With the recession biting hard on the Nigerian economy, many companies are worst hit, as they embark on reduction of staff salary or eventual downsizing. However as a prospective entrant or an existing employee, there are ways you can go about boosting your career earnings, negotiating a raise and striking the best deal in a job offer negotiation.
Most employees, no matter what their job titles, feel apprehensive about asking for a raise, especially when companies are so occupied with trimming cost, but nonetheless, if you think you deserve a raise, but afraid to walk into your boss’s office and ask, you don’t let ineffective negotiation skills hold you back. All you need is to do your homework first, because salary negotiation involves how to negotiate your pay from a position of strength, provided you are armed with documentation of your accomplishments, your value to your organisation and research on salary comparisons in your industry.
An entrepreneurial and etiquette coach, Mr. God win Akpoborie, stated that it is necessary to always cite facts to uphold your position.
He said, “Research what other workers at your level earn at companies in the same industry with a similar size and revenue base. When reaching for that elusive raise, look upon the ‘No’ at the first attempt. Then step back and explore other raise-negotiation methods by pointing to your industry’s pay scale. “Don’t compare your pay to that of others in your company rather cite salaries for comparable positions elsewhere.”
According to him, one should repeat facts, if necessary, and avoid latching onto the first offer. Be sure to end on a positive note. If you are leaving the session with a raise in hand, ask when it will be implemented. If you have not been so successful, ask when you and your boss can negotiate salary again: in three, six months or a year?
“If you’re about to emerge from your bargaining session without a firm offer of a raise, don’t lose hope, you can still make a win out of a loss by striving for a conditional agreement. You might ask whether you can negotiate salary again if you reduce staff absenteeism by 10 per cent, for example, or increase the number of orders processed in your department by one-third,” he added.
“If you are leaving the session with a raise in hand, ask when it will be implemented. If you have not been so successful, ask when you and your boss can negotiate salary again”
Show that you want to add value
Put together a list of positive projects or steps you would like to undertake, that will be beneficial, and cost effective at the same time, which can give you room to re-negotiate salary. Remember you must genuinely proffer or suggest all these things because they can put your request within the context of increased profits and lowered costs – boosting chances that your boss will stretch company norms to get you the most money possible.
Don’t hold back
Ask away as in any negotiation, if you don’t ask for something, you won’t get it. Then, try to offer a salary proposal without waiting for your boss to take the lead. While doing all these, control your body language and don’t be afraid of silence. Although it can be uncomfortable, silence allows both you and your boss to digest what has been said and to consider the direction the conversation should take. While doing the negotiation, don’t be bashful.
Your tenacity shows the kind of confidence and self-assured leadership that can enhance your stature from the outset. Many recruiting managers respect candidates who drive a hard bargain.
• Research what other workers at your level earn at companies in the same industry with a similar size and revenue base
• Time your demands for negotiating.
Emphasise your job-switching expenses.
Most companies adhere to the unwritten hiring rule of “making whole,” which means they don’t want new employees to make financial sacrifices or shoulder new expenses upon accepting a new position. If you’re relocating, you can negotiate more aggressively, because recruiting managers understand all the costs and hassles that you’ll face.
Time your demands
Do not reel off all your requests at once. If you rush into things, you may overwhelm your potential employer and come across as greedy and selfcentered. After clarifying what you absolutely must have to consider a job change, concentrate on selling yourself as a desirable candidate during every stage of the interview process.