February 14, 2008

7 Strategies for Salary Negotiation On Interview

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You may just pass initial interview and technical test process. If you're qualified for the next appointment, that is great! But it has not the right time to celebrate it yet. There is one final process that you should pass, this process is the most critical phase on a hiring, both for the employer and you as a candidate; "salary negotiation". In this case, critical means you maybe finally hired or not, it is depends on how success you deal with this. You need a strategy! Not just a tip!

When it comes to negotiating salary, there is no substitute for being prepared. By coming to the bargaining table with a clear sense of your goals for salary and other elements of the employment package, you should be able to reach a deal that is satisfactory for both you and your prospective employer.

Here are six strategies that you should apply on pre-employment salary negotiation:


1). Know your priorities.

Before you are able to negotiate with confidence, you need to be perfectly clear about yourself of what is most important to you. If you have researched the position, then you will have an idea of competitive salaries for the role. In addition of salary though, many other elements of the total package can be negotiated to make the offer more attractive. These include bonuses (i.e.: signing, annual, performance-based bonus), profit-sharing and equity incentives, paid time off, relocation assistance, job title, support of continuing education, flexible scheduling options, how the company handles personal and family emergencies, and severance provisions. Decide which elements are most important to you.


2). Address the employer’s needs, not just your own.

In negotiations, keep the focus on the employer’s needs and how you are uniquely qualified to address them. This may require you to demonstrate that the market value for someone with your experience and the ability to truly satisfy the demands of the position is higher than what the company is offering.


3). Know how much leverage you have.

In addition to your research, there are other ways to gauge how much bargaining power you have. For example, if you are with compliance experience who constantly receives calls from recruiters trying to entice you to consider other opportunities, you are in a strong position to negotiate the terms you want. You should, of course, be completely truthful about this and all other information you provide.

Consider, too, any pressures the prospective employer may be under. If you are interviewing for an assistant marketing manager position at the midpoint of the fourth quarter, you can probably assume your interviewer is eager to hire someone. Even if you have significant leverage, though, be careful not to come across as unreasonable or overly confident. Remember that you are supposed to be negotiating, not making demands. Assuming an inflexible stance likely will backfire and knock you out of the running.


4). Persuade the interviewer to name the first figure, can you?

Being asked to name a specific dollar figure—whether it is what you currently are making or what you are seeking to make—is always tricky. Although you want to avoid playing games with a prospective employer, you also don’t want to disqualify yourself or sell yourself short by naming a figure that seems too high or too low.

The best way for this situation is to try to get the interviewer to name the initial figure, such as the budgeted salary range for the position. If you must cite a number first, you might give a range that reflects your current and targeted salary or say something like, “I would expect a position with these responsibilities to be worth approximately $85,000 to $95,000.”. This approach gives the hiring manager something to react to and builds in room for negotiating. Keep in mind that at this stage of the negotiation process, the prospective employer already is psychologically committed to hiring you. It is now just a matter of settling on terms, and both parties usually are willing to make adjustments to strike a deal.


5). Consider more than just money.

Other advantages, such as a dynamic corporate culture, professional advancement and development opportunities, the option to occasionally telecommute or a perk such as an early office closure on Fridays during the summer, may ultimately be more important than an extra $5,000 in salary. Also inquire about work/life benefits offered by the organization. Employers recognize that professionals are striving to gain greater control over their time and better balance their personal and professional priorities.


6). Understand the variable pay components clearly.

Before accepting an offer, make sure you have a solid grasp of the value of any bonus or incentive-pay aspects of your employment package. This is especially important if you are counting on variable pay making up a sizable portion of your compensation.

Ask about the company’s history of awarding annual bonuses or long-term performance incentives and for specific guidelines about what you can expect in the future. For instance, inquire whether bonuses are awarded solely at the discretion of management or are triggered by the firm’s ability to hit certain targets.


7). Keep Yourself Professional.

Although you owe it to yourself to push for the best possible employment package, there is no reason for the negotiations to become contentious. After all, the prospective employer thinks well enough of you to offer you a job. Be willing to meet an accommodating hiring manager halfway if at all possible. Keep in mind that establishing a good relationship is critical not only to receiving the best deal but also to laying the groundwork for a positive start with your new company.


Considerations before Finally Saying “Yes/No”

Compensation is an important factor in the decision of whether to accept a position, but it is a wise practical to assess yourself if you agree with the statements below to give final evaluation to the offers:

(-). The salary and benefits package is competitive and commensurate with my experience level and the responsibilities of the position.

(-). This opportunity will allow me to grow professionally and bring me closer to my ultimate career objectives.

(-). The incentives offered are motivational yet attainable.

(-). I am likely to find the challenges of the position stimulating.

(-). The hours required, and the travel and commuting requirements, are acceptable and in line with my goals for work/life balance.

(-). The company culture is a match with my values and personality.

(-). The work environment seems positive and professional.

(-). My prospective colleagues appear to be people with whom I would enjoy working

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