How to negotiate your salary

Negotiating is an art practiced by virtually everyone; it is a craft practiced by a few. There are many techniques to making negotiation work. If you pay careful attention to the following factors, you will "you learn more with your mouth closed and your ears open."

Getting prepared:
First step: is to find out the type of industry / company you have targeted and the position you aspire to take.

  Salaries differ as per industries and positions. The banking and the financial sector are high paying, next would be the MNC FMCG companies followed by the IT sector. The manufacturing sector would be at the low end.

• Certain positions command a premium - marketing, training and specialist skills viz programming in ‘hot skills’, graphic designer.
• Start up companies tend to pay lower.
• Find out from friends / market data available what would a typical salary be.

Second Step: if you are currently working prepare your individual worksheet as below:

• Current Guaranteed salary - Basic + Allowances (monthly & annual)
• Retirement benefits
• Performance pay received
• Any other benefits

Note:

• When is your next increment due-if within the next few months-calculate the expected increase.
• Any loans from the current company - balance payable, rate of interest applicable.
• Any benefits availed - example - car and related policy.
• The taxable and the not taxable perquisites and the tax implications that you have to bear.

 
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