Seven
Smart Strategies for Negotiating Salary
by
Sheron Hindley-Smith
Negotiating
salary is, for most people, the hardest part of the job
search process and the cause of considerable anxiety.
Job candidates tend to think the salary offer is a “take-it-or-leave-it” proposition,
or they fear they’ll be perceived as greedy if
they ask for more money. But in fact, negotiating salary
is standard practice, something employers expect to do
with their chosen candidates.
If
there’s a gap between what the company’s
offering and what you think you’re worth, don’t
be afraid to negotiate. The key to successful negotiations
is to know what you want and how to ask for it, as well
as what alternatives you can comfortably accept. The
following seven strategies may help make the process
virtually stress-free.
Do
your research in advance. Make sure you have an accurate
idea of the position’s salary range. Check professional
journals, business publications and Internet career sites
for salary information. You can also find such data in
the Bureau of Labor Statistics’ Occupational Outlook
Handbook and in publications such as The Affiliates’ annual
Salary Guide, which lists a variety of jobs in the legal
field. Remember to consult with members of your professional
network as well – they may have first-hand knowledge
of the “going rate” in your area.
Calculate
your “market value.” This indicates you where
you are along the salary continuum for the job. Your
market value is based on your professional background
and experience, skills, education and special expertise,
as well as how much the company needs you and how tight
the hiring market is.
Have
specific figures in mind. Before you enter negotiations,
you must know two figures – your bottom line and
your ideal salary. Determine how much money you need
to cover your basic expenses and meet your financial
goals. Also know your must-have benefits – health
insurance or paid family leave, for example. These elements
constitute your bottom line. Then, imagine your ideal
salary and benefits package. The bottom line and the
ideal are the boundaries of your personal field of negotiation.
Let
the employer make the first move. Don’t start negotiating
salary or benefits until you’ve been offered the
position. Ideally, the subject will come up during the
latter stages of the interviewing process, when you are
the employer’s first choice. If the topic does
arise earlier – for example, the employer mentions
it at the initial interview – be noncommittal.
You could say something along the lines of: “I’m
making $41,000 at my current job, and I was hoping to
increase that.” Another good way to forestall giving
a specific figure is to ask: “What would someone
with my skills and experience typically earn in the position?”
Look
at the total package. When the employer does make a concrete
offer, look beyond the salary itself at all aspects of
compensation. In evaluating the proposal, take into account
the value of benefits and leaves, stock option and 401(k)
plans, as well as such non-monetary aspects as title
or free employee assistance programs. If the starting
salary is not as high as you’d like, are there
bonuses, performance-based raises or promotion opportunities
that sweeten the deal? If accepting the offer will require
you to move, tally up projected relocation expenses so
that you can negotiate who will be the responsible party.
Be ready to compromise. Negotiating means giving up some
things in order to get other things that matter more to
you. Decide which issues of compensation are most important
– paid vacation time, for instance – and which
are negotiable (for example, tuition reimbursement). Enter
negotiations with a cooperative attitude – make requests,
not demands. Expect to make trade-offs. Your goal is not
to “win,” but to arrive at a mutually acceptable
agreement.
Get
it in writing. Once you’ve agreed on terms, ask
your future employer to draw up a letter of agreement
that outlines the specifics of the offer, such as the
position’s key responsibilities, salary and any
special arrangements that resulted from the negotiations.
When
you approach salary negotiations correctly –
that is, armed with factual information and a clear idea
of what you need – you may find that it’s easy
to reach common ground and clinch the deal in a manner
that satisfies everyone.
Sheron
Hindley-Smith is executive director of The Affiliates®,
a leading staffing service specializing in the placement
of legal professionals with law firms and corporate legal
departments. Based in Menlo Park, Calif., The Affiliates
has offices in major cities throughout the United States
and Canada.
