Guides to Salary Negotiation

When you change job, you will need to negotiate your salary. Or when you just join a company, you find out that you are getting less than your peer, you need to negotiate as well. Even you stay in the same company for a long time, all of sudden you find that some new comers get a higher pay than you, then you need to negotiate also.

Below is a 10 steps procedures for you to negotiate your salary, they are based on Salary.com, an USA site for salary information. I add in some of my personal comments and adjust to the local Singapore market.

Step 1: Find your job description, know what you are doing well.

Step 2. Know what you're worth, ensure you are under paid.

Step 3. Adjust your salary for your industry, company size and location, in USA, it is big, so different location you expect a big difference in salary. However, in Singapore, this is not application, you may get some transport allowance if you are at remote area, but nothing big different. However, you need to know your industry well, if you are doing IT in an engineering firm, that can be a big different if you are doing IT in a financial firm, even you may do the same work.

Step 4. Assess all your pay factors (cash comp, benefits, work/life), take the bonus into account, some company gives very high year-end or promotional bomus.

Step 5. Tie your job performance to where you should be in relation to market .

Step 6. Determine a competitive raise.

Step 7. Be confident.

Step 8. Discuss your job description, performance and market value with your boss. Talk to your boss, if you are performing, your boss would like to keep you. As it costs the company too much just to hire a new comers, that include: advertising fee, interviewing fee, adminstration fee, etc...

Step 9. Identify key benchmarks for the next raise or promotion.

Step 10. Track your progress and tie priorities to your goals.

For more detailed info: Salary.com USA

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