There are many reasons for thinking about changing jobs. Earning more money is often towards the top of the list.
How do you decide how much to ask for? And how much to accept?
Here's a few ideas:
1. You'll have a general idea of how your current salary meets the market.
Is it about right? Lower? Or higher?
Your prospective new employer will ask you about your current remuneration.
Providing a comprehensive response referencing market relativities will improve your negotiating position.
2. What are the additional responsibilities of the new role?
What are comparable positions paying?
Check out online ads, look at salary survey data, ask specialist recruitment agencies.
"Gather the information and negotiate from a position of knowledge"
3. Look at your skill set.
Do you have highly specialised, in-demand skills that will bring value to the new organisation?
Discuss these and negotiate accordingly.
4. Think about what's important to you.
A salary package has many components:
base, super
bonuses
extra bonuses
days in lieu
employee benefits
flexible working arrangements
"It's often not just the base salary but the whole salary package to consider when negotiating what 'you're worth'"
5. Think about what you may need to be giving up to take a new role
end of year bonuses
accrued long service leave
share options
These can be negotiated as sign-on bonuses with your new organisation.
6. Think about the new opportunity, the new skills you will develop, the new networks and the new experiences.
How much is this worth to your career development?
Your new employer will likely pay you a fair amount, and the additional opportunities presented will be worth multiples with respect to life time career enhancement.
Think about the new opportunity, the new skills you will develop, the new networks and the new experiences.