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It's not enough to walk in and say, "I
think I don't earn enough to support my lifestyle." You might not be
paid what you deserve because your salary is not up to industry
standards. So how do you quantify a fair amount?
How to Negotiate Salary
You Deserve With Your Boss?
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To negotiate salary you deserve, you must
be well-informed of the market value of your counterparts. The first
source is people you know, friends or acquaintances in similar
positions. If you can, find out what your peers within your own
organization are being paid, though this is often easier said than
done. Ask your human resource department personnel for the salary range
for each position and grade. Some companies, particularly in a
unionized environment, do have the figures. Look out for salaries
advertised in the media such as newspapers or websites.
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Approach a head hunter or an employment
agency with your resume. These parties have experience in the market
and can probably tell you whether your salary is too low, or whether
you can ask for more. It put you to better position when negotiating
salary you deserve with your boss.
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Compensation surveys, often conducted by
consulting firms and bodies are useful tools, provided you can get hold
of them. However, it is not just comparing figures. Although the job
title is similar, the responsibilities and job scope may differ. A
typical brand manager in the market may handle three brands, while you
may handle six.
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You should also do your own research in
terms of how your position and responsibilities compare with others in
a similar industry. While doing your research, don't base your
comparisons on basic salary alone. Make sure you compare the total
reward package, including bonuses, benefits and any other perks. Ask
around and find out if what you get for areas like insurance or loans
are comparable to the industry. Otherwise, when you approach your boss
about a low basic salary, he may rightly point out that your company
has good perks that others in the industry don't provide. Some
companies pay the basic salary at the market median, but when perks and
variable bonus are totalled, the total package ends up in the top
segment of the market. Some maintain a reasonable increment in the base
salary but can afford to give generous variable components.
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Besides researching what the market pays,
it is also important to know how much you and your job are worth to the
organization. There are a few dimensions to figuring out a job's worth.
Examine the job in terms of its complexity, level of problem-solving,
and impact on the organization. What is the scope of the job - does it
involve managing people or different sections? What are the functional,
business or interpersonal skills required for the job? Because of these
factors, a job may be worth more to the organization than other jobs.
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Finally, you need to take a good, hard
look at yourself before negotiating salary you deserve with your boss.
The job may be worth this much, but you yourself may not be at that
level yet, perhaps because you have not had enough exposure or have not
demonstrated the necessary skills. In some cases, it is not that the
job doesn't pay fairly but that the nature and scope of the job itself
changes.
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