ElevationsTM is a revolutionary career discovery tool by Scully Career Associates, Inc.
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Salary Negotiation
Discussing Compensation
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Never discuss your compensation needs before you are offered the job. |
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If an employer asks you about the minimum salary you will accept during the interview process, don’t give a figure! No matter what amount you say, you will either be too high or too low.
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If you’re too high, he or she will assume that you won’t accept the job, or that you are overqualified. |
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If you’re too low, you might get the job, but at a much lower salary than you could have gotten. This little mistake could cost you thousands of dollars!
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Here are some ways you can answer:
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“I’m really interested in long-term growth and advancement. Right now I’m willing to discuss whatever your company pays people like myself.” |
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“I’m primarily interested in a career with your company, and not just a job.” |
In any event, let the interviewer bring up the issue of salary. Don’t appear greedy or overanxious. Remember, you don’t have an offer yet!
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The right time to negotiate salary is after the offer has been extended:
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Do your homework before you meet with the company representatives to negotiate a deal. Use research resources inside and outside the company to find out what the employer might be willing to pay. |
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Consider your unique marketability and value. How will you increase the strength of the company? Visit www.salary.com and find out what competitors are paying in the geographic area you will be working. Walk into your compensation negotiation meeting with a range in mind. | |
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Let the employer propose a package first!
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Do not present your salary range and total package requirements until you hear what the employer is willing to pay. After the employer has made the offer (verbally or in writing) be silent for a prolonged period of time. Be reflective, take some notes, but do not answer quickly. |
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If the offer is wonderful, then ask questions to clarify benefits such as vacation, child care, a severance pay guarantee, bonus structure, frequency of performance evaluations, access to senior-leadership meetings, retirement contributions, flex time, computer equipment, etc. |
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If the offer is low, let them know this and suggest your desired range. Be sure to express your commitment to the job and the value you plan to bring to the company. Things like cost of living or how much you made before are totally irrelevant! |
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If the employer simply cannot meet your salary or general compensation requirements, think about negotiating a raise based on performance down the road. For example, your salary goes from $65,000 to $80,000 in six months if you save the company $600,000 or more by revamping their purchasing system. Now you can prove your value to the company and raise your salary to the desired level. |
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Assess your values carefully before you talk to the employer. If you do not need benefits (because your spouse has them, for example), be sure to eliminate the unneeded benefits from the deal and add something else you’d love to have like a laptop or a home office. Be creative. | |
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Set a “Can Do” tone:
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Show the employer that all the problems can be worked out. Be friendly and enthusiastic about the meeting and the prospects for a successful future. Make sure all negotiations are documented in writing, signed and dated. Be sure to get a copy for your own files. Offer to type it up yourself, sign and fax it to the new employer if they are unaccustomed to setting up written contracts. | |
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This is your window of opportunity:
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Before you accept and after they have extended the offer is the height of your power curve. Keep all negotiations in this window. After you accept, it is unlikely you will change any agreements that have been made. | | |
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