Pursuing MBA online can prove to be extremely beneficial for your career in the long run as it allows you to expand your work profile and acquire theoretical knowledge at the same time. A distance learning MBA is ideal for anyone looking to rise to the next level in their career and also apply the learning practically. However, with a rise in the career graph, one also expects to improve their salary bracket, and that can turn out to be a daunting task. Negotiating your salary after doing an online MBA requires a certain skillset as it is not a scientific manual that comes with carefully tested steps. But before you decide to sit with your current employer for a discussion, there are a few things you must keep in mind before initiating your negotiating bid.
Know your market value
During your negotiation for better salary, you must always do good homework and be aware of the current salaries paid in the industry to people who hold the same position and educational qualifications as you. There are many Salary Calculator apps that you can use online for free (Glassdoor, Dice) that can determine the mean salary range offered by the corporate players.
Know your salary structure well
You must know the elements of your current salary — both the fixed and the variable part — at the back of your mind. These will help you in your negotiations and to figure out where exactly you require the raise. While the fixed part of the salary includes components such as Dearness Allowance, House Rent Allowance, Conveyance Allowance and the like, the variable part includes performance-based incentives, profit-based bonus, etc.
Once you have done your research and begun your negotiation, be mindful of the following points for a smooth and effective bid.
- Maintain a professional attitude from the beginning, and do not cite any personal situations such as a wedding in the family or being the sole breadwinner as bargaining tools.
- Keep a one-page summary of your strengths as an employee. You can enlist your academic accomplishments during the course of your online MBA program and mention the awards you received during the one-on-one discussion.
- Focus on the value that you seek to bring to the organization. No matter what anyone tells you, fact of the matter is that employers in general do not care about your standard of living. The HR professionals may still be interested in retaining you by ensuring you’re happy with your work, but the company is only focused on how you are contributing to the growth of the enterprise. Highlight how you will add value as an employee after the salary raise, so your demands seem justifiable.
- Always put yourself in the shoes of your reporting manager and think accordingly while putting forward your concerns. This mental exercise would lead you to find solutions that work successfully for both the parties.
- Salary negotiations never come with a guarantee of ending on good terms. You may get your desired package or, well, you may not. You must be prepared for the worst and have an action plan ready if the negotiation doesn’t go as per your expectations.
Despite the fact that the available job with your dream salary might just be a few steps away to realize your career ambition in the immediate future, you must not lose focus of the initial reasoning for wanting to negotiate. While negotiating right is important to success in your career, you must carefully weigh what you stand to lose in lieu of the higher pay. There isn’t a clear-cut definition of the perfect opportunity to stop negotiating and accepting an offer. However, when you have done enough research on the profile and taken the necessary time to prepare for it, you’d get to know when to draw the line.
There might be a situation wherein the employer doesn’t change their offer despite your research and preparation. When you feel that your threshold of needs aren’t being met even after sufficient exchange, you can proceed to decline the offer. Also when the job at hand is something you are not entirely convinced about, it is better to withdraw than being willing to spend a good amount of your day in doing something half-heartedly. Your refusal must come confidently, respectfully and without a hint of offense.