Negotiating Salary
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The prospect of negotiating salary and other terms of employment
surges through some like adrenaline, but like an imminent fainting
spell through others. If you tend not to get the results you want
from salary negotiation or the mere prospect of negotiating salary
makes you squirm, consider these guidelines for more effective
negotiation.
Know Your Worth
You can bet that the interviewer negotiating salary on behalf
of the company knows your worth. When you begin salary negotiation,
you should also know your worth.
Using Internet salary surveys,
conduct research on the salary ranges for comparable jobs in the
area. If you're relocating, also check sources that
account for differences in cost of living between cities.
However, keep in mind that the free Internet salary sources are
typically lacking, so use them only to come up with a ballpark
range. If you'd like to see more accurate salary data from employees
of major U.S. companies and government agencies, consider joining
the Vault Job Board to see their exclusive "insider"
benefits
and salary surveys.
Also try to glean information during interviews and from your
network of sources that indicates the relative value of the position
in the company.
Set a Clear Salary Goal
Studies about negotiating salary consistently show that job candidates
who set clear and aggressive goals achieve more favorable settlements
than those who aim low or do not set goals at all. If you want
a salary of eighty grand and a total package worth 100 grand, shoot
for it by going a little over 100 grand to start.
Set a Walk-Away Salary
You know your own financial goals, responsibilities and liabilities.
For example, if you cannot accept anything under seventy grand,
do not pretend that you can. Your walk-away salary depends not
only on your financial needs, but also on the attractiveness of
your alternatives to the position offered.
For example, if you are currently making sixty grand and there
are no other offers, settling at sixty-eight grand might not be
a bad idea. If, on the other hand, you have been offered a second
position for seventy-five grand with a generous benefit package,
sixty-eight grand seems less reasonable.
Be Fair
The idea of fairness strikes a cord in most everybody, even though
people have differing perceptions of what it means. Obtaining a
compensation package that both you and the employer consider fair
is particularly important since you are entering into an ongoing
relationship.
For example, if you discover four months into the job that you
are making twenty percent less than your counterparts, your enthusiasm
for your new job can sour; if your boss feels like you bullied
him into a costlier package than the company initially authorized,
he could easily become resentful toward you.
You must be able to make a case for why your self-serving version
of fairness is appropriate. For example, are you worth more than
most people because you have more experience or because you have
a track record of attracting big clients?
Remember, if the salary negotiator makes concessions, she needs
to be able to justify her concessions to her boss. Reciprocally,
it is helpful for you to identify what your potential employer
considers fair.
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