2016 has been a good year for fresher’s as they have witnessed a significant increase in their pay packages. Not only this but the number of jobs offered has also increased manifold and salary packages over INR 6 lakhs per annum has grown by 85 percent, says a survey. According to a study conducted by job assessment firm Aspiring Minds, it was revealed that the range of salaries offered to candidates (graduates with 0-2 years of experience) varied between INR 1-30 lakh per annum, while the most number of salary offers were in the range of INR 2-3 lakh per annum.
The survey, which included nearly 40 lakh job applications for over 6,000 jobs posted by recruiters across India, said, “The number of jobs offered with a salary package of INR 6 lakh grew by 85 percent from 2015”.
The most in-demand job role based on the number of applications received was that of software developers. Around 38 percent of the pie of job applications were in the field of software developers or web architects.
Marketing and sales were the second most preferred job for fresh graduates and young professionals.
Within marketing too, digital marketing emerged as one of the most desired job profile, with nearly 21 percent jobs being available in that sector.
On the other hand, with a substantial rise in big data and data scientists, the number of job postings for data analysts, data scientist and data engineer saw a rise year-on-year by over 30 percent.
Himanghshu Aggarwal, Co-founder and CEO of Aspiring Minds said that job roles like data scientists, data analysts and data engineers would be prominent emerging roles this year. Also, in line with the current trends, technical roles such as software developers and non-technical roles such as digital marketing was extremely in demand last year.
Apart from technical jobs, non-technical fresher job roles that found favour with a large number of companies comprised profiles like content writing and corporate communications.
You have been looking for a job change for some time now. You have surfed through several job portals and floating your resume all across. Finally, you come across the job offer you have been waiting for all this while. It is time for you to say goodbye to your current employer. So, one fine day, you submit your resignation and decide to serve the notice period.
Now here comes a twist. Your current organization evaluates the situation and decides to hold you back. Needless to say that your manager/HR/current employer makes you a counter offer. What to do now?
Let’s delve into a little detail
Remember that every company, whenever they hire, whether through job portals, social media or any other resource, they put in much effort into it. Scanning and interviewing probably a hundred of candidates before making the final decision. Employers also have to put in much effort to train people and retain them.
After resigning, receiving a counter offer is very natural (promotion or hike in compensation), and it happens in most industries across the globe. Since hiring is a tedious process, an employer also tries his or her best to retain an employee.
Types of Counter Offers
As said earlier, a counter offer implies when your current employer decides to retain you after you have put in your papers. They usually review the terms and conditions and make a fresh new offer. There are essentially two types of counter offer that you come across:
Economic/Financial: This is one of the best counter offers that is usually made by the employers. In this case, what they do is make you an increased compensation offer than your new job offer (in case they have an idea about your new pay package). Sometimes it is a common assumption that they make and try to retain you according to the new terms and conditions.
Emotional: This has nothing to do with the financial aspect of the company. In this case, the employer tends to focus on the loyalty part of the employee. In these case, the current employer manages to lure the employee by offering him a position that the present one. To be very blunt, the employee is offered a promotion along with promises of a better future.
What should you decide? Well, it is a NO!
Lucrative offers such as the ones mentioned above might make you reconsider your decision. You might think that you are a valuable asset for the organization, which is why they want to retain you.
Well yes, you are an asset but only because it will cost more to replace you than keep you, especially if your resignation has come as a surprise or at a time when your company cannot be without resources. Boosting your salary or promoting you is a means for your HR to keep you within the organization until you become more disposable!
Are you surprised by any chance? Well, you might be surprised, but it is a fact. While this does not mean that you are any less valuable to your organization, but employers and good managersthese days know that switching jobs are but a part and parcel of present day professional lives.
Why can counter offer might not be right for you?
There are certain reasons as to why accepting a counter offer might not be right for you. Here’s an overview:
I. You may lose the most genuine part: Trust
Yes. Once you have resigned from a particular company and accepted another job offer, clearly implies that somewhere down the line you are unhappy with your current employer. Even a counter offer might not guarantee that you will not look for new offers.
II. No significant change in your bank balance
You might have been offered a better compensation, and you choose to accept your counter offer. The extra bucks might be simply the money allocated for your next bonus or raise. Therefore, diminishing the actual value of the counter offer.
III. You are burning bridges
Understand that going back to a particular company, after accepting their offer might not be viewed in a very positive light. If you decide to stay with your current company and things again don’t work for you as promised/expected, you have burned a bridge with a company that may have been a better fit.
IV. Chances of losing your reputation
This might come as a surprise to you, but the fact that you accepted a counter offer and rejected another new offer, might not be perceived in a right way by others; especially the new company. You never know, you might be letting go better chances of professional growth by rejecting a new offer.
On the last note, it can be said that while not all acceptances of counter-offers are regretful, (some can turn out to be positive for some professionals), in most cases they are often perceived as the “Kiss of Death” for someone’s career.
It has been an average hike of 10-12%, which the employees of every generation have been expecting during their appraisal moment. Appraisals are typically once-a-year evaluation norm which have become monotonous in the previous years. For decades, companies have been following this bell-curve system of appraisals where the top, average and bottom performers are ranked differently towards the end of the year.
However, with the evolution of tech industry, HR leaders have visualized the changing needs of employees, as well as, the employers owing to which, presently more and more organizations are coming forward to provide more regular feedbacks and implement a review and appraisal system that is transparent, advanced and ‘not’ bell-curved.
Let’s have a look at the top IT giants that are coming out of the bell curve appraisal system
This IT association has rolled out a new method to put in place the performance appraisal system. Known as, ‘iCount’, the company will reward employees and select all kinds of performers on the basis of specific targets. With a workforce of 193,000 employees, the brand is all set to discard the bell curve model and expand new horizons in the IT industry.
The tech company has taken a swift shift from its conventional ‘annual performance management’ system to an entirely new ‘performance achievement’ process’. This includes setting new priorities, creating opportunities which are rewarding for employees, and evaluating their growing strengths. This approach is designed to attain a holistic view of performance delivered by each employee.
Adobe has said ‘good-bye’ to its age-old performance review process. Earlier where the employees of Adobe were assessed by their bosses once a year, now will receive instant and real-time feedbacks, which would help them have a clear direction towards their goals and become more productive in performance.
‘Checkpoint’ is the new name given to IBM’s new system to review and appraise employees. According to the new system, employees will be receiving four reviews a year, replacing the old norm with one review a year. The new process would certainly help employees to become more focused to achieve the defined targets and employers to retain, as well as, engage employees for a longer haul.
Microsoft believes that bell curve model has killed the innovators in the company. Microsoft with its new system, focuses on alleviating the stress of work with continuous feedback. The latest employee review system will allow employers to provide four feedbacks a year where the discussions will be held to assess the performance done in the last quarter and what could be done in the next quarter.
The software service provider, HCL has discarded the bel-curve model after the other tech giants took the step. The company is in the process of identifying departments where it can implement the review-based appraisal process.
The Performance appraisals have always been one of the biggest concerns for employees due to which they decide to settle down or switch to another company. While tech companies giving a kick-start with revamped employee appraisal system, more and more employers must adapt to new and motivating policies, which could help them engage, evaluate, encourage and appraise their employees.
You would not take the first offer when buying a house or from a car dealer, so why would you accept the first offer (salary package) from your employer?
Do you know nearly 1/5th of all employees never negotiate salary when they take a job? If you are one of them, then do not read this article.
If you know your worth, then you should scroll down and read these 5 salary negotiation secrets that can help you to get perfect figures in your paycheck.
5 Salary Negotiation Tactics Revealed
1. Be precise about what you are willing to give up
Before you start negotiating, find your bargain chips – What makes or break for you?
– Salary? Severance? An excellent offer? A non-compete agreement? Vacation?
2. Keep Proving your worth
Once you are talking money, do not stop selling yourself. Keep volunteering strategies and ideas for collaring challenges in your new job. The more an employer values you, the more he or she will be willing to pay you.
3. Leverage any other offers
While negotiating your salary cleverly bring up your conversation with hiring managers. Tell your employer about any offer you may have. That information can only reinforce your negotiating power.
4. Offer to do a project before you take a job
Lend your expertise to your future employer, offer to do a project on prorated basis. Once, you are in the door and exhibit how good you are; the company will likely to meet your salary request.
5. Do your Homework
Your pre-interview homework does not end at analysing business portfolio but asks you to research on the compensation levels and perks at your future employer. Leverage the information available free of cost online to negotiate better.
Salary negotiation is challenging, but it is particularly intimidating for young graduates starting their career. Any How-To on job offer bargain will advise you to use your experience and skills as leverage. Hence, how do you make a strong case in front of your prospective employer when you do not have right ammunition?
First of all – Do Negotiate. And, when you convince in doing so then use these five above mentioned tactics to get the desired job offer.
A job offer and the potential salary and benefits that come with it are something to be excited about. But before you sign any paperwork, read the fine print and look over the offer. There’s likely room to negotiate for a better deal than the initial contract, and there are some steps you can take to boost your employment package. Here’s how.
Consider roles and responsibilities
It’s important to engage in the interview process and learn as much as you can—mainly so you’ll understand your role and responsibilities. However, it will also help to shed light on the value the company places on the position. This will empower you in the negotiation process later.
“Ask to meet with the people [with whom] you will work, manage and collaborate,” says Katie Donovan, a salary and career negotiation consultant and owner of Equal Pay Negotiations LLC. “Departmental structures and organisation charts will point to your place in the organisation’s food chain, and indicate the role’s importance, which will give you leverage. You will also have specifics to use when researching what the current industry standards are for that occupation’s average wage.”
Let them make the first move
While the interview is an important time to get to know the company, job responsibilities and what your day-to-day life would look like there, there are some questions better saved for when the interview process is over. “Many candidates want to find this out sooner rather than later so [they] bring up compensation, flexibility and other employment package elements during the interview,” Donovan says. “It is to your advantage to wait until the offer. It is at that point the company has fallen in love with you and will engage in negotiations. Talking about it before you are the best candidate easily turns you into an also-ran candidate who never gets the offer.”
Find points for negotiation
Once you’ve received a job offer, you can begin to determine whether or not you should accept the position. Donovan says, “Aim for the perfect employment package and know your personal walkaway items. You have options no matter how many deal breakers are in the offer. Address them first as a group of items. Say something like, ‘I am very excited about the opportunity to work with you but there are a few items in the offer that are making it difficult for me to accept it. They are A, B, C and D.’ Then walk through each of the items with the manager to explain why they are difficult. ‘A, the pay is below current market value, B, the [paid time off] is less than I currently have, C, I currently work from home two days a week and would need to keep that same kind of arrangement, etc…’ Then be quiet and let the employer figure out what to offer to you next. You will find that employers are open to getting the right package for employees.”
Have several plans ready After the initial salary offer has been extended, and you’ve countered with the salary or supplementary perks you want, give the employer time to come back with their offer. You’ll likely be able to gauge how their decision will go based on their need to hire you, and the interactions you’ve had with the company up to this point. While they’re preparing their decision, be ready to prepare yours. What counteroffers will you accept? What will you do if they refuse your proposals?
“At the end, if a deal breaker cannot be negotiated away, say no. Surprisingly, sometimes the employer comes back with another offer – but do not expect it,” Donovan says. “Truly be ready to walk away.”