Download - Salary negotiation
Salary Negotiation
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
Preparation
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
Calculating Your
Worth
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. What’s included:
“The Offer”
“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
Counter Offers
Counter Offers
• Investigate and determine your employer’s 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
Thank You and Good Luck