It is the night before your final interview for your dream job. Despite your excitement about landing that ideal position, you are apprehensive because you know it’s time to talk about that dreaded topic – salary expectations.
This week’s podcast is part 3b from The Great Canadian Job Search Webinar. Peter Harris from Workopolis and I discussed salary negotiations and successfully navigating the first 90 days in your new job.
Many people struggle when trying to obtain a salary they deserve and one that accommodates their lifestyle. They worry about appearing unreasonable and greedy or, worse, they don’t want to lose the job to someone who is more “affordable.” They often forget that for the employer, yours is only one of many negotiations for services and products they depend on. Most employers see it as a matter of professional debate – so should you.
In our competitive economy, savvy negotiating skills are often prized. This will be your first opportunity to show you can take and hold a well-informed position in a professional environment.
Here are the first 5 of 10 tips, for smart salary negotiations:
1. Don’t name a figure until the employer has made it clear that you’re the choice candidate. Interviews are your only real opportunity to demonstrate your value to the employer. Having a salary discussion too early can distract both you and the employer from learning more about each other. If the employer presses, see Tip #2.
2. Avoid mentioning a figure first. If the discussion is going towards salary, try to get the employer to mention a figure first. If presented with: “What salary do you expect?” A good response is: “You likely have a figure in mind that fits the responsibilities and requirements of the job. I would be interested in knowing what that figure is.”
If you’re not yet sure that you’ll be offered the job and the employer asks for a figure, try to delay an answer by using one of these tactics:
• If the employer seems agreeable, reply with: “I would like to wait until you’re sure I am the best candidate for this position. Until then I think a discussion of salary is premature.” This usually works.
• If the employer persists, offer a narrow salary range you’d be comfortable with (see Tip #3).
• Finally, if the employer really wants a specific number, recognize you are making a very real commitment to that number and you had better be sure you can live with that salary (see Tip #4).
3. Do your research. Try to find out what people in your field, and in that particular organization, earn. Resources could include current employees, online salary calculators, the websites and directories of professional associations, government reports and business and industry-specific trade magazines. If you can afford to, you can also hire a salary expert.
4. Know your bottom line. What is the minimum salary you would accept? Before investing too much time and energy on landing the job, figure out if your needs won’t be met by the salary offered.
5. Don’t forget the benefits. The negotiation isn’t finished until you have discussed fringe benefits (holidays, insurance, pension). These “job perks” can add the equivalent of 15 to 28 percent to your salary. Before discussing benefits, you should figure out what you need in medical, dental, and vision plans, sick leave, holidays and vacations. As well, you should discuss the company’s policy on acquiring future raises. Finally, you should get all of these details summarized in writing as a letter of agreement or an employment contract. Make sure to take personal notes and document the results of your negotiations to check against the final contract.
Next week, I will share the final 5 tips to smart salary negotations.
Continue the conversation on my blog. What are some negotiation tips that have worked for you?
Webinar – Terry Fallis author of The Best Laid Plans CBC’s Canada Reads 2011 winner-Wed June 8 12-1 PM. We hear it all the time – “What’s your plan?”…”Do you have a strategy?”…”Set clear goals”. So we plan, we strat
egize, we keep our eye on the prize. Then life happens. What do we do when an unexpected curve ball comes our way? Join Terry Fallis, author of The Best Laid Plans as he shares the insights he learned along his winding career path.
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Helping you get what your worth, along the road with you!
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