Negotiating Your Salary and Benefits
To begin, we recommend doing extensive research on what the going rate (salary range) is for someone in the position you are applying for, in your area. You'll want to know your "market value".
Here are a few places you can use: Salary.com, Payscale.com, or Glassdoor.com.
Then determine your desired salary range.
If the topic of salary arises during the interview stage, and a job offer hasn't been made, it’s best to try to defer - with something like: “I’ve done extensive research on the salary range for this position, which I’d be happy to share with you later if we both decide this is a good fit, but I’d really like to learn more about the position first to get a fuller understanding of the job”.
If there's been a job offer, or the interviewer insists on knowing your salary preference: start high (you should assume you’re entitled to top pay). They will likely try to negotiate you down anyhow. So start with the highest salary in your desired range.
Somewhere around 75% of companies have about 5-10% more they can offer for the available position.
Make your case based upon the going rate or "market value", for someone that holds the position you've been offered or are interviewing for.
Be kind and firm: “I’m really excited to work here, and I know that I will bring a lot of value. I appreciate the offer at $58,000 but was really expecting to be in the $65,000 range based on my experience, drive, and performance. Can we look at a salary of $65,000 for this position?”
Good phrases to utilize during negotiations:
- “Is there any wiggle room?”
- “Can we discuss the other components of the compensation plan?”
- “How willing are you to . . . ”
Here are some additional questions that can help during negotiations:
"How did you calculate this number?" / "What is the budget for this position based on?"
- By asking this question, you’ll be able to see if the number you’re being offered is a hard cap or a potential springboard for negation.
"What’s the outlook for salary raises or promotions?"
- Whether or not your salary offer is negotiable, it’s important to know what the future potential is for a raise or promotion.
"What metrics do you use to evaluate the success of employees?"
- This is an important follow-up question to ask in salary negotiations and, if you end up working for the company, this information will help the next time you’re back at the negotiating table.
As a final thought: Don't be afraid of the no and don't be afraid to counter offer (tactfully and politely). If in the end, they won't budge, try negotiating other benefits - for flex time, stock in the company, more vacation time, a better title, ability to work from home, sign-on bonus or plum projects, and assignments.
For member's of Interview Success Formula, visit Negotiating Your Salary found within the Close Section of our program.
Additional Resources: