Are you planning a job change? Have
you accepted the offer or still in the negotiation phase? The outcome of this
phase can leave a candidate feeling wanted or devalued. You may want to read
this article for a better looking offer letter, even in a tight job market
situation.
Firstly, it is essential to
understand that making the salary pitch too early or asking for too many
changes in the counteroffer are some of the biggest goof-ups that a candidate
can do. In conversation with TJinsite, research and knowledge arm of
TimesJobs.com, Neelam Gill Malhotra, VP-HR, CSC India said that it is highly
discouraged by HR professionals to make the interview process a platform for
only negotiations or even starting the interview discussion with this topic.
“It is important for aspirants to
understand that the HR professional is at the table to recruit talented people,
and not discourage or demean candidates”, she added.
Advising candidates, Gaurav Seth,
Country Head, Hays India says, “Do your homework – go through salary surveys,
and research through your industry association, network of contacts of people
in the same industry/profession or recruitment consultants. Keep in mind that
there could be variations based on the number of years experience, region or
the type of company -start up vs. well established.”
Seth told TJinsite, research and
knowledge arm of TimesJobs.com that the focus should be on the value you add or
will add to the company, which should be much more than the salary you are
looking for. It is like presenting a business case on yourself to your
employer, justifying what is the compensation you deserve.
“Ideal approach would be to understand
the current level of compensation and broad expectations at the very outset. It
is better if compensation is taken as a topic for discussion after there has
been a good meeting point on other aspects. Also it is important to gauge the
key drivers for the change and relative importance of compensation”, informed
JM Prasad, Chief HR, ING Vysya Bank.
In all circumstances, it should be
remembered that the basic principles of good negotiation is – be flexible and
realistic. “Candidates should not get too fixated on the one number in their
minds. And, figure out in advance on how much you are willing to compromise,
and what is your strategy if the offer is below your expectations”, clarified
Seth.
To tackle a low salary offer,
industry experts recommended candidates to ask for other benefits as a part of
their pay package such as flexible working hours, work from home option, more
vacation time or even professional classes, during a Skills Dialogue session, a
series of high powered panel discussions by TimesJobs.com. They asserted that
these things are beneficial for candidates’ personal as well as professional
benefit and employers can meet such expectations over higher salary.
In totality, while fixing comp one
has to be very fair and close it at a level which is win-win for both. For the
prospective employee it should be fixed at a level that keeps them excited, and
at the same time for the organization it should provide enough head room for
growth without upsetting internal parity.
Watch Outs
> Don’t overemphasize on compensation: it is short term, and loses impact after the first pay cycle
> Be open and transparent: Offer only what can be honored. While every organization emphasizes the
confidential nature of Compensation it never stays confidential
> Don’t over price it: It is neither good
for the organization or for the prospective employee
> Finally, compensation is like
water – it finds it own level. Ultimately, the market will determine the right
compensation for an employee and will adjust any abnormalities in the medium
term
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