How to Win Your Compensation Negotiation
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21-Oct-2014 -
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Transcript of How to Win Your Compensation Negotiation
THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
Moshe Kravitz, Director of Finance - IDT Telecom & Certified Career Coach - Five O’Clock
Club
Successful Salary Negotiation
© 2012 Proformative. Proprietary and confidential
Learning Objectives
After participating in this event you will be able to:
• Discover at what point in the hiring process the should salary negotiation should begin for you
• Learn what to say, and not say when asked about your salary requirements
• Discover specific strategies around how to best react when a base salary offer is too low and how to "negotiate up" the salary without mentioning numbers
•Discover best practices in preparing for an interview•Understand what to do and what not to do during an interview•Discover how to effectively close the deal after an interview
© 2012 Proformative. Proprietary and confidential
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THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
Moshe Kravitz, Director of Finance - IDT Telecom & Certified Career Coach - Five O’Clock
Club
Successful Salary Negotiation
© 2012 Proformative. Proprietary and confidential
The Most Successful Salary Negotiation
THE MOST SUCCESSFUL
SALARY NEGOTIATION
IS WHEN YOU NEVER MENTION
THE SALARY
© 2012 Proformative. Proprietary and confidential
The Most Successful Salary Negotiation
What if they ask me –
• How much are you currently earning?
• How much do you need?
• What are your salary expectations?
© 2012 Proformative. Proprietary and confidential
The Most Successful Salary Negotiation
Who asked you?
• Online application
• Hard copy HR application
• HR “screener”
• Hiring manager
© 2012 Proformative. Proprietary and confidential
The Most Successful Salary Negotiation
Your mantra:
“Salary won’t be an issue”
© 2012 Proformative. Proprietary and confidential
The Most Successful Salary Negotiation
Without discussing salary, how can I ensure that the offer will be –
• Enough
• Fair
• Competitive
• The best possible offer
© 2012 Proformative. Proprietary and confidential
Discuss the POSITION
Your Focus:
Discuss the POSITION not the salary
© 2012 Proformative. Proprietary and confidential
Four Step Salary Negotiation
The Four Steps 1.Discuss the Position
• Bob – Paper Burster• Mike- Finance
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Four Step Salary Negotiation
The Four Steps
1. Discuss the Position
2. Outshine and Outlast the Competition
© 2012 Proformative. Proprietary and confidential
Four Step Salary Negotiation
The Four Steps1. Discuss the Position
2. Outshine and Outlast the Competition
3. Get the Offer
• Bessie – Accounting Manager
• Kate- “Supervisor”
© 2012 Proformative. Proprietary and confidential
Four Step Salary Negotiation
The Four Steps
• Discuss the Position
• Outshine and Outlast the Competition
• Get the Offer
• Negotiate the Compensation Package
© 2012 Proformative. Proprietary and confidential
Negotiate the Compensation Package
How much are you worth?
• By industry scale - in your region
• By this company’s scale
• Salary.com et al vs. “Comparables”
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Negotiate the Compensation Package
Calculate the value of your entire package:
Base salary Medical insurance Sign-on bonus Dental insurance
Year-end bonus Vision and Prescriptions Life insurance
Stock & options Short and Long term Disability Private Equity
Profit sharing Tuition reimbursement Training in-house
Defined Benefit plan Conference fees 401k ER Contributions Professional association
SERP membership fees SEVERANCE!!
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Negotiate the Compensation Package
• Negotiate the items one at a time• Begin with base salary• Maintain a WIN-WIN attitude!
You and the employer are not opponents in this negotiation
You are both on the same side – aiming to work this out to everyone’s
satisfaction and benefit• The “Dime” experiment
© 2012 Proformative. Proprietary and confidential
Negotiate the Compensation Package
“We were strangers; now we are friends!”
Maintain a WIN-WIN attitude!
© 2012 Proformative. Proprietary and confidential
Negotiate the Compensation Package
Last, but not least…After “win-win” give-and-take on each
itemattempting to meet the value of your
total Package
The final item to negotiate is • Severance – Make it Impersonal –
in the event of: Change of management or Change of ownership
© 2012 Proformative. Proprietary and confidential
Take-aways
• Discuss the POSITION not the salary
• “Salary won’t be an issue”• Maintain a WIN-WIN attitude!
“We were strangers; now we are friends!”
© 2012 Proformative. Proprietary and confidential
Thank You
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