Our contract nearing an end, and those of us hoping for a career shift(bet u are..), Many of us would be wondering what our next salary would be. And this would be hitting ur face harder when you sit infront of your interviewer, posing u a question "Are you willing to accept a salary within that range?"... And many us dont do a complete analysis before switching over to another company. This article will be focusing on the self analysis of oneself before jumping into action.
The first question would be where and how to start? As for me, the salary negotiation doesn't start in the interview room, but with oneself when u have decided to make a switchover. Many of us have a bad habit of following your predecessor's path in making salary related decisions. That would be like keeping your wrong foot onto the podium. The first thing would be to do a self analysis that how much you are worth. How to do it? Analyse your skill level and expertise at your domain and compare it with the offerings for the same at the outside market. You may start by including the value of your current pay package and comparing it with the new employer's likely offer and the approximate market rate of pay for the job you're seeking. You must enter salary negotiations with a definite understanding of your expertise and your perceived usefulness to the company. How interchangeable are your skills. What are your strengths? Be sure to factor in the positives in your resume, years of experience etc when valuing your worth.If you are relocating to a new place, you may take into account the relocation expenses, differentials in living expenses, if any, and other expenses you may have to bear when calculating a pay offer. Include savings and contingencies in your budget planning. These facts aren’t unchangeable but they will help you ballpark your initial expectations. You may find it useful to research the company’s hiring history from peers, fellow professionals, website of the company because they might advertise similar positions and mention likely compensation packages too.
Next thing would be the following which for sure would affect your evalauation..... have a look at it guys..
Compensation and benefits - How much more than your current job should the compensation be, be clear that ur pay includes both your salary and incentives...
Location of office and travel - ..as far as we are concerned, we have lived a very sofisticated life, having our affice at city centre.. soo this could also be a critical factor in determining ur evaluation...How much do you want to travel and whether you wish to relocate. If you do, how much will that disturb your current life.
Job-security - As far as Job security is concerned, a company will never lose its precious employee even at the time of depression.. so no need of worrying about job security..
Level of Independence - We have a greater level of independance at our office when compared to other firms.. For me this is very much important.. I'd go for a smaller company that offers me a greater independance and a moderate pay.. so guys.. you've gotta think about this also.. And some other factorsl like your career growth oppurtunities and the company's reputation.. yeah i forgot about ur career growth.. may be I'll add them as an important facto..
Career Growth - The things youve gotta remember are how much ur newfound job would provide u oppurtunities for ur future career prospect.. I know lot of our guys have suffered ending up in the wrong place.. or you might be blinded the compensation offered by the company..
These are some of the factors that need to be decided upon when u jump.I gues thats it from my side.. If you feel there are some more which can do justice.. feel free to ..u know..
Also I found something which might be useful in assessing ur salary evaluations.
http://swz.salary.com/jobassessor/layouthtmls/joel_start.html
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