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| Should you go for a fat salary or a better job role? | Like (42) |
| Have I sold myself cheap? Should I have bargained harder? These are questions most job seekers grapple with when negotiating for a new job. For youngsters today, cost-to-company (CTC) and designation remain the biggest brag factors among peers. What you earn and how well you negotiate your salary are critical to ensuring your long-term financial well-being. But how does a career strategy focused largely on a salary package play out in the long run? What’s your take home? When starting out one's career, peer pressure is high. How much one makes is as important for one's social standing as it is for one's wallet. Not surprisingly, young executives switch jobs for as little as 10% and bargain hard for salary hikes. In the short run, it matters. One is the obvious compounding effect. Two equally competent executives starting out at the same time with different negotiating skills can end up with significant gaps in salaries after barely six years and three job hops. Not to forget that in the early years when the base salary is low, a differential of even 10% adds some cushion to the financial well-being. There is another reason why negotiating well for salaries feels important. Since the present salary has a significant bearing on the future compensation packages, these two executives may command very different CTC packages from their prospective employers. “Do not expect the new employer to bridge the gap in one stroke, no matter how hard you try,” says Vineet Kaul, chief people officer, Hindalco India. “Over time, as one proves his performance in the new company the gap is generally narrowed and bridged,” he adds. But there are many who find themselves in the clutches of what some call the ‘golden handcuffs. A great salary may not promise a great job after all. At times, an executive may have so outpriced himself in the job market vis-a-vis peers that his CTC simply shuts out numerous exciting job opportunities. Also, he may often be stuck in a job with no joy or learning left. Pricing one's skills at the highest level of the salary band may play out adversely at a psychological level. In most organisations, there is a salary band attached with each job level. No matter how hard one bargains, the salary cannot cross the upper limit. Read More... Also Read Kinds of employees companies want to hire Surfing the Internet is now a career option Apart from pay packet, what you need to know about your job Higher CTC doesn't always mean higher pay 8 things that can ruin your career |
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