The short answer is as much as you can.
“Well Shaun, you comment, that isn’t very helpful.”
Philosophically, you should ask for as much as you can. Whether you can get the offer that you want will require you to have some patience and do some homework.
Do your math homework
The best person to know how much money you need and want is you. So before you enter any negotiation, first understand what your minimum expected salary is. Once you enter the job search process, remember to take into account data points so you can adjust your expected salary accordingly.
What is your market value?
Take for example, an expected salary of RM10,000 per month. You apply to 3 companies that are hiring Senior Software Engineers. Company A offers you RM9,000 per month, Company B offers you RM10,000 per month, Company C offers you RM12,000 per month. So in this scenario, your market value is RM12,000 per month because this is what the market (sample size of 3) is willing to pay you.
How do I find out my market value?
There are a few ways to find out your market value. The easiest but least accurate way is from publicly available salary reports. Although they are the least accurate, they should give you an indicator of how much your peers are earning. This should form the basis of your expected salary early in your job search journey.
Moving up the accuracy ladder, the next best way is to speak to your recruiters. Recruiters work with a range of candidates and employers. Hence, they should have a good idea on how much to advise you on your salary demands.
Finally the most accurate way, but the one that requires the most effort is to start applying for jobs. Collect data throughout your job search journey. At the start of the process, find out from interviewers what their budget for the role is and adjust!
“We can only offer you 20% above your current salary”
In your job search journey, you might hear this statement in one variation or another. The most important thing here is that the 20% rule is just a negotiation tactic. The rule was acceptable when there were more candidates than jobs, thereby granting employers more leverage. In today’s market where the leverage has shifted to the side of software engineers, you should take advantage of it by negotiating for the best possible salary, one that’s not bound by the mythical 20% rule.
There you have it, go and ask for as much salary as you can, but beware, the job searching is often a long and arduous process. In the journey, you will face many rejections. Remember not to take rejections personally.
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