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Are you negotiating a new salary or raise? Here’s what you need to know to succeed

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According to a recent Gallup survey, almost half of Australian employees are currently on the lookout for a new job or are actively on the lookout for one report.

High stress levels, unclear work-life boundaries and the incontrovertible fact that pay packages don’t go so far as they used to can turn into compelling reasons to look elsewhere. Many could also be tempted by the promise of a higher salary.

Of course, the grass is not all the time greener, and there could also be ways to make your current job more rewarding. This may include inviting your boss to discuss a pay increase.

However, each finding a new job and trying to get a raise at your organization can put you in a difficult situation when you have to negotiate your salary.

Fortunately, as with many other kinds of negotiations, there are three key rules that can increase your probabilities of success.

Know what you want and why

First, it is vital to know exactly what you want and why you want it.

When on the lookout for a new job, your aspirations must be based on the long run, not on what’s unsuitable with the job you currently have. How do you expect the job you are on the lookout for will offer you greater than your current position?

Researching appropriate pay levels for similar roles in your industry may give you a sense of what is affordable and suggest where to place the goalposts.

Preparation is essential. Have a clear idea of ​​what exactly you are asking for and why.
Progress/Unsplash

Similarly, when applying for a raise, you should not be guided only by vague hopes of a higher salary.

It’s vital to have a clear idea of ​​how far more you’d like to earn and prepare a justification – similar to recent improvements in performance or evidence of new responsibilities.

Step into the opposite person’s shoes

No matter how vital your goals could also be, all negotiations are mutual. It’s not nearly what you want to achieve, but additionally about what the opposite side wants.

This is the second rule of effective negotiation: being other-oriented. Always negotiate from the opposite side’s perspective.

Imagine that you are the second negotiator preparing to negotiate with you. Find out what they need, why they need it, what pressure they might be under, and under what constraints they have to operate.

A person seen facing away, sitting in a chair in front of another person
Considering the opposite side’s standpoint could make you a stronger negotiator.
charlesdeluvio/Unsplash

Many organizations have quite a rigid compensation structure and it’s unrealistic to think that they are going to break that structure just to please you. So be sensible.

Equally vital, you need to think ahead about what they are going to say in response to your request. What offer are they likely to make – and what will your response be then? Plan for a number of various scenarios.

If you focus solely on what you are initially going to ask for, you may lose control of the remaining of the conversation.

Understanding the opposite party’s standpoint puts you in a higher position to present what you have to offer in a way that suits their goals. You may feel that your extra effort should earn you a raise, but deal with the outcomes that helped your employer achieve their goals.

Thinking in regards to the other side makes your expectations more realistic. It’s vital to set high goals, but in the event that they transcend the opposite party’s control, you may find yourself backing down or leaving empty-handed.

Have a solid backup plan

This brings us to the third rule of negotiation: know what you will do if you do not get what you want.

A very good alternative ensures that you can reiterate your offer or claim, even when the negotiator on the opposite side of the table raised an eyebrow. Developing this alternative before starting negotiations is incredibly vital.

Depending in your situation, there could also be many good alternatives when negotiating salary for a new job. If you have applied to multiple positions, you could also be receiving different job offers. You will often even have the chance to stay where you are.

Negotiating an internal salary increase could seem to have fewer concrete alternatives if it fails. Unfortunately, you stay where you are and keep the salary you have.

But there are more ways to get ahead than simply financially. For example, looking for further accreditation, especially whether it is subsidized or enabled by your employer, may also help you stay motivated and improve your position in future negotiations.

Close-up of hands working on a laptop next to a notebook
It is significant to plan for alternative options in case of failure.
Owlie Productions/Shutterstock

Remember, nonetheless, that every one negotiations are mutual and the opposite side also has an alternate.

During a job interview, if you have a rare skill set and a key worker suddenly leaves, you could also be in a good position to rating well. Often, nonetheless, there might be another person who can fill the emptiness, and we may need the job greater than they need us to fill it.

If that is the case, explore all remuneration options – working arrangements, leave arrangements, etc. – that can make the job more attractive to you. Before agreeing, all the time check whether the prospect offered is healthier than your alternative.

This article was originally published on : theconversation.com
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Business and Finance

Here’s why you may be paying Trump’s tariffs

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US retailers’ alliance with foreign suppliers could potentially result in higher prices for a variety of products due to Donald Trump’s victory within the White House and his proposed import tariffs, reports

In a report released November 4 by the National Retail Federation (NRF), American consumers I can expect lose $46 billion to $78 billion in purchasing power over the following few years on products similar to clothing, toys, furniture, home appliances, footwear and travel items as a consequence of tariffs. NRF Vice President for Supply Chain and Customs Policy Jonathan Gold issued an announcement explaining what the tariff is and the way it affects firms. “A tariff is a tax paid by the U.S. importer, not the foreign country or exporter. This tax will ultimately come out of consumers’ pockets in the shape of upper prices,” Gold said.

“Retailers rely heavily on imported products and manufacturing components so they can offer their customers a variety of products at affordable prices.”

Examples include a $50 pair of sneakers that can go from $59 to $64, or a $2,000 mattress and box spring set for $2,190.

The introduction of tariffs isn’t Trump’s first proposal. During his first term, his administration set a goal of imposing tariffs of as much as 25% on greater than $360 billion in Chinese products. The Biden-Harris administration kept most of those tariffs and added additional ones on Chinese electric cars and microchips.

Under Trump and Vance, the team plans to impose a 60% tax on Chinese-made goods and a 10-20% tax on $3 trillion value of foreign goods imported by the U.S. annually. During the campaign, Trump promised to scale back inflation, but US Treasury Secretary Janet Yellen warned that because the tariffs would be mostly paid, they might only increase them. “A consistent theoretical and empirical finding in economics is that domestic consumers and domestic firms bear the brunt of tariffs, not the foreign country,” the Yale University Budget Laboratory said in a mid-October 2024 evaluation.

Trump, nonetheless, argues that the tariffs will profit the U.S. economy in some ways, similar to encouraging countries to barter more successful trade deals and limiting other countries from “dumping” their products within the U.S. at below-market prices, he says. Another reason is to motivate nations to scale back customs duties on shipments to their countries from the USA

The four-time impeached president-elect has accused other countries of imposing much higher tariffs on imports than the United States, and has also criticized trade agreements – similar to NAFTA – which have led to more foreign imports into the country than US exports to other countries. In 2020, the Trump administration replaced NAFTA with the United States-Mexico-Canada Agreement.

For now, it’s unclear when or if the brand new administration will begin tightening tariffs, as the method requires laws to extend fees, which could take as much as a yr.


This article was originally published on : www.blackenterprise.com
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Business and Finance

The US dollar fell as voters headed to the polls

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The US dollar dropped in value on November 5 as crowds of American voters went to the polls to forged their ballots.

The dollar even fell in betting markets like PredictIt and Polymarket indicated The probabilities of Trump winning the presidential election are increasing, Reuters reports. With Donald Trump returning to the White House with a Republican-led House and Senate, extreme currency movements ought to be expected.

Trump’s immigration and tariff policies are expected to fuel inflation, while tax cuts for the wealthy and deregulation could spur growth by pushing up longer-dated Treasury yields and pushing up the value of the dollar.

By contrast, a Democratic victory was expected to weaken the dollar as bets on Trump were withdrawn, and investors were concerned about the economic impact of upper taxes on the wealthy and stricter business regulations.

“We may be seeing some leveling off… my impression is that people are being cautious,” said Steve Englander, head of worldwide G10 FX research and macroeconomic strategy for North America at Standard Chartered Bank’s New York branch.

“Right now, the mood seems to be in favor of Trump,” Englander said. “On the other hand, for most of October and early November, Trump’s trading was characterized by a stronger dollar and higher yields.”

Globally, a Trump victory may lead to a weakening of the euro, Mexican peso and Chinese yuan, as these regions could face recent tariffs under his administration. Bitcoin rose 2.76% to $68,928, with Trump’s views seen as more favorable towards cryptocurrencies. Traders are closely watching the Federal Reserve’s two-day meeting that ends on Thursday, expecting the U.S. central bank to cut rates of interest by 25 basis points.

Elsewhere on Tuesday, the U.S. services sector rose to its highest level in greater than two years in October, with employment rebounding strongly. This suggests that the near halt in job growth last month was an aberration.


This article was originally published on : www.blackenterprise.com
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Business and Finance

First Black-owned gift wrapping brand sold at Lowe’s, Hallmark

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Ardean Miller, pioneering entrepreneur Mah Melaninis breaking barriers because the founding father of the primary Black-owned gift wrapping brand, partnering with Hallmark and Lowe’s across the country. With a concentrate on cultural representation, she founded Mah Melanin to fill a niche available in the market for products that commemorate the wonder and variety of black culture.

“When I started Mah Melanin, I wanted to create something more than just beautiful gift packaging. I wanted to start a movement — a place where our stories are told, our beauty is celebrated, and our community is uplifted,” she says. “Partnering with these iconic retailers is a testament to the growing demand for products that reflect our experiences and heritage.”

Breaking down barriers and empowering communities

The partnership with Hallmark and Lowe’s represents a big step toward greater diversity and inclusion within the retail space, reflecting a broader cultural shift. This groundbreaking achievement highlights the growing recognition of the importance of culturally authentic products that encourage and empower.

Under her leadership, Mah Melanin has developed from a small start-up right into a nationally recognized brand. The company has gained endorsements from industry icons comparable to Teddy Riley, Master P and Denise Boutte, and has been noticed by major organizations including an NBA feature and a finalist on QVC’s “The Big Find.” These awards confirm the brand’s commitment to quality, creativity and resilience.

Inspiring the subsequent generation of Black entrepreneurs

He is devoted to not only the success of his brand, but in addition supporting the expansion of other Black entrepreneurs by offering mentorship, sharing resources and creating opportunities for collaboration. Through his efforts, he wants to construct a legacy that can encourage future generations to interrupt barriers and achieve greatness,” he adds.

Mah Melanin’s journey reflects a commitment to celebrating Black culture and amplifying Black and Brown voices through its products, making a profound impact available in the market and beyond.

Discover their products at MahMelanin.com and remember to follow the brand Facebook AND Instagram

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This article was originally published on : www.blackenterprise.com
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