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Effectively Negotiating Salary Packages & Factors in Evaluating a Job Offer
Effectively Negotiating Salary Packages....
Employers expect you to negotiate your salary, so don't let the process of negotiating be a roadblock for successful discussions. With a basic knowledge of negotiation, your anxiety will be reduced and your success rate for negotiating will increase. There are several ways to make the process of salary negotiating effective. Start by taking a good look at your own salary requirements as well as developing an understanding of what your skills are worth in the current employment market.
- Start the research process before you even begin the interviewing process. Look at your monthly cash requirements. Keep in mind that your paycheck after taxes is approximately 28% less than your gross monthly salary. Factor fringe benefits into your calculations. Include savings and contingencies in your budget planning. (You do not need to tell anyone your salary requirement: it only provides you a foundation on which to make decisions.)
- Enter the salary negotiation portion of your interview with a firm understanding of your skills and what they are worth to different segments of the economy and in a variety of industry settings. Salary range information is available from several sources, including your Career Center, the state labor office, professional journals, and the U.S. Bureau of Labor Statistics.
- The first inquiry about salary may come in the form of an application. When completing application forms, be sure to use "open," "negotiable" or "competitive." Avoid stating a specific figure.
- When an interviewer asks for salary history or salary range, he/she is interested in establishing a starting point for negotiation. The important thing is to avoid basing your desired salary on your current salary. Do not lie about your past salary -- reference checks can easily provide this information. Provide information about why your salary may have been lower, if appropriate.
- When stating a salary range, use the top of the employer's stated salary, and extend the range to approximately $5,000 above. This shows that you are within their price range but interested in somewhat more compensation.
- Ask about promotion opportunity. Job progression is an important factor in making salary decisions. Ask how promotions and salary reviews are handled.
By taking a good look at your own salary needs, understanding the current market, and approaching salary as something that you and the employer will agree on as mutually beneficial, your chances of salary negotiation success are greatly enhanced.
Factors in Evaluating a Job Offer...
The National Business Employment Weekly and George Washington University Career Center recommend that after the interview you review what you learned about the position and the company.
The Position
- Why is it available?
- How long has it been open?
- What happened to the previous incumbent?
- What would you specific responsibilities be?
- Are the goals set for the position realistic and attainable?
- Can you successfully champion the responsibilities of the position?
- What is your growth potential in this position?
- Can this position provide bridges to future opportunities?
- How does the position fit into your long- and short-term career goals?
- Do the daily work activities appeal to you?
- Are your salary and benefit requirements satisfied?
- Is there opportunity for advancement?
- Will you be developing new skills and expanding your experience?
- Are the demands of the job compatible with you lifestyle?
- Can you manage the stress associated with changing jobs/relocating?
- Are your values of the organization compatible with your own?
- Is this employment opportunity a mutually beneficial relationship?
The Company
- Is the company growing or downsizing?
- Is the company a result of an acquisition or a planned expansion?
- Has this growth affected its profitability? How will it affect you and your position?
- What is the growth potential of the company's products and/or markets?
- What is the company's market share?
- Who are its competitors?
- What is the tenure of its management?
- Does the management team consist of new hires or people promoted from within?
- Does the company have a high retention rate of employees, or do they have a problem with attrition?
Your Potential Supervisor
- How long has he/she been in this position?
- To whom does he/she report?
- What was his/her previous work experience?
- How does this relate to his/her background?
- What is his/her growth potential?
- Do you think you can work well with this person?
(Source: George Washington University Career Center)