How to Negotiate The Salary You Deserve | A client approached salary negotiating expert Laura DeCarlo with reservations: a $100,000 signing bonus was connected to the contract he’d signed with his then-employer, and he’d have to pay it back if he left before three years were up.
“He was searching for a VP’s [vice president’s] role, if someone was ready to cover that $100,000 incentive as well as make him a solid offer,” said DeCarlo, executive director of Career Directors International in Melbourne, Fla. “He was apprehensive that somebody at his level would take on that challenge.”
Within 90 days of starting to circulate resumes, he landed a job in which the employer not only reimbursed the $100,000 but also gave him a $50,000 signing bonus to begin with, as well as money to offset the tax implications of both sums.
“That comes down to how he first positioned himself as a candidate, his marketing presentation in his resume, and how prepared he was to sell himself throughout the process,” DeCarlo explained.
“I’m not saying any vice president could pull that off, but it was a combination of preparation, skill, and talent.”
Whatever the conditions, experts say there are three criteria employees must follow for successful salary negotiation: be prepared, reasonable, and confident.
Similarly, they claim that common hurdles to successful salary bargaining include closed-mindedness and poor communication skills. Continue reading for more professional wage negotiating advice.
Always Be Ready to Negotiate Your Salary
According to experts, being prepared is one of the most important aspects of a successful pay negotiation.
Knowing your fair market value, according to Kevin Nussbaum, head of the Human Capital Services division at CBIZ, a business services organization, is one way to prepare.
“Everyone wants to be paid fair market value, and it’s always vital to know what that is; sometimes you have to force the issue,” he said.
“It’s always better to negotiate wages from a position of strength with your data.”
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According to Nussbaum, the “pay mix is shifting increasingly to variable pay”—such as bonuses, preferred compensation, or options.
“There is less enthusiasm among businesses to just boost the base compensation,” he said.
Francie Dalton, president of Dalton Alliances Inc., a business consulting firm based in Columbia, Md., agreed that preparation for pay negotiations is critical, including research on a company that discloses its requirements, strengths, and shortcomings.
Employees and job seekers, according to Dalton, must also be reasonable.
“You won’t be successful in pay negotiations unless you have arguments for what you’re asking for; unless you can explain why you’re worth something,” she explained.
” You must be articulate and fluent in explaining why you deserve what you’re asking for without seeming defensive.”
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Salary discussions make most people uncomfortable, she says, so embracing them often shows confidence and develops respect.
“Those who are at ease stand out as more confident and as having higher self-esteem, since they are willing to face an issue that most are not.”
“Most people are content with what they have and are unwilling to be their own champion,” she stated.
Don’t Be Disheartened During Salary Negotiations.
When it comes to paying negotiations, experts recommend understanding what to avoid as well as what to do.
DeCarlo advised applicants not to flee if an employer fails to match their expectations right away.
“That attitude is closing the door when you could have persuaded them you were the right person for the job and they would have worked hard to get you in.”
“Companies would occasionally move mountains to find the ideal applicant,” she stated.
According to Dalton, poor communication skills might be fatal.
“You can be brilliant, but if your delivery is terrible, it will work against you.” “How you conduct yourself, your elocution, your grammar… all of these things count,” Dalton explained.
Salary Negotiation After a Job Offer
When you receive a job offer, there is usually a lot of room to negotiate compensation and benefits. Remember that pay bargaining after a job offer is the greatest moment to take charge of the issue.
Once you’ve accepted the job offer, your chances of renegotiating are usually related to performance reports.
Kristina Cowan is a senior writer at PayScale.com. She has almost ten years of journalism experience, concentrating on education and workforce issues. Contact Kristina Cowan by email.
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