Salary is an important element when considering joining a potential employer, but it should not be the only factor. We all work to get paid, but knowing how much you are worth and also what the market pay is for your level and industry is important.
When changing jobs, many candidates feel that they should be able to negotiate a salary which is substantially, and sometimes unreasonably, higher than their current pay. If you take this approach, however, you risk pricing yourself out of the market and the prospective employer turning to other candidates with a similar background.
There are some prestigious and sizeable listed companies which feel that they can offer a lower-than-market salary because of the demand for work opportunities with highly reputable brands. Joining a reputable company will help you in your career, but it should not be necessary to take a pay cut.
When negotiating salary with a potential employer, we advise candidates to consider a range of factors including long-term career prospects, the scope of responsibilities, and the territorial coverage, stability and financial performance of the company. Although pay is important, these other factors should also be taken into account as they can help you progress in your career while providing a secure and happy working environment.
If the salary offered for the position is lower than your expectation, you can negotiate for other terms to be included, such as a sign-on bonus or incentive-based bonus or performance review after three to six months with the possibility of a salary adjustment. Anyone changing jobs should negotiate a reasonable salary increment, but expecting a large, unreasonable increase in pay while neglecting what the potential role can offer in terms of prospects, exposure and long-term career development is not wise, as this may send negative signals to the new employer.
This article appeared in the Classified Post print edition as Pay isn’t everything.
