Executive Salary Negotiation.

A huge mistake a lot of candidates make when negotiating their next compensation package with a prospective employer or headhunter is outpricing themselves without exhibiting any clear or justified reasoning.

Before entering the negotiation phase with an employer it is imperative for you as a candidate to adequately prepare yourself so that you will feel that you can justify your expectations. How? By understanding your worth, particularly so you do not outprice yourself and lose out on the opportunity to other candidates in the market.

There are several ways to figure out your worth or to "understand your professional value’’. This can be achieved through the following practises:

1. Understand the market from a geographical standpoint. Research the location of the role and understand the cost of living, tax rules etc. Using the industry average from a different country and in some cases other cities is unproductive.
2. Highlight your personal qualities and use them as leverage during negotiation. Do not feel hesitant to sell yourself in order to get what you want. Remember, in every negotiation selling yourself with conviction and confidence is required.
3. Flaunt your professional certificates. If you are an individual who has invested in your professional skillsets by standing out from the average bunch with your specific certificates (CMA, CIPD or ACCA etc.) you have automatically increased your employability rate.
4. A standard approach when negotiating is to use your current salary as a benchmark. If you are already around the industry/market average, it is acceptable to request for a 10-20% increase in your current salary package.

Once you've been able to adopt the above practices and implement them, you will be able to demonstrate to your employer why you have come up with your salary expectations. Following these guidelines will have you on your way to securing a higher compensation package on your next move.

Good Luck!

Thoughts?