Negotiating Compensation

Money is a huge deciding factor during the job search. So why are so many of us afraid of negotiating compensation? Most people fail to negotiate because they are uncomfortable or do not know how to. Take the following important factors into consideration when framing your pitch:

When to negotiate.

You never want to begin negotiation when it’s too early or even too late. The best time to negotiate is immediately following the job offer. At this point, you know they want you and are open to negotiation.

What are your strengths and differentiators?

In order to prepare for negotiation, you need to know how you stand out from the competition. What makes you the perfect candidate? Explain how your unique set of skills applies to the job responsibilities and requirements. Chances are if they want you, they will work with your salary requirements.

What does the job typically pay?

Knowing how much the job pays on average will help you frame a realistic negotiation. The mistake most people make is simply asking for more than they made at a previous job. Instead, focus on the job for which you are applying.

What is the pay range at the specific organization?

Most organizations have a pay range for every job. The range can be drastic for the same role. Find out what it is and stay within those limits. Sometimes asking for too much will keep you from getting the job, but you shouldn’t ask for too little either. Tread carefully.

Talk to the right person.  

You want to negotiate with the person whose role it is to make the hire. They care more about hiring the right person and are usually willing to pay more for the perfect one.

Is there more to the job than the salary?

Take into consideration the experience itself, or the chance to work with the company. Sometimes these opportunities can outweigh the salary.

If salary negotiation is not a regular part of your job search, then it should be going forward. Do not be afraid to ask for what you deserve. When preparing for negotiation, make sure you have all of the information you need and know what is most important to you.