Master the Art of Salary Negotiation

Posted by Julie Shenkman on May 27, 2009 at 05:13 PM in Job Search Process

Imagine you’ve just received a job offer that you are very interested in accepting.  The benefits are better than expected, the commute is ideal, but the salary is sheer disappointment. How can you take this job offer from good to great?

• Do your Homework – The key to salary negotiation is preparation. Research your market worth to figure out what a person with your qualifications is earning in your demographic area.
• Wait to Talk Numbers – Wait and gauge the employer’s interest in you before you start talking numbers.  If the employer is interested in you they will reveal the level of compensation they are willing to offer.  The salary you’ve received in the past is your bargaining chip, so don’t disclose these numbers too soon.  If the interviewer does bring up the question of salary before you have received an offer try to return the question to them by asking what they are expecting to pay someone with your qualifications.  If that doesn’t work give them a range that you are comfortable with based on the homework you’ve already done.
• Create an Internal Strategy – Set guidelines and know how far you’re willing to risk things.  Be realistic and be ready to comprise when considering an offer.  Have your limits in mind and know what you want, what you expect, and what you’ll settle for.

Get the Offer In Writing - Don’t start negotiating until you have received an offer in writing.  Job offer terms are not always crystal clear, so before you officially accept, examine the job from all angles.  Don’t forget that monetary compensation is not the only return you can get from a job.  Make sure you take into consideration the additional benefits that can add as much as forty percent to your base salary.

Convince the Interviewer That They Need You – When you begin the negotiation process, position yourself as a “must have” candidate.  Be prepared to boast about your skills and achievements to demonstrate your value but at the same time don’t show desperation that you NEED this job.  This will give you more leverage at the negotiation table.

Help the Interviewer - Project a helpful attitude towards the interviewer in order to work together to come up with a compromising figure.  Prior to the negotiation, brainstorm ways to convince the interviewer that you deserve what you’re asking for.

Generate Multiple Job Offers – This is a great position to be in.  You can practice your negotiation strategy with the companies that you are not that interested in working with or you can wait and go with the organization that’s going to offer you the best hiring package.  Regardless, it’s nice to have options.

Stay Strong and Stay Professional – A salary negotiation is a disagreement, and despite all of the feelings you may be experiencing, be sure that you remain professional at all times, remember you catch more flies with honey.Breaching the subject of salary is never an easy feat.  Ask for too much and you can be seen as money hungry. Ask for too little and you can risk earning less than what you deserve.  Knowing how much your worth in your area of work and area that you are looking to work is the best thing you can do before sitting down at the bargaining table.