Setting your desired salary possesses a challenge of laying down your market value. The salary range that you dictate must consider other significant factors such as the existing salary range of similar functions in other companies, industry performance, your professional competence and experience, to name a few. How can you turn a salary negotiation to your favour? Consider the following 3 Factors to Succeed in Salary Negotiations:

Factor 1: Salary Range

What salary are you seeking? Set the salary range that you desire for your service. To determine a reasonable salary range, identify your market value. Research on standard salary ranges for this job. Compare different functions and salary schemes of similar positions in the industry. During interviews, set a broad range of reasonable salary figures. This allows an ample room for negotiation.

There are many strategies that can help you identify the ideal salary range. Expand your network and establish fruitful relationships with recruiters and executives of your field. These professionals can give you plenty of information about salary, work requirements, and other details to help you assess a realistic market value of yourself.

Factor 2: Salary History

During the initial hiring process, almost all companies start with questions related to the salary history of applicants. Asking these questions early on give employers a clear idea if your indicated salary-range fits their fixed wage scheme.

As an applicant, you must be open to this requirement. If the company should request this information, you must be willing to honestly disclose your salary history.

Applicants must be cautious in disclosing their salary history. There is always the risk of suggesting an underestimated salary range or overestimated salary expectation. Companies can always use this information to their advantage by setting a compensation figure that is far below what the company would have offered.

Factor 3: Professional Competencies

Salary negotiations consider financial factors, as well as the professional needs of the company, and competence of the applicant. Other than setting your salary based on your market value, make sure to evaluate your skills and experience to boost your worth. Capture the interest of the company by highlighting your potential as a worker. During the interview, try to divert the subject from salary to job qualifications. Show genuine interest in the company, and stress on the improvements that you can contribute to its growth.

Generally, if the company is impressed with your qualifications, they will provide you with an attractive compensation package even without discussing your salary history. Consider career development opportunities that the company will provide you. More than financial compensation, your employer must ensure your professional growth. An excellent salary, plus a well-deserved job development package can equal to a promising career path.