How Much Are You Worth? Salary Negotiation Strategies and Tips to Help You to Get Paid What You’re Worth.
“A job interview is a competition won by those who are qualified the most, and those who are willing to be paid the least.”
~ Mokokoma Mokhonoana ~
Client Kevin Asks: I’ve got several job interviews coming up. Shouldn’t I have a strategy in mind to negotiate for the highest salary I’m worth?
Coach Joel Answers: In today’s unreliable economy, many job seekers like you are simply happy to receive a job offer. However, if you just take what’s offered and don’t try to negotiate for a better salary, you’re likely selling yourself short and leaving money on the table. The reality is that many hiring managers expect a candidate to negotiate for a better offer. For this reason, their initial offer often is not the maximum they are willing to pay for a position.
The caveat to this is that your negotiation has to be done with finesse and you have to be realistic. Don’t expect a hiring manager to suddenly double the initial salary they’ve offered you. Additionally, demanding more money and waving another offer in their face typically doesn’t impress them. However, if you present a solid business case for why you deserve more money, reiterating the value you bring to the company to justify the bump, you’re much more likely to get their attention.
Doing your research ahead of time is the key to a successful outcome. Knowing when you’re getting a reasonable offer is based on your research before you even go in for the first interview. Your expectation typically comes has a variety of components. First, if you’re currently or have recently been employed in a similar position, in a similar industry, in the same geographic location, you already have a good idea of what the current market value is for your skill set. However, if you’re changing positions, industries or locations, you’ll need some significant research.
Start by looking at current job listing on online job boards or the company’s web site. Many companies list a salary range in their job postings, so candidates understand the compensation before they apply. You’ll obviously need to take into consideration your unique experience and skills that may place toward the higher or lower end of that range. However, this should give you a good range of what you can expect, if and when you get an offer.
In addition, there are numerous salary tools online that you can use to determine an average salary for a position. Look for salary studies done by trade associations in your industry, for example. Study companies that are similar to the one where you are interviewing. Speaking directly to company employees you may know, as well as the hiring manager, can be a more direct method of answering any compensation questions you may have.
Remember, in today’s job market, salaries being offered may be slightly lower than the average of people currently employed in that position. In addition, take time to consider the benefits and especially the non-monetary intangibles. Is the company conveniently located for your commute? Do the employees seem to be happy? Are they having a good time? Is the job something that makes you excited to get out of bed in the morning? What is the potential for growth and advancement?
A job is more than a salary and a paycheck. It’s where you spend a substantial portion of your time and energy. If you can combine reasonable compensation with personal satisfaction, it’s a win for all concerned.
Stay tuned for Part II: How to Navigate the Negotiating Conversation
If you’re in any stage of a job search right now, take time this week to research compensation in your field so you are dealing from a position of strength when you receive an offer and begin to negotiate a fair salary.
Talkback: Have you successfully negotiated a good compensation package recently? What did you learn from the experience? Share your story here.
Image courtesy of andrewgenn / fotolia.com
Strategies and Tips to Help You to Get Paid What You’re Worth.
appeared first on Career Advancement Blog.
