Discussing compensation - Recruiter discloses: 7 blunders that lead to salary hikes' collapse
Discussing salary can be a tricky task for many - after all, who talks about money, right? But an appropriate salary is crucial for job satisfaction. Meaning and team spirit can't pay the bills, that's a fact.
To achieve your desired salary, you need to ask for it in the first place. Your boss or your boss's wife rarely make an offer without being asked, so preparation is key. According to Oliver Kempkens, who helps companies find management staff, being prepared and having a strategy for the conversation can make a difference. Capital has identified seven common reasons why salary increases fail.
#1: Underselling Yourself
If you've contributed significantly to a company's success, you should be rewarded accordingly. However, simply demanding more money without explaining your achievements or future goals isn't a strong negotiating strategy. Instead, be prepared to highlight your accomplishments and your plans for the future. This will help you make a compelling case for a higher salary and eliminate arguments against it.
Adding value to your company is also important. By taking on more responsibility beyond your job description, you can make yourself invaluable. It shows that you care about your colleagues and the organization.
#2: Lack of Communication with Colleagues
Before approaching your boss, talk to your teammates about their salaries. This way, you can get a sense of where you stand in the company hierarchy and anticipate potential counterarguments. You might even learn about situations that your superiors could use against you.
#3: No Clear Demand for a Salary Increase
The most crucial moment of a salary negotiation is when you state your desired salary. Your goals, job security, market value, industry standards, and your contribution to the company's success are all factors to consider. If you're asking for more than your employer can afford, you risk being rejected. A salary increase should be seen as a reward for your performance, so aim for a reasonable amount.
#4: Setting an Unrealistic Salary Demand
Starting too low or too high can have negative consequences. A low starting point may lead to a lost opportunity, while a high starting point may offend your employer. Both parties must be comfortable with the negotiation and see it as fair. Before you request a salary increase, consider your financial needs after taxes and deductions. Use online net-gross calculators to estimate the impact of a salary increase.
#4: Sticking to a Specific Salary Demand
Instead of demanding a specific amount, you can express your desire for a salary increase without specifying a number. This places the responsibility on your employer to propose a figure. Since employers often tend to offer more than less, you could end up with a better offer than initially expected.
#5: Choosing the Wrong Timing for Salary Negotiations
The best time for a salary negotiation is when you've achieved measurable results. Annual employee meetings are ideal occasions for evaluating performance and setting personal goals. If you've completed a project or brought in new customers, you can use these achievements to support your request for a salary increase.
#6: Ignoring the Job Requirements Profile
Many managers in Germany don't think about the specific requirements of a job or how performance is measured or assessed. But if you know what performance is expected of you, you can more effectively communicate your accomplishments and highlight your achievements.
#7: Being Inflexible
Be willing to compromise and consider different options during the salary negotiation. Your employer's budget and business needs are also important factors to consider. Be open to alternative measures, such as bonuses or flexible working hours.
In summary, to successfully negotiate a salary increase, be well-prepared, know your worth, communicate with your team, and have a balanced approach. This will help you obtain better results in your salary negotiations.
Are salaries the only thing that matters? It's been outdated for a while now. Employers have various methods to reward their employees. According to Kempkens, a minimal increase in cash usually doesn't improve one's lifestyle. Instead, flextime, working from home, or extra vacation days might be more beneficial. Additionally, corporate perks such as a company bike, train card, company car, or fuel card can function as alternative compensation. Kempkens states, "If you've recognized what's significant to you, these incentives can be involved in your remuneration discussions." This adaptability can even be a significant advantage, the headhunter adds, "Self-awareness, added value for the company, and flexibility - that generates empathy and fortifies your position."
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In the context of salary negotiation, understanding your profession's average wages is crucial. Knowing the typical salary range for your role can help you set a reasonable and realistic salary demand during negotiations.
Following a successful salary negotiation, ensuring your new salary is in line with industry standards can help maintain job satisfaction and avoid feeling underpaid in the future.
