5 Things to Remember When Negotiating Your Salary

March 3rd, 2008 by Luke | in Getting a Job, Personal Finance with No Comments

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Most recent grads are so excited that someone actually offered them a job that they forget one very important fact: the salary you’re offered is negotiable. In fact, negotiating your salary and benefits is (often) expected! But the negotiation process is a delicate one which shouldn’t be taken lightly. Here are five things to do before you enter the negotiation process:

  1. Do your research: discover what you’re really worth by researching common salaries for your occupation, experience and location. Also take into consideration your skill sets and talents; accomplishments and work ethics; and, very importantly, your prior experience.
  2. Research the company who offered you a job. Are they in an economic up-swing or lull? Are they a start-up or well-established company? If they’re doing well and have been around the block, it’s appropriate to ask for a higher salary (and the likelihood you’ll get it is much higher) than if they’re brand new or if times are tough.
  3. During your interview, sidestep the salary question; say “it’s negotiable”. If you offer a number you’re willing to be paid during the interview, that’s the number you’ll be offered (even if it’s possible you could get more). Wait until an official offer is on the table to discuss the numbers. If they won’t take “it’s negotiable” counter their question by asking what the range they’re offering is so you know the boundaries, then claim a middle number.
  4. Don’t rush it. While the job search can take (what seems like) forever and you’ll be pumped when you finally get an offer, even the best offers should be reviewed when you have clear head – and without the pressure of your future boss or HR director staring at you. Most employers are willing to give you some time to contemplate the job offer. Remember: it’s when you get the job offer that you have the most power, because the employer has chosen you. So use that power to be certain it’s the job and job offer for you.
  5. Don’t counter an offer with too many changes. While it is acceptable to counter an offer with your own counter-offer, don’t make too many changes to the original proposal. You should only pick the one or two most important elements; you can’t negotiate every aspect of the offer. If the salary is too low, focus on that aspect in a counteroffer.

Things to Remember:

  • Never lie about past salary. Reference checks might expose you.
  • Consider the value of benefits and perks too, such as stock options, bonuses, telecommuting options, and promotion potential.
  • Always get the final offer in writing! This way nothing can be changed later without your knowledge.

[image via acetheinterview.com]

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