NEWS + ADVICE
Frightful Money Talks Unmasked
Salary and compensation discussions can seem like a trick instead of a treat. It’s often considered taboo to talk about money, but when it comes to job search, it’s a necessary evil. So if you’re dreading more than ghouls and ghosts this Halloween season, consider our tips to help you navigate this frightful task and negotiate like a pro.
Just as suddenly as you close the medicine cabinet and jump from an unexpected surprise, a recruiter may call you tomorrow before you’ve even applied! So prepare for these conversations up front and determine your compensation requirements before you’re caught off guard.
Know Your Value
We’d all love to receive a big pay bump when changing jobs. But don’t just throw numbers at the wall and wait to see what sticks—do your research. You can set your compensation requirements at XYZ dollars, but does it fall within the industry going rate? You don’t want to sell yourself short or price yourself out of a reasonable offer. So do some research to get a lay of the land and set your value appropriately.
PayScale.com, Salary.com, Glassdoor.com and LinkedIn all have salary and market data that can be useful. But these are only a starting point. Take the next step and network with others in your profession to gather more specific data. Knowledge is power, and it will help you gain confidence to discuss your salary range with recruiters and hiring managers.
Examine the Offer
Once you receive an offer it’s time to start making some real decisions. Ask for some time to review the offer and determine your next steps. You can accept the offer as is, decline, or opt to negotiate. In the current security employment environment you should often counter and ask for something, whether it’s salary or benefits. Employers often expect a negotiation so don’t be afraid to ask.
When pay bands are tight, you may have better luck negotiating benefits such as bonuses, healthcare, 401k contributions, tuition reimbursement, time off, stock, telecommuting options, sign-on bonuses, and more. Salary and benefits combine to form your total compensation, so don’t immediately discount an offer if the base pay is lower than you’re seeking. For example, if they’re offering full coverage healthcare for you and your family, that alone could be worth thousands of dollars. Consider the whole package and you may find some valuable benefits that balance the scales.
Plan Your Negotiation
If you’re going to counter your offer, consider one to two critical changes you want to ask for—not a long list. You must be clear on what you want and what you’re willing to accept before you start negotiating. Perhaps you’re looking for an extra $10K base pay or a different title. If they say no, what’s your backup plan? While you’re only asking for one or two changes to the offer, you should have alternative options in mind. If they won’t increase the salary, can they give you a pay review after your first three months on the job, or give you an extra week of PTO instead? Think about your plan B ahead of time so that you can offer alternatives during your negotiation.
While you’re planning your negotiation, ask yourself if this is really a good match. If you want to change a lot of the offer, the job at hand may not suit your needs. Or if you realize you simply don’t want the job, decline the offer. Don’t waste anyone’s time with unnecessary negotiations. Instead, thank them for their time and politely decline.
Make the Ask
Once you’ve determined what changes to the offer you’d like to see, it’s time to call the hiring manager. Make sure you do this within the timeframe you agreed upon to review the offer. Be sure to keep the conversation positive, thank them for the offer, and convey what you love about the company—also addressing what your concerns are with the offer.
Balance is key here. You’re not giving an ultimatum. You’re asking for the specific changes you would like to see, supported with business reasons based on your value. For instance, as you understand the scope of the role, you would want A and/or B to do the job. You want them to see the confidence you have in your value and see why your request is reasonable.
Once you’ve shared the changes to the offer you’re looking for, stop and let them talk. You’ve come prepared with alternative options, but don’t share them just yet. See how they respond before showing all your cards. They may be able to give you an answer on the spot, but in some cases they’ll need time to confer with others involved in the decision making process. If they can’t meet your initial request, you can offer alternatives at this point—they might have some for you to consider too.
Give Your Decision
If you research and plan in advance, bring one to two changes to the table, and have good reasons to justify your changes, the outcome of your negotiations will greatly benefit. When your negotiations pan out successfully, be ready to accept the revised offer quickly. But if the negotiation doesn’t produce the results you had hoped for, think back to what you determined you are willing to accept. Other factors like work/life balance, company culture, and opportunities for career growth may be enough to say yes even when other factors don’t come to fruition. Fielding job offers and talking about money can be intimidating, but if you thoroughly prepare in advance many of those fears will subside. So set yourself up for success and bring your most confident, cool, and collected professional self to the negotiation table.This entry was posted on Monday, October 28, 2019 6:30 pm