How to Maximize your Starting Salary!
1. Research
You need to know market rate for your industry, your company and your type of job. The more information you have, the better equipped you are to negotiate. Talk to recruiters, talk to your friends, check online forums.
2. Negotiate
Aim higher than you expect but within market estimates (see point 1). Keep your tone light, friendly and professional. Calm, cool and confident.
Get the other side to invest in you as much as possible. The more they have invested in you, the more leverage you have. Talk to them, engage, show interest in accepting the job without committing to it and always steer the conversation back to the value you will bring to the company.
Get the employer to make the first offer. Keep a poker face even if the number surprises you.
Get the other side to invest in you as much as possible. The more they have invested in you, the more leverage you have. Talk to them, engage, show interest in accepting the job without committing to it and always steer the conversation back to the value you will bring to the company.
Get the employer to make the first offer. Keep a poker face even if the number surprises you.
3. Salary First, Benefits Later
Always negotiate the salary package first. Don’t be too easily swayed when potential employers dangle benefits in front of you.
Look at your bonus component (fixed, variable, performance-linked, equity opt-in etc.) Also, be wary of the practice of 'front-loading' (i.e., where the salary is high but bonuses have already been factored in).
If your employer does not have much budge room for salary, you may want to look at your benefits package. Key things to look out for include: leave days, medical insurance.
Look at your bonus component (fixed, variable, performance-linked, equity opt-in etc.) Also, be wary of the practice of 'front-loading' (i.e., where the salary is high but bonuses have already been factored in).
If your employer does not have much budge room for salary, you may want to look at your benefits package. Key things to look out for include: leave days, medical insurance.
4. Stand out from the Crowd
Apart from your core competences (your degree etc.), you should continually invest in yourself by equipping yourself with other marketable skills such as IT skills, language skills or professional qualifications (e.g. CFA, CPA, FRM).
Be sure to include these certificates and qualifications in your CV. For a professional review of your CV, submit your document here.
Be sure to include these certificates and qualifications in your CV. For a professional review of your CV, submit your document here.
5. Job vs. Career
Think of jobs as short-term landing pads to hone your skills, experience or even just to pay the bills. Your career should be something you want to be remembered for, your legacy, something you are passionate towards.
Monetary compensation isn’t everything. Some jobs are worth it if it helps to fulfill your dream career. For instance, relevant experience or you get to take on a full leadership role. Sometimes, you need to kiss a few frogs before you find your prince.
For more tips, please check out our related blog post on maximizing salary.
Monetary compensation isn’t everything. Some jobs are worth it if it helps to fulfill your dream career. For instance, relevant experience or you get to take on a full leadership role. Sometimes, you need to kiss a few frogs before you find your prince.
For more tips, please check out our related blog post on maximizing salary.