Salary negotiation

Salary Negotiation Tips: Don’t Leave Money on the

Table

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How Do I Get There in the First Place?

You have a cover letter that addresses the hiring manager’s needs by promoting the future benefit of your expertise

You have a properly architected résumé with quantified accomplishments, where possible

You know how to control—rather than just “survive”—the job interview by knowing your résumé inside/out

You understand how to promote your professional brand throughout the entire hiring process—even after interviews have ended

Negotiating a Salary…

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Not like:

Labor unions vs. management

Sports agents vs. team owners

Lawyers vs. other lawyers

These negotiations usually leave people stressed, angry, and further entrenched in their initial positions throughout most of the process

Salary negotiation is more a “fine-tuning” of compensation that satisfies both parties without the emotional angst

Salary “Negotiation” is Different


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Factors Influencing Salary Offer

Local/regional competitive salaries and benefits for the same type of work or position

Sometimes some accommodation for special expertise

General condition of the economy (expanding or shrinking?)

How well a specific business does in the marketplace (local, national, international)

Salaries offered by employers represent a balance between the minimum compensation necessary to get you to accept the job and keep you on the job


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What Most People Do with a Salary Offer

They accept the first offer they receive or…

They turn down the job offer altogether

There’s a third option that many people fail to pursue: negotiation


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Best Time to Negotiate?

Most salary offers are made after interviews are finished

Don’t respond to the question “what are your salary requirements?” with a number yet--don’t get eliminated from further consideration just because of a number

Instead, ask: “Are you presenting me with an offer to hire now?” If they aren’t, respond with “I’d be happy to move forward with that question when you are officially offering me the job”


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Who Can Negotiate a Higher Salary?

Your probability of success is higher for:

More senior-level/executive-level candidates

Depending on industry or field, highly technical positions may leave room for negotiation; in others, sales and marketing

Candidates with unique or highly sought-after skills, experience, education, or knowledge

Candidates with excellent communication skills and a little unabashed self-promotion


Recent college graduates, people out of the job market for the first time, or those returning to the job market after being away for some time generally have little room to negotiate

5 Mistakes to Avoid

Not doing due diligence on salary research (Salary.com and Simplyhired.com) and communicating those facts during negotiations

Consider the timing (in a recession? Downsizing? SEC investigations?)

Conceding too much too soon

Only seeing the salary and not the whole package (rank your priorities)

Not acting like the complete professional your résumé portrays during negotiations


Salary Negotiation Secret: Don’t be First to Give a Number

Successful salary negotiation follows a very simple rule people use when buying a car

When you are the first to offer a salary number, you may very likely have left money on the table because your number may be lower than the number they had in mind

Know in advance the amount necessary to cover your family’s immediate and future needs (insurance, vacation, retirement, salary)

Do not assume built-in “consideration” for special skills or expertise—do the research


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Salary Negotiation Example 1

Hiring Manager: “We’d like to extend an offer to you for the position. What is your salary requirement?”

Candidate: “Well, I’m looking at $82,000…”

Hiring Manager: “Great. I think we can accommodate that number. Can you start in two weeks?”

Here, the candidate was the first to throw out a number, and while he may be happy with $82,000, maybe it was a lower number than the hiring manager had in mind


HM: “We’d like to extend an offer to you for the position. What is your salary requirement?”

HM: “It’s very competitive with similar positions in the field…”

HM: “This senior-level position has a salary range of $79K to $85K…”

HM: “So, $85K is what you need?”

HM: “Hmmm…that’s a little out of the range for the position…let me see what HR has to say.”

(Later in a phone call to candidate):

“The absolute best we can do is $86K..”

Candidate (he’s thinking $82K): “That’s great. What is the salary range for the position?”

Candidate: “I know that’s what the job ad states. What exactly would that range be?”

Candidate: (seeing he initially underestimated his value): “Based on what I know I can bring to this position, I believe the upper end of that range is close to my salary requirement. ”

Candidate: (asking for more than what he needs to be able to get what he wants): “Actually, $87K is the number I need to move forward.”

Candidate: “That’s a fair offer and that’s acceptable. I can start in two weeks if that’s agreeable.”

Salary Negotiation Example 2


Benefit Negotiation For some, other parts of the compensation package have more value than salary

Most popular negotiated benefits are flex-time schedules, work-at-home options, and vacation time

Sometimes such agreements are made just between hiring manager and candidate with HR involvement after the fact

Most employers will yield to some benefit negotiation without any need to adjust salary levels to account for such changes

Some benefits may not be spelled out but can be had simply by asking, such as attending or participating in professional association meetings or conferences (could count as “professional growth”)

Just know what you need going into the game


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Key Takeaways

Don’t be the first party to provide a number

Continue asking questions so you have more information with which to make an informed decision

Know where the initial salary or package boundaries are drawn first so you know how far to extend them for your own circumstances

Know when you can—and can’t—negotiate


http://theoutreachmarketer.com/master-art-content-creation-bloggers/

Books by Donn LeVie Jr.

Winner of the 2012 Global eBook Award and Winner of the 2012 International Book Award for

Jobs/Careers

Available September 2015

Donn LeVie Jr. has more than 25 years in various hiring manager positions for Fortune 500 companies. He has reviewed over 1,000 cover letters and résumés, involved with hundreds of interviews, and hired countless numbers of technical, marketing, and communications professionals.

Free articles, tip sheets, videos, and podcast interviews at:

www.donnleviejrstrategies.com

Salary negotiation

Career

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