It is challenging to determine what a reasonable #salary expectation is. Especially during times of high unemployment, economic downturn, or competing with a larger pool of qualified candidates. Job seekers may feel pressurised to accept lower salaries to secure employment. However, it is important to remember that a fair salary is still essential to financial stability and job satisfaction. A few factors to consider are:
1) Assess Your Skills and Experience
Before you start #salarynegotiation , it is important to take an honest inventory of your skills and experience. Be realistic about your strengths and weaknesses and consider how they align with the requirements of the job you are applying for. If you have more experience or advanced skills than the average candidate, you may be able to negotiate a higher salary. On the other hand, if you are just starting in your field or lack certain qualifications, you may need to adjust your salary expectations accordingly.
2) Research the Industry and Company
it is important to research the industry and company you are applying to determine a fair salary. Talk to a Recruiter/Career counsellor, Look at job postings for similar positions at other companies and consider the average salary range for your level of experience. You can also research the company’s financial health and reputation to gain a better understanding of its ability to offer competitive salaries. Keep in mind that salaries may vary depending on the location of the company, so consider the cost of living in the area.
3) Consider the State of the Job Market
During turbulent economic times, the job market can be unpredictable. Unemployment rates may be high, and there may be a greater pool of qualified candidates for each job opening. In this situation, you may need to be more flexible with your salary expectations to secure a job. On the other hand, if you have a particularly in-demand skill set, you may be able to negotiate a higher salary even during a turbulent job market.
4) Think About Your Financial Needs/commitments.
When determining your expected salary, it is important to consider your financial needs. Calculate your monthly expenses, including rent or mortgage, utilities, food, transportation, and any debt payments. This will give you a better understanding of the minimum salary you can accept to maintain your financial stability. It is also important to consider your long-term financial goals, such as saving for retirement or paying off debt.
5) Be Clear on your expectation.
It's critical to discuss salary and all other terms related to the prospective role during the early stage of hiring. If what is being offered does not align with your expectations, voice your concerns, and provide alternative figures that will work for you. However, if a middle ground cannot be found, it would be best for both parties to end negotiations and move forward to prevent unnecessary effort or frustration. Openness during this stage lays down a foundation of trust between you and any future employers.
6) "Less Than Current Salary" is not always bad.
It all depends on your current situation and your immediate/long-term needs. There is no harm in considering a pay cut if it is offering other benefits/perks in a challenging market. you must weigh your options before proceeding with an interview or passing on an opportunity.
7) Negotiate Effectively
Once you have a clear idea of your skills and experience, the industry and company, the state of the job market, and your financial needs, it’s time to negotiate your salary. Keep in mind that negotiation is a conversation, not a demand. Be prepared to make a case for why you are worth a certain salary, based on your skills and experience. Consider any additional benefits or perks the company may offer, such as health insurance, Super, or flexible work arrangement.