3 Tips Essential For Effective Salary Negotiations
Many theories and strategies persist on how to negotiate effectively for a higher salary. There are even a lot of good products and training tools available on the market to help the job seeker in this area. However, many experts commonly forget to tell the candidate a few things that are a must in preparing for the negotiation process. Without a proper understanding of these things, candidates can really miss the mark with their negotiations.
1. Get on Equal Footing
Many companies today ask for or demand your salary history in detail before the first interview. However, they are absolutely unwilling to discuss the salary range for a position. Providing your salary history and not receiving like-kind information puts the job seeker at a serious disadvantage in the negotiations. As such, employers often feel like they are holding all the cards. The interview process then becomes a one-way street. They assess you, but you do not assess the company. You are supposed to feel honored if they offer you anything because they have established a position of superiority. So be sure not to give too much away too early. It erodes any hope you have of successful negotiations down the line.
2. Know Your Baseline
Since most candidates do not really have a clue of how high or low the salary offer will be, they need to take the time to determine their basement in terms of salary. If you do not set a baseline, it is difficult to know how much to push once the salary offer comes in. And let’s face it, they almost always come in lower than we would like. Consider your travel and commuting costs, including gas, tolls, mileage, depreciation, and so on. Take into account how much you would be paying for lunch, coffee, and snacks. And, of course, consider your regular household expenses to help you determine how much you need to bring in after taxes.
3. Think Compensation Package
Probably the biggest error that candidates make when negotiating is that they focus solely on salary. At larger corporations today, most hiring manager have little, if any, flexibility in terms of what salary they offer. Pretty much everything goes through a compensation director in HR. And believe me, they can be a bear to fight with to try getting a salary offer increased. Instead, focus on the total compensation package. Things like medical benefits, 401(k) matching, bonus and other incentive plans, vacation, paid time off, and work-from-home opportunities all have value. If you are a candidate they are excited about but they don’t have flexibility with salary, they will likely be willing to give in some or many of these other areas. Give it a try, you might be surprised at how well it works for you.
All in all, as with any negotiation process, the moment you are willing to take just about anything in order to have the deal go through, you can pretty must guarantee you will fall short of your salary goals. Understandably, we all need jobs, and no one likes a job search to take longer than it has to. But if you jump every time a prospective employer says how high, then later on, you will be disappointed, your tenure will likely be short, and ultimately, both the company and the candidate lose. Companies would be wise to take that into consideration as well.
How worth it is that $1000 savings if in the end it leads to a disgruntled worker who will leave you as soon as the grass looks greener elsewhere? Ultimately, a salary negotiation should not be a war between two wills, but a discussion between two parties who want to come out successful.
My company is called No Stone Unturned, and I am an MBA and certified professional r
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