It pays to know the risks and benefits
By Linda Whitney
How would you like to get a raise
before you have the job offer? It is possible, and candidates are doing
it right now. Employers are not averse to increasing pay packages to
secure the right candidate.
If you have the kind of specialist skill or unique experience that employers are desperately seeking right now, it could pay to negotiate over the starting salary for a new job. Here's how:
1. Benchmark your value. Check vacancies that require your skills and
experience, and read relevant trade press articles and statements by
recruiters that specialise in your sector. If it turns out that you are a
desirable commodity, you stand a good chance of being able to negotiate
up the salary quoted in vacancies.
2. Apply for jobs as normal, but try not to get involved in discussions about salary at initial interviews.
Asking about salary before you have been offered the job is usually
risky because it looks as though you are only interested in the money.
For those who plan to negotiate the salary upwards, it's an even bigger
mistake. You don't want the employer to rule you out at an early stage
because they fear you will be expensive.
3. Meanwhile, prepare your case. Start with the current pay rates for
employees like you, and then factor in the extra value you bring based
on your special skills, experience, network of contacts, visibility
within your sector and greatest successes, expressed in terms of
financial benefit to your employer. Work out the amount of extra salary
you ideally want, and have solid evidence that shows you are worth it.
Base your reasons on the benefits you will bring to the new employer,
not the benefits for you.
4. Then work out the amount you will settle for as a compromise. Look at
the whole remuneration package, including benefits. If they will not
pay the total salary you are looking for, they may be persuaded to make
up the shortfall in increased benefits so as to bring the whole package
up to a level that suits you.
5. Wait until they offer you the job. Simon Horton, author of
Negotiation Mastery, says, "You are strongest when they have offered you
the job but not named a figure. Then get in first with a high figure,
otherwise they will start low and it will be hard to negotiate upwards."
State your ideal figure. You may be lucky; they may simply accept.
6. If they demur, ask why and listen carefully to their reasons. Be
prepared to explain why you are asking for more money. Again, stress the
benefits for the employer. It will make you a stronger negotiator if
you do not see it as an oppositional process. Horton says: "If you enter
a deal with a win-lose approach, you will invoke a win-lose approach
from the other party." Realise that you are both on the same side – they
want you as an employee and you want their job. Then it just becomes a
process of working out how you can achieve your mutual goal – both sides
win.
7. Have a plan B, such as taking a job with another employer or staying
with your existing job. If you have an alternative offer, it may be
worth mentioning it. Whether you choose to do this or not, the knowledge
that you have an alternative plan will make you a more confident
negotiator.
8. Be flexible, but do not compromise too soon or too easily. Be
prepared to give them time to think, and to ask for time to think
yourself.
9. If all else fails, be prepared to walk away.
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