You want it all. Who doesn’t! Point is do you know how to ask for a better compensation and benefits package? Sunita V Chelam helps you out.
Negotiating a salary or benefits is probably one of the most iffy issues people face. Most would rather visit the dentist than summon the nerve to ask for what they honestly want, and justly deserve. But remember, it’s in your own interest that you drive a good bargain when you ask for a raise or perks.
If you’re turning to jelly thinking you’re overestimating your worth, perish the thought. If you’re worth it, and the other person knows it, you’ll get what you bargain for. After all, if you’ve got to evolve economically, you’ve got to set your sights higher each time.
And believe it or not, even an unambitious femme doesn’t want to skivvy at snail speed to figure in the moolah matrix. So, thumbs up for raises, queen-size salaries and enhanced privileges. But how do you really pull it off?
WHAT’S YOUR WORTH? You would usually need to negotiate on two occasions: At salary review time, and before you take up a new job offer. If you want to negotiate on the job, first do a hard-nosed assessment of yourself (what you’re worth, what skills set you apart from others and what you deserve in terms of a raise and extra perks.)
Don’t be too hard on yourself, but don’t be over-protective either. Anu Gehlot, an event manager, says, “If you don’t drive a good bargain, you’re the one who is losing out. It’s important that you know how much you’re worth and not be afraid to take a stand.
It doesn’t mean having an inflated opinion of yourself, but it does mean asking for what you honestly deserve. At the beginning of my career, I once made the mistake of being too timid during the annual salary review, and I ended up feeling exploited and resentful when I found out that most others who were as good as me, came through feeling satisfied. And when resentment sets in, it’s bound to eat into job satisfaction — I didn’t stay too long in the company after that.”
STAY VISIBLE If you’re negotiating a raise, remember these gilt-edged office rules that are guaranteed to enrich you: First, don’t wait until appraisal time to highlight your invaluable contributions.
Keep your manager/ superiors cued in to those little, seemingly invisible contributions you make, on a regular basis. Document your achievements throughout the year, so that you’re not taxing those grey cells in vain when you need to remember your facts. Make sure your manager knows about your achievements.
All too often we’re not given any recognition for our invisible contributions. So it’s up to you to get your boss to listen up and listen good. You’re not being a conniving vixen, or calculatedly conceited when you drop an innocuous hint at the coffee machine or CC a telltale e-mail to the boss.
Maudlin modesty isn’t in; au contraire, it can do you in. Finally, be aware of what’s happening in the organisation and contribute sincerely. G D Vyas, of Search Human Resource consultants, advises, “Before negotiation, collect information from surrounding industries and also get an idea of the perks and salaries being offered.
Most importantly, collect information from your company — specifically, find out the percentage increase in the previous year, as this impacts your raise.”
WORKING THE EXTRAS IN If you’re negotiating your salary for a new job, you need to double check industry facts before you commit. Negotiating a new job offer is probably also much easier. As the HR manager you’re dealing with is a stranger, the anxiety factor would be considerably diluted. This is the best opportunity to stake your claim.
Vyas advises, “There are many things that you need to consider before you finally ask for what you want. Today, there is a large range of perks available. These directly affect your salary structure. You need to analyse the nature of these new perks — and while you’re at it, it’s most important that you consider how beneficial they are for Income Tax purposes.”
Evaluate these factors assiduously (it would also be a good idea to get expert advise), before you finally decide what works best for you. You also need to consider other factors such as family, net salary and pension plans before negotiating.
Vyas says, “Another trend nowadays is to get more perks and less take home. Understand the implications of more perks vis-`-vis more take home, as it may or may not suit your situation. Also keep in mind your family, the company’s family benefits, and try negotiating for such incentives if you have a spouse and kids.” Finally, be patient (because an effective negotiation can only take place slowly and reciprocally). Assert yourself, without being aggressive (have a safe margin that you can settle for and don’t dogmatically wrangle) and arrive at a mutually desirable income structure with your new employer.
AT A GLANCE * Assess yourself * Collect information from the company and industry about how much you should be worth * Estimate your worth to the company * Document your achievements through the year * Find out about the perks and tax savings you could negotiate for * Assert yourself
GOT COMMENTS OR QUESTIONS? E-MAIL US AT femina@timesgroup.com WITH ‘strategies — what’s in the bargain?’ IN THE SUBJECT LINE