SALARY NEGOTIATION

AGENDA

The Goal of Negotiation

To reach an agreement that will maximize your potential earnings and provide for the employers needs
To create a win- win situation with an employer with whom you can have a long term relationship

Preparing for Salary Negotiation

Know your market value- what are comparable salaries and positions
What do similar positions in the industry pay in your geographic region.
How much do current employees earn.
Where do you fit in the organization- is this an entry level, management or an executive position

THE COMPETITION!

What is current in the industry- targeting local and national trends?
Identity employers who compete for the best candidates and offer top salaries and superior benefits packages.

Calculating Your Worth

Places to Search for Information

Professional associations-membership surveys
Recruiters and executive search firms
Monthly government, labor reviews/ The Bureau of Labor Statistics
Forbes, The Wall Street Journal, Business Week, Fortune Magazine & other magazines
Online resources- salary.com, www.careerjournal.com, www.hotjobs.com
Former and current employees
Your network- friends, colleagues, information interviews

Total Compensation Packages

Benefits can equal 20%-30% of your compensation package. What’s included:

“The Offer”

Things to remember:

Most companies make fair and realistic salary offers
It is not in their best interest to make “lowball” offers
They want to hire the best candidate for the job
High employee turnover is an added expense to the bottom line for the employer
Translation= the “Offer” should be good!
Anticipate objections to higher salary offers
Be clear about your own value
Be confident in your abilities, skills, professional experience and education
Develop rebuttals to anticipate employers possible “excuses” for not wanting to raise salary levels

Discussing Salary History

Postpone this discussion as long as possible
Discuss salary in future terms….
“If I was to stay in my current positions the value of my compensation package would be…”
“I would consider a salary range of…”

Negotiations

Remember it is not about winning, but about establishing mutual interests and goals
Know where you can compromise
Identify your possible competition
Logically reiterate why you should be compensated at a greater level

Counter Offers

Counter offers are offers from your current employers to remain after you have announced intention to leave

Investigate and determine your employer’s motivation
Is it all about money?
Will the underlying issues motivate you to move to change?
Know that your loyalty will now be suspect and an attitude of negativity about your choice to leave may be present
They may feel desperate to finish a project but may not be loyal to you and made the offer
Do you really want to work for someone who only increased your salary because you were leaving?
Take this offer as a compliment and move on