Business
How to tactfully negotiate salaries with your employeesPublish Date: Jan 24, 2014
How to tactfully negotiate salaries with your employees
  • mail
  • img
In 2012, a six-day work stoppage at Lonmin Plc’s Marikana operations in South Africa’s North West province led to deaths of 10 people. CREDIT/AFP (Source: Getty Images)
newvision

PAKASA

By Julius Sengendo

When a potential employee accepts a job offer, you, as the employer, must be willing to negotiate further terms. Nowadays, job seekers join a job interview with detailed knowledge of their employer and respective company.

If you want to close a mutually satisfying deal, you must be equally prepared. The same thing applies when you negotiate with an employee who is already working for you.  

Opt for a formal negotiation

When it comes to employees already working in your business you should go for formal performance and payment review cycle. The majority of businesses choose a semi-annual performance review cycle.

This process is really effective, since it does the following things: Sets a schedule that both the worker and the employer can utilize to get ready for negotiation.

States the desire of the employer to get involved in a negotiation; Reduces the number of off-cycle modifications and negotiations; Sets expectations regarding the vital business goals of the employer.

Negotiate e­fficiently

You can negotiate efficiently with your workers if the process relies on performance management. You should team up with your employees and inform them about your business objectives and recompenses associated with accomplishing those objectives.

This collaboration will bring numerous benefits because your employees will be familiar with the performance expectations of their boss and will do their best to meet or even exceed these expectations.

Potential employees

In case you do not have the possibility to match the salary demand of your potential employees, but you really want to convince them to accept your job offer, opt for non-monetary incentives.

Sometimes, candidates are willing to trade a higher salary for other benefits. For instance, flexible scheduling is an alternative that will surely please the applicant and will not cost you anything. Besides, you can offer them extra time off or the possibility to telecommute.

A signing bonus might also delight a potential employee, so do not hesitate to provide it. As an entrepreneur, it is essential to have good negotiation skills.

You must polish that skill of drawing employees towards your company without necessarily motivating them with huge financial compensations.

As long as you know how to talk to the people, it should be a lot easier to reach into their minds and make them work for you.

Send your questions to pakasa@newvision.co.ug

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
West Nile grid extension on schedule
THE West Nile power grid extension from Nyagak Hydro plant to the rest of the districts is moving steadily with over 46% of the work on the sh44 billion project...
Gov’t allocates sh10b for tarmacking roads
GOVERNMENT has earmarked sh10b for the tarmacking of roads intended to enhance commerce, reduce dust and facilitate mobility in 26 town councils...
Local govt asked to participate in alternative energy planning
Ministry of energy officials and experts from GIZ have urged local government leaders to participate in developing affordable and efficient sources of energy at district level to light up districts instead of the long waiting for the central government to do for them what they can do themselves....
Central Bank begins financial literacy campaign in schools
Bank of Uganda has started a campaign to boost people’s understanding of economic issues affecting them so that they can identify opportunities to exploit....
Shipping firm chief accountant charged in MTN $3.8m fraud
The chief finance officer of Three Ways Shipping Company has been charged with embezzling $3.8m (about sh10b), belonging to telecom company MTN....
Kabila fires CEO of state miner Gecamines for "gross negligence"
Democratic Republic of Congo's President Joseph Kabila has fired the chief executive of the country's state mining company Gecamines for "gross negligence", according to a presidential decree read out on the state television channel....
Should private schools and institutions be given tax exemption?
Yes
No
Can't Say
follow us
subscribe to our news letter