Negotiating and renegotiating your salary
Posted at 12/01/2024
It is not always easy to raise the issue of salary during the recruitment process, but it is a normal discussion that needs to be had. Similarly, once you are in position, it is perfectly possible to discuss your salary, at your annual appraisal periods for example. However, this is a subject that needs to be addressed effectively. What are the elements to consider when negotiating, and above all, when is the right time to do it?
Negotiating your salary during the recruitment process
The question of compensation is unavoidable before you start a recruitment process. It is important to prepare well in advance to ensure that you are ready for every possible scenario and maximize your chances of getting the salary you want.
Find out about salary practices in your sector
Before the interview, carry out salary surveys and research similar positions. Being well prepared will enable you to approach the discussion in an informed manner, strengthening your position in the salary negotiation. It also demonstrates your understanding of pay standards in the sector.
Choose the right moment
Salary negotiations should not be brought up during the first interview. Instead, use this moment as an opportunity to make a good impression and stay on a positive note. At subsequent meetings, when both parties show a mutual interest, raise the question of figures and benefits. This will establish a more solid basis for negotiation.
Include all the benefits in your calculation
Do not limit your assessment to net pay alone. Also consider benefits such as health insurance, company car, etc. This overall approach strengthens your position and maximizes the total value of your benefits.
Renegotiating your salary once in office
If you are already employed, you need to take a slightly different approach. Here are three points:
Keep abreast of salary practices and market developments. By staying informed, you will be able to adjust your application in line with current trends. This will increase your relevance on the Swiss job market.
Choose the right moment
The annual interview is often the best time to discuss remuneration. Take advantage of this strategic opportunity to highlight your past successes, demonstrating your contribution to the company’s success and justifying a salary request in line with your current value.
Include benefits in the discussion
As in the initial negotiation, do not overlook benefits such as bonuses, benefits in kind, etc. They form an integral part of your overall remuneration and deserve to be included in the negotiation, as they make a significant contribution to the total value of your benefits.
Tips to adopt
Whether it is a negotiation or renegotiation, there are essential points to be aware of in order to improve your chances of obtaining the remuneration you are looking for. Fed Finance Switzerland is your trusted partner, offering sound advice and an in-depth understanding of the Swiss market to maximize your chances of success. Here are some examples:
Get a raise to recognize performance
Managers recognize the importance of awarding a raise after successes of the achievement of targets. This recognition, which is different from a bonus, shows ongoing commitment and an evolution in responsibilities. When your salary is below market standards, anticipate a realistic salary catch-up in line with company policy.
Determine the amount in advance
Keep your expectations realistic. A request of 4 to 5% is generally responsible, unless your salary is well below market standards or you have missed out on increases in recent years.
Adopt the right attitude when negotiating
Stress management is crucial during the interview. Start with light hearted topics, be courteous and reinforce your position by asking questions that elicit positive responses.
Justify your request for a raise with concrete facts
Understand the employer’s point of view and put together concrete evidence of your added value. Highlight tangible achievements such as savings made, income generated or improved productivity.
Choose the right moment
Take advantage of opportunities such as annual reviews. Outside these periods, seize the opportunity after training, taking on new responsibilities or a promotion, by highlighting the value of your contribution.
Avoid sensitive periods when asking for a raise
Avoid asking for a raise after a recent underperformance, during difficult economic times, when your manager is overloaded, or if you have already received a raise in the last 6 months.
Ask the right person for your request
Use your manager as an intermediary when making your request. Avoid approaching Human Resources directly to maintain respect for you manager’s authority.
Deal with disappointment and plan for the future
If you are disappointed with the amount proposed, arrange a meeting for the following year. In some companies, increases are automatic, while others require a team appraisal to determine them.
The role of Fed Finance Switzerland: your trusted partner
Advice and personalized support
The consultants at Fed Finance Switzerland can provide you with sound advice to determine the right moment, whether during the initial recruitment process or during your annual appraisals. Their experience in the Swiss financial sector ensures a strategic approach to maximize your chances of success. Fed Finance Switzerland is your trusted partner throughout the salary negotiation process. Our consultants specializing in accounting and finance functions provide you with an in-depth understanding of the Swiss market, strengthening your position to obtain optimal salary conditions.