Hiring Managers report that new hires consistently leave an average of 33% on the table during the job offer negotiation process. Put your job offer negotiation skills to use today with these 9 Salary Negotiation Tips and start your first day at work with confidence.
- It's Not Personal, It's Business.
Keep the words of Don Corleone (aka The Godfather) in mind. This is a business deal and the offer is based on the company's budget and your skill set. Your personal needs - that you want a 3Bd/3Ba or a new car - have no relevancy. - Do your research.
Find out what skills the position requires, what the industry average salary is for the position and market demands for your location. The more research you do and the more you know, the better you can negotiate. - Know your worth.
Understand your previous compensation, education and skills to determine your current market value. Knowing your value in today's market and your industry makes you a savvy negotiator. - Understand your minimum salary.
It's great when an offer comes in and it's what you want but what do you do when it's lower than expected? Knowing what your minimum acceptable salary is will give you the freedom to say yes, or no, to the job offer. - Alternatives to base salary cash.
Think outside the box when it comes to negotiating your salary and job offer. Although less common in the job market of today, these ideas are still found in offers and worth negotiating:
a. Signing Bonus - Sign On, 30 day, 60 day or 90 day
b. Profit Sharing
c. Performance-based Bonus
d. Mid-Year review with raise (6 mos.) - Sell yourself.
Be aware they're shopping for the best candidate and the best deal (like you would house hunting in today's foreclosure filled market). Be ready to sell them on why they need to hire you. - Avoid conflict.
Be friendly, easy-going and loose in your exchanges. Let things flow easily. You'll be surprised at how this approach gets you what you want. - Be calm and in control.
No one wants to hire a toddler that throws fits as a new employee. Prove to them you're capable of keeping your emotions in check, even when you don't get your way. - Roll with the punches.
Employers are often unprepare for candidates to counteroffer in today's market. If they respond with surprise, simply roll with the punches and stay collected.
Taking salary negotiations seriously can be the difference between driving a Smart Car and a Mercedes. Congratulations on your new job and enjoy the negotiations.
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