Wednesday, July 27, 2016

4 Tips for Negotiating Salary

The salary you are offered for a new position will depend on many factors, including your qualifications, background, the job location, and the pay range for the specific position. In some cases, there isn't much wiggle room when it comes to salary, but even notoriously competitive industries may bend a little. Having insight into what goes into figuring your salary can help you when it comes time to negotiate. As they say, “Knowing is half the battle.” Here are four things to keep in mind as you prepare to negotiate:

1. Most companies have a small pay band, typically a few thousand dollars, that they can flex based on an individual's performance during the interview process. The best interviewers typically land at the top end of a company's pay band. All the more reason to brush up your interview skills. You can check out our resources here.

2. Other companies tend to be less flexible about basic pay. When some companies extend an offer, they base it on what they perceive as your market value. These companies feel that they have a pretty good idea about what they have to pay to be competitive and attract the best candidates.

3. A company's benefits package can add several thousand dollars to an offer, and salary alone should not be the only consideration on compensation. Think about the entire package and decide what best meets the needs of you and your family.

4. Once you’re armed with the facts above, you’ll need to know how to put them into play. This is where our Negotiating Salary webinar, a step-by-step guide to effective salary negotiation, comes into play. You will learn the context, techniques and approaches available to develop an effective salary range and strategy for any job offer. Register today to attend our upcoming Negotiating Salary webinar.

In the end, negotiating is not about winning at all costs. It's about agreeing on terms of a job offer that will satisfy you. Salary negotiations, like anything else, need to be done respectfully and kept in perspective. Always be courteous, direct and honest.

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