You’re ecstatic that you’ve landed a plum outmanoeuvring other qualified candidates. But the silver lining in your ecstasy has been clouded by the fact that you’ve been offered a salary that is much below the industry standards. But your employer has made it clear to you that the CTC offered to you has been structured after taking into account your past work experience and your professional expertise.

Points to Avoid While Doing Salary Negotiation

The base salary of a person is directly proportional to his educational degree. The higher the degree, the higher will be the starting salary. As per a recent trend, it has been observed that the basic kick off salary of a post-graduate is about 125% of a bachelor, while for a doctorate holder the kick off salary is almost double the amount for a bachelor’s degree holder.

The Aspects you’d need to keep in Mind When You Negotiate for Benefits

Before you start negotiating for benefits and incentives, there are certain aspects or issues that you must take stock of and have cognizance about. For instance, be conversant of the salary offered for your job position in other companies and organizations. If other companies are offering a higher package including of course the basic salary, you can use it as a bargaining lever when you parley for better financial incentives. There are other considerations that you’d need to factor in like:-

  • Your monthly budget
  • Entry level packages are usually non-negotiable compared to packages for mid-level or senior level execs
  • Be confident about your professional skills and your accomplishments so far and relate positively about them
  • Leave it upon your prospective employer to raise the salary topic
  • Don’t be specific about the package figure but just quote a range
  • Be honest about the compensation packages you received for your past jobs
  • If the employer has confirmed that you’ve landed the job, then request for an appointment letter which will inevitably have your annual package details

The Benefits That You’ll Be Negotiating for

Nowadays, the employee benefit package program lists many incentives that are considered as norm that is they’re an inherent part of the package and one does not need to bargain for the same. Nevertheless, despite the fact that employers these days offer flexibility in terms of benefits, there might be a wide variance in the same from one organization to another. A wide-ranging or all-inclusive employee benefit program might have all or some of these elements:-

20 Tips for Salary Negotiation in Interview

  • Health Insurance
  • Life Insurance
  • Prepaid holidays
  • Paid sick leaves
  • Company housing or home rent allowance
  • Education bonuses for children
  • Parental or maternity leaves
  • Employee Stock Options (ESOP)
  • Relocation or transfer expenses
  • Supplementary income plans
  • Dental Insurance
  • Disability Insurance
  • Company conveyance
  • Dismissal or severance payment
  • Incentive for registering as a member in a high profile club
  • Memberships for golf clubs

Of course this is not a comprehensive listing. Before you can start discussing the benefits that you rightfully deserve, make proper enquiries on whether your employer has offered the same benefits to other employees who’re working in the same position as yours or have the same job designation