How to get the best salary and benefits?
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The best salary and benefits form an employer is given only to outstanding and hard-working employees in a company.
“Appraisals are where you get together with your team leader and agree what an outstanding member of the team you are, how much your contribution has been valued, what massive potential you have and, in recognition of all this, would you mind having your salary halved.”
— Theodore Roosevelt
Salary is a sign of the price of the services you offer to your company as an employee. Most employees rarely work in one firm their entire career. They need to think of themselves as independent business owners to get fair salaries. Your main goal as an employee should be working with your organisation as opposed to working for your company.
It requires you to have a clear view of what your contribution is to the firm and how this contribution adds value. This article is an ideal option for those who want to learn how to get the best salary and benefits. Below we will have a more in-depth discussion on how to do this.
There is absolutely no problem with feeling of uneasy about salary and benefits negotiations, especially if you recently joined the process. The first thing you should consider is doing quick research at glassdoor.com, payscale.com, or salary.com, among other sites to estimate your salary range analysing the factors like your job description, region, experience etc. The salary range should include the following;
“Good jobs were the one with a good salary, perks, etc. Now, it’s one that prepares you for your next job in another company.”
— Sriram Ramani
How to analyse your best salary and benefits range?
- Your Walkaway rate
Walkaway rate is the lowest pay you can accept doing a specific job. The rate should be enough to cover your monthly expenses entirely.
In summary, you shouldn’t force yourself to take another job to meet your bills. It is highly better to avoid jobs that pay less than your walkaway rate for obvious reasons. To get the best salary and benefits, you should commit to receiving your walkaway rate for a minimum of 2 years.
- Your Ideal rate
As the name hints, it is the amount of payment you expect to make doing a specific job. This amount is ideally many times more than the walkaway rate. Even after fixing your ideal rate, your work hasn’t completed. You must go a step ahead and pitch your ideal rate properly to make it clear to your boss that you care more about your work than the money you are getting. Considering this approach will give you more power to bargain.
You should also be open to other elements of your boss’s offer that compensate for less money. Of course, this applies when your Walkaway rate is intact. When you begin salary and benefits negotiations, you need to make it clear that your duty motivates you as opposed to the payment you get carrying out your duty. You should also request on knowing more about your job role as well as other perks before you make any final decisions.
Contrary to popular belief, potential employers don’t always offer the lowest rates to prospective employees. So, if you happen to be overwhelmed by their offer, they most probably envision your valuable contribution to their firm. An exciting offer may also indicate that it will take them a lot of precious time to get someone with a similar skill-set. Thus, they prefer to close the deal soon with a reasonable offer.
At this stage, you should have a broad salary range. Your focus should then turn to show your potential employer why you deserve a specific salary. You can do this adequately by giving practical examples of how you will add priceless value to the organisation. In case, if you are unhappy with the initial offer, you can talk to your boss about how exciting it is to get this offer but mention the requirement of getting more out of the deal about salary or any other benefits.
At this point, it is inevitable to add specific parameters to the initial offer. For instance, you can declare that you would prefer x amount if it is possible for them to revise the offer. It is crucial to note that there is nothing incorrect with asking for more.
If it is also worth noting that organisations won’t dig deeper to pay their workers better if they don’t view it as an excellent deal from their end. It explains the significance of stating that you will exceed the expectations of your employer. If you tactfully ask for a more excellent deal, you might very well get settled with one even if you say no. Potential employers more often will not give you a better offer if your counter offer was fair.
Although the above information may seem too much to digest at a glance. But following the above steps will most likely result in the best salary and benefits deal for you.
“Let us never negotiate out of fear. But let us never fear to negotiate.”
— John F. Kennedy
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