Posts tagged "Negotiation."

Example of Formal Salary Negotiation Letter to Company

You have received an offer letter for the job that suits your expectations but the salary that has been offered to you is not up to what you had expected. In such a case, you must send a formal salary negotiation letter to the company or the employer. Instead of saying a complete no for the offer, sending a negotiation letter is considered as the more practical and also rewarding step to take.

Given below is the sample of formal salary negotiation letter to the company from which you have received an offer letter. Use this template to create a personalized letter.

Formal Salary Negotiation Letter to Company

Julia Mars

11, Park Avenue,

St. George Village

Date: 05th February, 2016

To,

Mathew Jacob

HR Manager,

XYZ Corporation Ltd.

42 Richmond Street,

New York

Dear Mr. Jacob,

I want to thank you for the job offer for the position of Marketing Manager from XYZ Corporation Ltd. The areas of responsibility for the profile are as per my career goals and my expertise. I am very hopeful that with the foresighted growth plans of your company, I would have an excellent opportunity to make significant contribution to the overall growth and success of the organization.

Before moving ahead with accepting the offer made by you, I would like to discuss the salary that you have offered. As per my knowledge, the average salary for the post of Marketing Manager in the industry is $ 100,000 annually. Moreover, with my experience, education qualification and career record, I strongly feel that you must consider the offer you have made. I feel that the position of Marketing Manager demands high levels of commitment and I am completely prepared to give all my time and efforts.

I would like to thank you again for the offer and will look forward for your response. I am hopeful that together we can reach to a mutually beneficial agreement.

Sincerely,

Julia Mars

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Posted by Hrformats - February 5, 2016 at 7:28 AM

Categories: Salary Format   Tags: , ,

Salary Negotiation Email in Response to Job Offer

If you have managed to crack the interview and you have also received the offer letter for the job but the salary that you have been offered is not as per your expectations. In such a scenario, you must write a formal email to the hiring manager negotiating the salary with him. It is important that before turning down the offer, you try and negotiate it with the concerned person and if your demand is reasonable then you might end up getting it.

Here is a sample salary negotiation email in response to job offer given below. Use this template to create a formal email politely presenting your negotiation.

Sample Salary Negotiation Email in Response to Job Offer

Dear Mr. Jacob,

Thank you for extending me the offer for joining ABC Corporation Pvt. Ltd. for the post of Marketing Manager. The opportunity to interact with you and other executives was a delightful experience. It was a wonderful experience to know about the growth plan of the company.

After considering your offer from every angle, I feel that the salary that has been offered is lower than I had anticipated. Since I have an experience of 12 years in the field of marketing where I have worked at different levels and earned experience of planning and executing marketing plans for various companies, I strongly feel that I will be an asset for your company. My ability to design intense marketing plans and experience to execute them in effective manner will help your company grow.

I am keen on accepting this job offer but I feel that we need to discuss the salary before moving ahead with this offer. I will get in touch with you to schedule an appointment with you for a personal meeting.

Thank you again for the opportunity. I am hopeful that we will be able to reach an agreement.

Sincerely,

Sam Brown

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Posted by Hrformats - December 23, 2015 at 12:43 PM

Categories: Salary Management   Tags: , ,

Steps to Write a Formal Salary Negotiation Letter

It is very important that if you are not satisfied with the offered salary then you must write a formal salary negotiation letter to the company. There is nothing bad about negotiating for a better salary provided you know the right way to put across your expectation. One thing that you must work on before framing this kind of a letter is that find out the standard salary in the industry for the profile that you have been offered. This would bring make you more confident while putting up the negotiation.

This post talks about the essential steps that you must keep in mind while framing a professional salary negotiation letter.

Start with Research

The first and the foremost step should be to research about the average salaries of the job for which you have been sent an offer letter. You can refer to internet or explore sources like business libraries and industry associations to find out about the salary. If you have friends working in other companies then make inquiries to them about the salary. You can even seek advice from independent consultants or recruiters who can provide you with complete information on the same.

Frame a Formal Letter

Once you have enough information in your hand, it is time to start writing the letter. Here are some important points that you should not miss.

  • Keep it traditional business letter format.
  • Do not make it a lengthy letter. Keep the length to around one page.
  • Make sure you keep it formal. It is good to send it through by regular mailing system.
  • Use the best available stationery.
  • Keep the tone respectful and formal.

Address it to the Right Person

While writing this letter, you should make sure that you are addressing it to the right person. Technically, you should be writing it to the hiring manager or the company official who has signed on your offer letter. Do not mistake to address it to the wrong person.

Begin with Thank You

When you start your letter, always express thanks to the company for sending you this offer and also show your interest in this opportunity. Then talk about the salary that has been offered to you, highlighting your expectation and making a counter-offer in a formal manner. You can even mention the average salary for the same profile in the industry and talk about the mismatch in the offer that has been made to you. You can also put up your worth by mentioning your experience or qualification. Make sure that you letter concentrate on the business aspects and not bring in any personal reasons.

Conclude Effectively

Once you have expressed your counter offer, it is time to conclude your letter by summarizing your letter in a professional way. Always end it with a hope for receiving reply from the other side. You can even offer to phone the receiver in few days to fix an appointment for a personal meeting. Make sure you are able to express your optimism and enthusiasm in your letter which will reflect your interest in the offer.

Follow these points to write a professional salary negotiation letter so that you can turn the table in your favor.

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Posted by Hrformats - December 21, 2015 at 12:26 PM

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10 Best Tips For The Successful Salary Negotiation

10 Best Tips For Successful Salary Negotiation.

I have read many interview books most important of which was ‘Job Search Guidebook’ by Alison Doyle, which I believe is a must read for every professional who wants to master the art of interviewing but the most intelligent book I read on salary negotiations was ‘Get more money on your next job’ by Lee Miller which beautifully takes you through the entire process of negotiation. It teaches you to ascertaining your true worth, equips you with the tools to understand the mind of your recruiter and trains you to get what you are worth.

Yes, what you are worth because, you will perform your best only if your material and emotional desires are met and salary is the right salary is the first, foremost and biggest material desire any professional work for. I mean who can perform when every time his head carries,”Why am I underpaid?“. But how to get the best out of the negotiation? What to say and what not to say? What should I know before entering into a negotiation phase? All these questions will be answered in a while but before that I just want to give one advice. Don’t ever drop the towel even before trying.

Negotiation is nothing but an art of speaking which gets you the best you deserve so if 5 minutes of additional discussion gets you extra 10-15%, I say, why not?

First understand “5 things that you should never do during negotiation”:

  • Don’t compare your salary with the people you know in other fields as every field, industry and position offers a different range of salary.
  • Don’t be the first one to talk about the salary. Let the recruiter make the offer first.
  • Never quote an expected salary range during interview because you may be under quoting or over quoting both of which can go negative for you.
  • Don’t beg by telling how much your financial requirements are or have increased to the recruiter.
  • Never lie during negotiation as you would lose your creditworthiness.

10 Best tips for the successful salary negotiation

1. Research. Research through various salary survey sites and people you know in your field to understand what a person with your kind of experience in your industry should be worth. Also research what is the percentage of salary hike given under current economic conditions in your sector. If you are asking for a 25% raise in IT sector, whereas the current situation allows only 15% raise, you would lose certainly as it is an unrealistic demand.

2. Support your recruiter. Recruiter is the person who is mediating between you and the signing authority. That means that he has to sell your candidature to the hiring head or who ever the authority so he would need strong justifications as to why a particular salary must be offered to a candidate. So never enter the negotiation room with a mindset that recruiter is against you. Give him what he would need to win your case.

3. Be flexible.One thing is for sure, that whatever amount you would be carrying in your head, won’t be give. You would certainly have to compromise but the trick is to know how much you are ready to compromise. Once you know that you are ready to negotiate.

4. Prove why you deserve the best. Let your experience, skills and number speak for you. Give the facts. Tell your recruiter what you achieved in your last job and what you expect to achieve in the new job. Show him the ROI on your hiring.

5. Show your excitement about joining the company. Let your recruiter know that you are extremely excited about the position and you can’t wait bringing so many new ideas on board for company’s benefit and the only thing in your way is compensation. Recruiter would do his best to satisfy you in his capacity.

6. Understand the complete package structure first.Sometimes there are elements in the package structure which look attractive like stock options but it’s extremely important to quantify them or in simple words evaluate the monetary value and understand the implication on overall cash income or their future investment value. There are some components which company is willing to give easily and some are difficult to get. Identify them. If there is an annual performance bonus component up to 15%, try to get the exact percentage given in last 3 years.

7. Always negotiate on other perks. Lets say you are offered $50000 with 10 vacation days and $10000 as joining bonus. The first counter offer you make should be $55000 with $15000 as joining bonus with 5 extra vacation days. In most cases, the company will offer $52000 with $15000 as joining bonus without extra vacation days. Grab it and run.

8. If the offer does not come up to your expectations, negotiate on a mid term salary raise and not as per yearly raise cycle. Definitely, there will be certain achievement or review based on some performance parameters, accept it, if its reasonable and get it in writing.

9. Always, during the entire conversation use the words like ‘we’ or ‘us’. It shows to the recruiter that you have already made yourself a part of the company and you are trying to work it hard along with the recruiter so it’s in everyone’s best interest. We always like to be good and fair for our own people so why won’t recruiter be good to you, if thinks you are already a part of them. Asking him, “what he would do, if he were in your shoes?” would really turn the table.

10. Take your time to decide. Request the recruiter for some time to think it over and decide. Recruiter would always want you to decline rather than take more time. If he asks ‘why?’, you can say ‘I can’t wait to join but I am a bit disappointed with the salary offered because……………” tell the justifiable reasons and then ask for the best they can do. I assure you that the recruiter would come back with the best they can for that position.

Remember one important point, assuming that you are evaluating two offers from two companies, one of which has employee friendly policies or offers higher growth potential in long term and the other one is offering more money, don’t run after the extra money as that’s a trap to keep you away from mental peace. Without mentioning a name, I can remember several examples, when the candidate left a bigger company just for a few thousands extra and repented later. You can make that extra amount by your performance but you won’t be able to bring the career growth and peace that the other company was offering and you declined. So choose wisely.

I have attached here 10 Best and easy tips tricks to crack an interview in PDF.

 

Click Here To Download 10 Best and easy tips and tricks to crack an interview

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Posted by Hrformats - October 20, 2012 at 10:48 AM

Categories: HR   Tags: , , ,