Looking for advice about salary negotiation? Congratulations! You are at the final stage of getting an offer. But wait, please learn the techniques of getting the best deal.
Here’s an article from J.T. O’Donnell. She has close to 150,000 followers at LinkedIn. You may want to hear what her suggestions are.
Providing salary requirements is a troubling part of the interview process for many job seekers. They don’t want to:
A) Price themselves out of the job.
B) Come in too low and leave money on the table.
The solution? Offer a range.
First, Have a ‘Walk-Away’ Rate
Everyone needs to have a clear number in their mind. That number is the lowest possible amount you’d take to do the job. By that I mean, you’d accept and not be looking for a higher paying job, or have to take another part-time job to cover the bills. Your walk-away rate is what you need to live and be able to do the job without resentment. This varies for everyone.
Second, Have an ‘Ideal’ Rate
This is what you’d love to earn. It’s what you think you are worth and want to make for the services you’ll be providing. It should be based on salary research to ensure you aren’t pricing yourself out of the market (you can do that at Salary.com, Payscale.com, and Glassdoor.com to name a few).
Next, Present the Range & Explain the Variation
Share with the employer you are looking to make between __ and __. Now, this range will be pretty wide, so you should immediately follow-up with something like this: “The reason the range is so broad is, for me, no two jobs are the same. Money isn’t my only criteria for work. The benefits and opportunities for growing my skills are equally important in my mind. So, I’m willing to be flexible in my salary, depending upon the position.”
Can’t Give a Range? Be Conservative
If you can’t give a range and have to provide a single salary, choose the middle of your range, maybe even a little bit lower. You’d rather be lower than their target rate than over it.
Afraid They’ll Low-Ball You? Of Course They Will!
The most common question I get when I share the strategy above is,
“But J.T., won’t they automatically assume they can give me the walk-away rate?”
No doubt, some companies will low-ball you. But remember, you don’t have to accept it. Unless they were adamant that this was not negotiable, you could ask for more money.
Yes, You Can Negotiate. Here’s Why…
If you knock the interview process out of the park and eventually get selected as their first choice for the job, you will be at a competitive advantage. They went through all the time and trouble to screen and interview other candidates. Hiring is a time-consuming and expensive process. The idea of not getting their first pick for the job because of pay is not what they want. They don’t want to have to go back to the hiring process again – they want you!
Now, that doesn’t mean you can ask for a 50% pay increase, but it should give you the confidence to speak up and ask for more if you need it.
This is What You Would Say:
“Thank you for choosing me for this role. I am very excited about joining your team. That being said, this is really hard for me, but I wanted to call you personally and share a challenge. While I could accept the job at this rate, it’s on the low side of my income needs. I was really hoping for ____. This higher rate would ensure I could do this job without any concerns of covering my expenses. Additionally, if you could compensate me at that level I would make 100% certain that you felt you were getting every penny’s worth. Would that be possible?”
Now, they may not say “yes,” but at least they know you are looking to make more. You may even be able to negotiate for some other perks in exchange of the pay increase, like working from home one day/week to save money on your commute, or more vacation time. If you don’t ask, you’ll never know.
Three Examples of Success:
- One professional got a $5,000 increase in base pay. The HR manager was so impressed with her confidence in asking for more money, she said, “It’s good to see you know what you are worth.”
- One client didn’t get a pay increase, but did get permission to bring her dog to the office.
- Another convinced them to agree to a 6-month review to discuss a raise instead of waiting for a full year.
Don’t let salary discussions intimidate you. Identify your range, wow them in the interview, and then politely ask for more if you need to. You are a business-of-one. Building your skills in salary negotiation are vital to your professional success.
What other tips do readers have regarding salary rates?
I’d love to see your ideas in the comments below.
Article source: J.T. O’Donnell at LinkedIn