are worth is an important skill for expats working overseas.
You need to find a deal that suits both sides or your time with your new employer will be short-lived because one or both of you will have to part company because you feel underappreciated or the boss considers he is overpaying you.
Experienced job seekers have some tips for negotiating the best salary – and listed here are some of their secrets:
- Always tell the truth about what you earn – If you don’t there’s always a chance someone knows someone who does or your new employer can glean the details when taking up a reference. Getting caught telling lies is not a good way to start any working relationship.
- Know your worth – Make some inquiries and benchmark your salary so you know what to expect for your skills and experience. Don’t go into an interview blind about your pay expectations.
The web site glassdoor.com is one place to start checking
- Hold your peace while the hirer is talking – Don’t jump in and start negotiating too early. Listen to what the interviewer is saying and see if you can pick up any hints about how much you will be paid.
The interviewer will make an offer and will expect a counter offer from you, but don’t haggle, make one more counter bid if you have to and then stop. You do not want to appear too argumentative at the interview.
- Don’t pitch too high – The potential employer will have a number on your worth to the company, and if you go for the jugular, you could miss out by being too greedy. Every company has a salary scale and a wage budget and you do not want to set your price at an unrealistic level.
- Go for a salary range, not a target figure – Set the range around the figure you would like and prepare to negotiate. This gives you both a chance not to lose face in coming to an agreement and you will end up somewhere around the amount you had in mind.
- Don’t go for round numbers – Instead of asking for £60,000, make the amount £60,250 or £60,750. It will throw the negotiator off balance and they are likely to think you have carefully arrived at the figure.
- Think about tax and allowances – Depending on where you work, tax, allowances such as accommodation, health cover and school fees can all make a difference to your basic salary.
Also consider the effects of inflation and foreign currency exchange rates –especially if your contract is not paid in US dollars.
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