The interview was good and now its salary negotiation time. The employer asks you an open-ended question about the salary you are expecting. You know that your answer could affect your chances of getting further because if you quote a figure that is too high then he might mentally strike you off the list and if you quote too low you will be short selling yourself. It is an important part of the entire process because it puts a value on your capabilities. You ought to know the value you bring. This is one question that you cannot be caught drivel about so its better you get some information and fix your true value. And the market price for that job as well.
First and foremost find your true value. The base value comes out of your qualifications and experience and the previous value affixed to it. If you are going to stay in the same line of business, i.e. if you have developed some core competencies in your area, you would certainly be looking to get more than what you were previously offered and a higher responsibility. Additionally if you have accumulated some more qualifications along the way it will certainly add to your price tag. The place of posting, size and type or organization, growth prospects etc will certainly matter while you consider your value. Apart from merely making a self-assessment it also helps to go through a recruiter or hiring agencies because they are more aware of the market price that organizations are willing to pay. Apart from making a purely objective and business oriented decision they will give you a fair approximation of your market value.
Secondly, gather information about what the market is paying for the job you applied for. Look up sites on the Internet, check out the recruiting agencies, speak to fellow professionals, refer to industry journals and get an approximation of what the job is likely to pay. There are some fee based services as well that give you this kind of information. Now you know what the job pays and what you think you are worth. Zero down to a figure in the range depending on your experience and qualifications. Never ever let it be known that you are desperate for the job because that will drastically shift the power in the employer's favor during the negotiations. Here all the research you have done will come in handy. Know all about the packages being offered in terms of allowances and such so you are not caught on unsure ground.
While negotiating the salary, it is best not to venture out information first. Ask the employer the range they pay for this position and what a fair and just compensation would be according to them. If they give some figure, you can always improve on it. Start on the higher end of the scale because they will negotiate as well. It is best to quote a range to begin with so everyone can feel around for the kind of figure that is mutually acceptable. If you have done your homework you can convince the employer why you think you deserve the kind of compensation you have quoted. Normally if the employer feels that you fit the job, they will go some distance to get you. It is up to you to convince your employer that you are worth it.
It is always best to leave the negotiations open ended in the end. You could say that you are open to their offer and that you will expect a fair and just compensation package from them. Take your time to think about the package and use your good judgment in terms of career move, growth prospects etc while considering their offer.
