Have you left money on the table when negotiating your salary in the past?
At Transition Solutions, we have been helping companies and individuals with workforce changes for 35 years. When it comes to negotiations, a general rule is, “The person who mentions a dollar figure first loses.”
What is the goal of salary negotiations? When negotiating your salary the goal is to make sure you’re receiving the compensation package you need and that is fair for the value of your skills in today’s market. Many employers are open to negotiations about your salary, and most expect it. They also want to bring someone new onto the team who they are paying appropriately based on the position and the employee’s background, which helps them to retain the employee for the long-term. Despite this expectation, research from Glassdoor found that 59 percent of American employees accepted the salary they were first offered, and did not negotiate.
When in is the appropriate time to bring up salary requirements? Often interviewers will ask about your salary requirements during the first meeting. Our advice to the salary question early in the process is to be cautious. If it is brought up too early in the interview, consider several responses:
- At this time, I would like to fit into your organization. Could you give me an idea of the range you are considering?
- “I’m pleased that you are ready to discuss salary. If you could first give me a clear picture of your requirements, I could tell you about my qualifications. Then I believe we could talk more seriously about the money issue”
- “Before we discuss money, I’d like to be sure we have a mutual interest.”
- “I definitely want to discuss money, but how about if we spend more time discussing our mutual expectations?”
- “Perhaps you could tell me a little more about the position and I could tell you about my qualifications. Then if we have a mutual interest we can talk about salary.”
The best time to negotiate is after you have received an offer! You will have the most leverage in salary negotiations after the hiring manager has decided you are the one.
Should you negotiate the salary? Consider the following to determine your negotiation strategy.
- Current compensation, benefits and cost of benefits.
- Your minimum compensation, expense and benefit needs.
- Industry and job function salary ranges.
- The company’s hiring salary range, benefits, and cost of benefits to you.
- Urgency of company’s need and how well you fit their need.
- What is most important to you in terms of salary, bonus, time-off, benefits, etc.
Need help finding out information about competitive salaries for the job you are interviewing for? Glassdoor is a great resource and often lists average salaries for the specific job you are interested in.
Additional considerations as you go through the negotiations process:
- Express your enthusiasm for the opportunity.
- Try to negotiate with the hiring manager.
- Work towards a mutual agreement – Give/Get.
- Be professional and respectful.
- Don’t introduce major last minute surprises.
- Put your major items to be negotiated on the table at one time; you’re negotiating to a whole package.
- Be flexible; do not “nit-pick”; offers can be withdrawn.
At Transition Solutions, we have been helping companies and individuals with workforce changes for 35 years. Our strong reputation for consistently delivering exceptional service at value sets us apart.
If you would like more information on our services, please check out our website at https://www.transitionsolutions.com/ or you can contact us directly at 888-424-0003 or email us at info@transitionsolutions.com