Salary negotiation is the process through which employees and job candidates discuss and agree on their compensation packages, including base salary, bonuses, and benefits. This process typically occurs during job offers or performance reviews, and involves evaluating the candidate’s qualifications, industry standards, and the company’s budget. Effective salary negotiation requires preparation, clear communication, and a strategic approach to address both parties’ needs and expectations.
For example, if a candidate is offered a job with a base salary of $60,000 but believes their skills and experience justify $70,000, they would present their case during the negotiation. They might highlight their past achievements, market research on salary ranges, and how their unique skills can benefit the company. The employer might then counter with a higher offer, benefits, or performance bonuses to reach a mutually acceptable agreement.
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