In this Job Talk podcast episode we talk to iMPact Lead Account manager about best practices for negotiating salary and benefits.
There are many moving parts in the job interview and salary negotiation process. When it comes to salary negotiation, making one or several mistakes could cost you thousands. To help you avoid some of the pitfalls during salary negotiation, here are 7 mistakes you should avoid:
- Not doing enough research
Before you can negotiate, you need to come armed with as much information as possible. You can use sites such as glassdoor.com and salary.com to find out what others with similar jobs in your area and even with the company you are applying to are making. Having a solid understanding of what others are getting paid for similar work in your area will give you a realistic starting point from which to negotiate your salary. - Non-salary items
When negotiating your salary, there are other items to consider aside from the base salary. If the employer isn’t able to move much on the salary, they may be more flexible with vacation days, signing bonus, relocation assistance, a more impressive title or other non-salary items. Think about what’s important to you, and bring it up during your negotiations. Just remember to consider the needs of the employer as well, and remain flexible. Show your value without coming across as demanding. - Bringing up salary too soon
Before you bring up salary, you’ll want to have a good understanding of the job role and what’s going to be expected of you. You’ll also want to have a good conversation with the employer about the value you will bring to the organization. It doesn’t make much sense to discuss salary before knowing those things. - Start the negotiation
There are a couple of different schools of thought on if it’s better to wait for the employer to make their offer first (highly preferred), or to be the one to make the opening offer to anchor the conversation around a range that is acceptable to you, and control the negotiation from there. Either way, make sure you have done your research first. - Make a counter offer
It’s acceptable to counter offer if your initial offer doesn’t meet your expectations. At this stage, you should have already brought up any concerns, so be careful not to bring up new negotiation points that were thought to have already been settled. A counter offer should focus on 1-2 negotiation points. Also, don’t get carried away with too many counter offers going back and forth. Drawing out the negotiation too much could end up costing you the job offer all together. It is best to go back to the employer only once with the items you desire which will close the deal. - Get the job offer in writing
Don’t take their word for it. Make sure you get the job offer in writing. Otherwise it’s their word against yours and it could end up being a mess. Especially if you are leaving a current employer for a new one. Always get it in writing and do not resign until all pre-employment items have been successfully completed. - Working with a recruiter
If you are working with a recruiter, make sure you have done your research, and communicate clearly what you need to make. It is in your recruiters best interest as well to get you the highest possible salary, and an experienced recruiter will be able to work with you through the negotiation process to help you get the best possible salary. Recruiters have a unique insight into the companies they work with, and how to best position the value you bring to the organization.
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