Salary Information & Negotiations
The Basics
Increase Your Perceived Worth- How You See and Present Yourself
- Be confident
- Speak convincingly about your accomplishments
- Be seen as a long-term asset
- How the Company Sees the Value of the Work to Be Done
- How the Company Perceives Your Appropriateness for the Job
- Demonstrate that you are more qualified than any other candidate
- What are the going compensation rates for the industry
- Research, research, research!
- Salary Wizard: www.salarywizard.com
- Occupational Outlook Handbook: www.bls.gov/oco/home.htm
- Professional Organizations
- Business Career Center
- Understand your priorities
- Determine your minimum overall compensation package that you would realistically accept
- Avoid antagonistic behavior - the relationship begins now!
- Negotiate in other aspects besides just salary
Understand What the Company May or May Not Have Degrees of Freedom About
Be Gracious, But Firm- Although it is a tough job market, you must feel fairly compensated for what you do for the job to make sense for you
Consider More Than Just the Salary
Salary shouldn't be the only consideration when evaluating a job offer. Other factors that may be important include:- The quality of the learning opportunity
- Rapport with your supervisor
- Respect for and from your colleagues
- The workplace atmosphere - intense/relaxed/competitive/supportive/chaotic/organized
- Other forms of compensation, such as bonuses or commission
- Benefits such as health insurance or 401(k)
- Perks (such as international travel) or recognition (such as speaking opportunities)
- The company's prestige
- The importance or value of what the organization produces
- Career-advancement opportunities
- Vacation and time-off policies
- Flexibility of the work schedule
- Quality of work life the position affords
- Commuting distance and related considerations
- On-site facilities, such as fitness and child-care centers
Create a decision matrix to get a clear picture of how competing offers compare. List the factors that matter most to you and then assign each a relative weight out of a total of 100.
| Sample Decision Matrix | |||
|---|---|---|---|
| Factor | Weight(Relative to 100%) | Job A Rating | Job B Rating |
| Growth opportunities | 25 | 6 (=150) | 9 (=225) |
| Great colleagues | 15 | 7 (=105) | 8 (=120) |
| Challenging work | 15 | 5 (=75) | 10 (=150) |
| Travel opportunities | 10 | 3 (=30) | 7 (=70) |
| Compensation | 10 | 9 (=90) | 5 (=50) |
| Reasonable hours | 9 | 7 (=63) | 3 (=27) |
| Rapport with supervisor | 9 | 9 (=81) | 5 (=45) |
| Recognition | 5 | 8 (=40) | 4 (=20) |
| Medical benefits | 2 | 2 (=4) | 0 (=0) |
| TOTAL | 100 | 638 | 707 |
This exercise will help you to stay focused on the factors that are most important to you, identify your main negotiating points and recognize when you should probably look elsewhere.
When and How to Discuss the Touchy Subject
Don't talk about salary too soon- The only time to talk about salary is when they say they want you for the job
- Change the subject politely "I'm sure we can come to a salary agreement if I'm the right person for the job. I'd like to see if we agree that I am."
- Before you go into the interview, know the going rate for your experience and position
- Fail to deal intelligently with salary questions and issues by not doing research on salary comparables and employers.
- Specify a single salary figure when asked "What are your salary requirements?"
- Assume your "qualifications" and "performance" will automatically determine your salary level.
- Believe you are indispensable to an employer who will give you substantial raises rather than risk losing you to the competition.
- Think the employer is in the driver's seat when it comes to negotiating salary.
- Approach salary negotiations from a perspective of need or greed rather than as a process of assigning value to your qualifications and promises of performance.
- Fail to compile supports for a negotiating position.
- Forget to calculate benefits as part of the compensation package.
- Quickly to accept employers' first or second offers.
- Try to play "hard to get" when you have little or nothing to leverage.