Salary Negotiation
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Delay salary negotiations for as long as possible in the hiring process. Ideally you should only enter into negotiations once you have had a formal job offer and the employer is convinced of your worth. Your power to negotiate is much greater when the employer has decided you are the best candidate for the position. However be prepared to respond to the salary question in the initial interview stages by remaining as noncommittal as possible and stating a wide range. Use this guide to handling the salary question to help you prepare if you are faced with the salary question early in the hiring process. If you are asked to state a salary on the application form respond with the words "open" or "competitive".
Find out who really has the authority to negotiate salaries in the company and try to set up your compensation discussion with this person.
Know exactly what your salary requirements are before you enter salary negotiations.
Work out your monthly income requirements.
Salary negotiation tips include been clear in your own mind about what you want to walk away with from the negotiations.
One of the most important salary negotiation tips is to do your homework before negotiating the job offer. The greatest tool in any negotiation is information. Know your competitive market value and what your skills are worth in the current job market. Consider the economic, geographic and industry factors of the job to determine your fair market value. Have this data ready for use during the negotiations. You should support your salary request with documentation including current market salary data, your performance evaluations and letters of recommendation.
Know your company-value before you enter into salary negotiations. What are you worth to this specific employer? Consider criteria such as the supply and demand ratio for your particular skills in this industry and area and the number of suitable candidates the company has interviewed. This information provides you with an understanding of how much negotiating power you really have.
Consider the job offer as a whole when planning your negotiation strategy. Weigh the financial value of the benefits offered as part of your gross income. Benefits can add up to 30 percent of the total compensation. Prioritize your interests and determine which of the benefits you are willing to negotiate. Start with negotiating your basic salary first and then move on to the benefits, one element at a time. Just remember you cannot try to negotiate the entire job offer. Choose the elements you want to negotiate carefully and make sure you have solid research to back up your proposal.
Start the actual negotiations by thanking the employer for the job offer and restating your interest in the position and company.
Begin at the top of your pre-determined salary range. Research often shows a strong link between people's aspirations and the outcome of the negotiations. Aim high but be realistic.
Focus on your value and not your needs. Structure your salary negotiations around the value you bring to the position and company and avoid mentioning what you need or feel you deserve to be paid. Employers are generally not interested in your monthly expenses. Base your negotiations on your solid research into your market value and company value.
Sell yourself throughout the negotiations. Remind the employer of your value to them and continue to express enthusiasm and commitment for the job and company.
Stay positive and remember that a negotiation is about listening to each other and respecting the needs of both parties. Avoid demands, threats and defensive behavior. The outcome should benefit both parties.
Be aware when the final offer has been reached. This is the end of negotiations and you need to decide if this final offer is acceptable or not. Get the final offer in writing. A legitimate offer should be given in writing and if the employer is reluctant to do this it is a major red flag that there is something wrong.
It is important to keep in mind that the majority of job offers are negotiable but only a small percentage of job candidates actually enter into negotiation. You don't have to be an expert negotiator to get the job offer you want. Follow these basic salary negotiation tips to properly prepare
your negotiation strategy
for a successful negotiation.
Use these sample job offer acceptance letters.
The Essential Job Resignation Checklist ensures that you resign from your job properly and professionally.
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