SALARY NEGOTIATION 101
The art of negotiation does not come easy to most people. That’s why when my Professor offered to give us his a seminar on negotiating, I was ready and super eager to learn.
The below tips were shared with me by a professor I had in college. I had used these and it helped me accept a job with a higher pay than they originally offered. Never sell yourself short. Know your value and remember…
- Negotiation is normal, expected, and even respected.
- 18-50% of people never make a counteroffer.
- These people lose thousands in income over the course of their career.
DO’S AND DON’T’S
- Don’t ever accept an offer on the same day it’s made
- Do say “Thank you, I look forward to reading through the offer and will get back to you soon.”
- Remember: once the offer has been made, you are in charge
- Don’t reference the “norm” for your field in a counteroffer (you should know the norm)
- Do consider the size and scope of the organization
- Remember: 5-10% is a reasonable for first professional job; 10-20% reasonable as you become more experienced
- Don’t be: too eager, aloof, ambiguous (don’t say: I need it because I have expenses, a family to feed, etc. – women tend to do this a lot), threatening (unless you have another contract/offer in hand)
- Do be professional and courteous, be direct, comprehensive (don’t negotiate all benefits; pick a few)
- If salary is requested in a cover letter…State your base and increase it by $10k
- If asked about salary during job interview…State that you want to get paid commensurate with the duties associated with the position
- If asked about current salary…Say “I think I am being paid under market value”
FORMATTING A COUNTER OFFER
- Thank the negotiator for the offer.
- Mention how well your skills (hard and soft) are a good fit for the outstanding organization.
- Address your concerns and give good reasons. Say why you want it.
- Avoid negative words: “unfortunately”, “I think”, or “I feel”
- Thank the negotiator for consideration and note your confidence in the efficacy of the negotiation process.
I hope these tips are helpful to you!