How to Handle the Money Issue

The question of remuneration can be very sensitive and often requires extended negotiations to reach a figure that is fair and acceptable to both the company and the individual. 

Here at Viking, we understand this can be a difficult conversation to have, therefore here are our top tips and advice for you to take on board, I hope you find these helpful.

Some valuable points to remember.

CV CHECKLIST

Most companies want to make a fair offer. They want to bring new employees on board at a salary level that provides incentive to change jobs that also is consistent with the companies existing salary structure for that position. 

The days of 20% and 25% increases in compensation are gone. Inflation rates are down, all corporations are more conscious of maintaining consistency in existing salary structures, the economic growth in many industries has levelled off and the competition for better positions has increased. So be realistic in your expectations, within reason bearing in mind Corona-19. 

The position and opportunity is the single most important element of your decision. No amount of money will make a bad job good. A quality position, working with quality people in a dynamic work environment offers rewards that money cannot buy. 

Be flexible. Remuneration packages are a combination of salary, reviews, titles and perks. These elements can be arranged and rearranged - sometimes very creatively - to satisfy both the individual and the company. 

Keep your Viking recruiter involved. Part of our job is to handle sensitive negotiations and move both parties to a fair and acceptable compensation package. We do this for a living and can often offer alternatives that will satisfy both parties. (We are also a good buffer and can keep sensitive negotiations on a cool, professional level.)

If you are asked what salary you are looking for, try to avoid quoting a specific figure. Try something like this: “I am very interested in working with you, and I feel I can make a meaningful contribution. I am currently earning ￡________ per year and would hope that you would make me your very best offer.” It is best not to name a figure if at all possible. 

If you are asked again later in the process, you want to restate what you are earning and ask what the position will pay. Or, ask what do you think a person with my experience level is worth in your company. 

HANDLING RESIGNATION AND COUNTER OFFERS

While resigning from your current position can be emotional and sometimes stressful, there are several things you can do to make the process go smoothly and quickly.

Put it in writing. Handing your boss a resignation letter is the most effective way to handle an uncomfortable situation. 

It is formal and will become a part of your permanent record - protecting you. 

It is formal and helps you keep the focus on the positive aspects of your career move rather than any negative aspects of your old situation. 

It relieves the pressure of having to speak first. 

(We have included a form letter. Use it - it works.) 

The sooner you can get out the better. Give fair notice but ask to be relieved as soon as possible. You are in a lame duck position - the company will get by without you and you owe your energies and loyalty to yourself and to your new opportunity. 

Do not talk about counter offers - it is the single worst thing you can do during the resignation process. 

Talk to your Viking recruiter - keep us up-to-date. We can help keep this as smooth and painless as possible and we are paid to ensure no one drops the ball. 

BASIC REASONS FOR NOT ACCEPTING A COUNTER-OFFER

1.     What type of company do you work for if you have to threaten to resign before they give you what you are worth ? 

2.     Where is the money for the counter offer coming from ? Is it your next raise early ? All companies have strict wage and salary guidelines which must be followed ? 

3.     Your company will immediately start looking for a new person at a cheaper price. In many cases, you could be training your replacement, once the position you have turned down has gone. 

4.     You now have made your employer aware that you are unhappy. From this day on your loyalty will always be in question. 

5.     When promotion time comes around, your employer will remember who was loyal and who was not. 

6.     When times get rough, your employer will begin the cutback with you. 

7.     The same circumstances that now cause you to consider a change will repeat themselves in the future even if you accept a counter offer. Things about your position and company rarely change. 

8.     Statistics show that if you accept a counter offer, the probability of voluntarily leaving in six months or being let go within one year is extremely high. 85% of people who accept are gone in six months, and 90% of people who accept are gone in twelve months. 

9.     Accepting a counter offer is an insult to your intelligence and a blow to your personal pride knowing that you were bought. 

10. Once the word gets out, the relationship that you now enjoy with your co-workers will never be the same. You will lose the personal satisfaction peer group acceptance. 

THE SAMPLE RESIGNATION LETTER 

Date 

Former Boss' Name Title

Company 

It is with mixed emotion, yet with firm conviction that I write this letter of resignation from (company name). 

My association over the (#) years with this excellent firm and its many fine people has been a significant part of my professional and personal life. 

Please understand that I have made my decision after considerable deliberation, only because an outstanding opportunity presented itself to significantly further my career and help me achieve my own goals. 

I am therefore resigning from (company name) effective (date). This will allow sufficient time to complete current commitments prior to commencing with my new employer on (date). In the interim, I will work with you and the staff to affect an easy transfer of (function). 

I hope that you will understand and accept my decision, and that I will have your support in making this change as easy as possible for the staff and department. 

Sincerely, 

Speak to your trustworthy Viking Recruitment Consultant who specialises in your industry if you would like their input and objective opinion. Email: [email protected] today !