Tips for successful salary negotiations
October 6, 2009 · Tagged with Career and Work
Do not negotiate until you have an offer in writing.
Here’s why (and you should remember this for when the tables are turned): Let’s say the hiring manager knows she’s going to give you salary and bonus. If you do not get the complete written offer before you start negotiating, then you might get her to go up $5K in base salary but you will lose $10K in bonus without even knowing it because she will take the bonus off the table before even bringing it up with you. She will go back to her boss and say, “I saved us $5K.” Instead, you want her to put the full offer in writing so that you know what you have to work with in negotiations.
Once you have that written offer, ask for a night to think about it and come back with a counter offer. You might say you hate confrontation, and negotiating is not you’re your strength, but if you try you will almost always get more money, and you will definitely get better each time you try.
Do your research and plan your attack.
To know what offer to come back with, you need to know the pay range for your position. Check out salary surveys online and in trade journals. Talk with friends who have similar jobs or recruiters who regularly fill this type of position in your geographic region. Find the top of the salary range and ask for that. Show the hiring manager your research and remind her why you are worth the top of the range.
If you are fortunate enough to find that you are at the top of your salary range, then expand your job duties slightly so you can ask for a slightly higher salary. For example, if you are a marketing manager with a background in technical writing, then you could ask for slightly more money because most marketing managers will pass off technical writing in marketing documents to someone else. You will be able to handle those tasks yourself.
Know what you need.
Each person has needs that extend beyond money. You can listen to advice from your friends, but in the end, you have to go to the job every day, and you have to decide if you are going to like it. No salary survey can tell you that. Some people will trade money for time at home with their kids. Some people will trade money for the opportunity to work with movie stars. You need to know what you will trade money for, but be sure to be honest with yourself. Don’t give up extra money just because you hate negotiating. The combination of good self-knowledge and good negotiation skills can take you far down the path of finding a job that’s right for you at the salary you deserve.