AGENDA Goal of Salary Negotiation Preparation Calculating Your Worth The Offer Counter Offers Conclusion/Q&A
The Goal of Negotiation To reach an agreement that will maximize your potential earnings and provide for the employers needs To create a win-win situation with an employer with whom you can have a long term relationship
Preparing for Salary Negotiation What you need to know before you begin salary negotiations –Know your market value – what are comparable salaries and positions –What do similar positions in the industry pay in your geographic region –How much do current employees earn. –Where do you fit in the organization- is this an entry level, management or an executive position
Preparing for Salary Negotiation Factors that impact supply and demand – THE COMPETITION! –What is current in the industry - targeting local and national trends –Identity employers who compete for the best candidates and offer top salaries and superior benefits packages
Places to Search for Information Professional associations – membership surveys Recruiters and executive search firms Monthly government labour reviews/ The Bureau of Labour Statistics Forbes, The Wall Street Journal, Business Week, Fortune Magazine
Total Compensation Packages Bonuses Signing bonus Flexible schedules Profit sharing Retirement package Insurance Timely advancement Vacation time Education rebates Cost of living raises Company car Cell phone/Blackberry Child care Maternity leave Relocation costs Health Care Insurance Benefits can equal 20%-30% of your total compensation package. Whats included:
The Offer Things to remember: Most companies make fair and realistic salary offers It is not in their best interest to make low ball offers They want to hire the best candidate for the job High employee turnover is an added expense to the bottom line for the employer Translation = the Offer should be good!
The Offer Anticipate objections to higher salary offers Be clear about your own value Be confident in your abilities, skills, professional experience and education Develop rebuttals to anticipate employers possible excuses for not wanting to raise salary levels
Discussing Salary History Postpone this discussion as long as possible Discuss salary in future terms…. –If I was to stay in my current positions the value of my compensation package would be… –I would consider a salary range of…
Negotiations Remember is not about winning, but about establishing mutual interests and goals Know where you can compromise Identity your possible competition Logically reiterate why you should be compensated at a greater level
Investigate and determine your employers motivation Is it all about money? Will the underlying issues that motivated you to move be changing? Know that your loyalty will now be suspect and an attitude of negativity about your choice to leave may be present They may feel desperate to finish a project but may not be loyal to you and made the offer Do you really want to work for someone who only increased your salary because you were leaving? Take this offer as a complement and move on Counter offers are offers from your current employers to remain after you have announced intention to leave
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