Preparation
- Base your salary expectations on the market value of your education, skills, and experience, as opposed to just your personal needs and expectations. Most positions have compensation ranges that reflect the level of expertise and qualifications necessary to perform the job.
- Research salaries of comparable jobs with similar companies or within the industry. There are numerous salary information websites, such as Salary.com, Salary Expert, Glassdoor, Indeed, and Occupational Outlook Handbook. Check out similar job postings for salary information. If possible, contact people you know in the industry to get this information. Look for patterns, not a single figure.
- Research the cost of living in the city you will be living and working in.
- Based on the information you find, determine a minimum salary and an ideal salary.
- Develop your interview skills to make them feel like you are the ideal candidate for the job. This may enhance your value to them and increase what they are willing to pay you.
When to Negotiate
- First things first…get the job offer! You can’t negotiate a salary for a job you don’t have yet. Once you are offered the job, you are in a better negotiation position since it is clear they want to hire you. Asking the employer about the salary before you have been offered the job may be too early in the process and viewed as inappropriate by the employer.
Suggestions for Handling the Negotiation
- If the employer asks you for your required salary before making a formal offer of employment, try not to give an actual figure. Ask if there is a salary range that is authorized for the position. (“Since you have a more comprehensive understanding of the specifics of the job, what salary range do you have in mind?”)
- If possible, don’t allow comparisons between past salaries and the new position. Emphasize the differences in responsibilities, companies, industries, etc.
- When you discuss salary figures, give a range. Make sure to put your minimum/expected salary at the bottom of the range with your ideal salary at the top.
- Show flexibility. If the offer is unacceptable, counter the offer instead of rejecting it altogether.
- If you must receive more than is offered, find out if they would be willing to provide you with another type of compensation, such as tuition reimbursement, to help offset the differences in salary.
- It is not unreasonable to ask for time (24 hours) to discuss the offer with those that are affected by your decision, such as family. Ask the employer if they typically submit the offer in writing.
- Remember, a compensation package typically includes more than just a salary; it can be worth an additional 35% of the salary to the total compensation value. Evaluate the benefits offered, such as Medical/Dental/Vision insurance, Pension or 401k, tuition reimbursement, and stock ownership.
- Also, consider the intangible benefits of the position, such as opportunity for advancement, training, company reputation and culture, commute, and the potential for working for or with leaders in your industry.