In our latest Odyssey Exclusives series we’re doing something a little bit different.
Instead of the usual country guides and healthcare insights, we’re going to focus on the recruitment side of recruitment itself!
Our team are some of the most experienced in the business, and so we’ve decided to put together a series of articles focusing on our inside knowledge.
In the third in our all new and exclusive series, ‘Inside Recruitment’, we’re going to look at how to successfully negotiate the best possible salary for yourself.
We understand how big a role finances can play in many people’s decision to move overseas, and so it’s important that you negotiate the salary package you deserve - but without appearing greedy or ill informed.
In the first of a two part special, we’ve compiled five tips to take onboard to successfully negotiate a suitably rewarding salary package.
1 - Know Your Value
Before entering any negotiations it’s important to know your value. This can be affected by a whole range of factors, however it’s incredible how many people under or over value themselves.
Make sure that you research in advance how much you should expect to earn, based on: Experience, qualification level, additional qualifications, geographical area and even the new skills you hope to learn.
Do this successfully and an outcome that pleases both you and the employer shouldn’t be hard to achieve.
2 - Competition
In any field it’s important to assess the potential competition.
If the role is at a highly prestigious hospital in a popular speciality and in an area like Dubai, Central perth or Singapore, expect the competition to be fierce.
If, however, you are applying for a job in a smaller speciality, or in a more rural location, then you’ll likely have a greater chance of boosting your earnings.
Try and assess the competition in advance, and don’t be afraid to ask about it during the interview process.
3 - Ask Plenty of Questions
It’s the best strategy at every stage of salary negotiations, and receiving an offer is no exception to the rule. Keep asking questions to boost your chances of succeeding in getting the best possible outcome.
At this stage the best technique is to ask questions which show that you consider the other party’s views; ‘How can I help you to move towards my viewpoint?’ Or ‘It seems like the figure I suggested has taken you by surprise, what is the budget for my position based on?’
Research suggests that questions like these will show that you can work effectively with others, are not a selfish person and will create a degree of empathy on the negotiators behalf.
4 - The Dreaded Question
We all know what’s coming. Anyone who has ever been in a salary negotiation setting dreads the moment it arrives. It can be what breaks down even the most hardened negotiator.
‘How much are you currently paid?’
When you get asked this you should never lie. Quickly provide the figure plus bonuses and other benefits before guiding the conversation towards what you are looking for. Do this by focusing on what you feel your market value is, the new skills you have developed since that salary was decided, as well as how you aim to progress moving forward with additional responsibilities that make use of your skills.
Using these techniques should help to convince the employer that you are confident enough in your own current ability, and that you are looking to develop as an employee - not solely focused on potential financial gains.
5 - Your Anchor Figure
The key to any successful negotiation is to start with a suitable anchor figure. This is the number you use at the very start of the discussion.
Working out what it should be can be extremely tough. On one hand you should make sure that you aren’t devaluing yourself - or arguing over a relatively insignificant sum. On the other it’s important to make sure that you aren’t appearing deluded and greedy about your potential value - creating the wrong impression from the very start.
Devise a figure that is slightly higher than you would ideally want. This ensures that you don’t walk out with a lower increase than you had hoped for - effectively wasting you and your company's time for a package that suited nobody.
Whilst also giving the company negotiator the belief that they have been successful in getting a better deal for the company and thus reducing the pressure that a large wage increase can often bring with it.
Check back next Monday for the second installment in our salary negotiation guide - including some massive things to avoid.