Despite how important fair
pay is to most of us, effective salary negotiation is an often
misunderstood and avoided topic. Current research indicates
the average duration of a position today is 3.8 years. Over
the lifespan of your career, how well you negotiate raises
or starting pay will have an enormous cumulative effect on
the quality of your life.
So why does this skill remain elusive
for many career professionals?
Most of us do thorough research and prepare
extensively for a job interview. We create the perfect resume,
slave over cover letter drafts, and rehearse answers to anticipated
interview questions. We make sure we’re dressed right,
have references, and are on time. But all too often, only
cursory attention is given to thinking through how, when,
and why we’ll end up being happy with the terms of our
pay.
One problem is that cultural taboos in
our society make talking about money a no-no. Many of us regard
money negotiation as inherently unseemly, or we feel guilty
about not accepting what’s been offered so nicely. Isn’t
haggling supposed to take place if you’re buying hand-made
rugs somewhere in Turkey?
We want to believe that the first offer
we hear should be the highest dollar figure possible; moreover,
we don’t want to “rock the boat” and potentially
ruin our chances of landing that great job. That voice inside
of us whispers “Everything in this interview has been
going great! Don’t wreck it now!”.
Like it or not, though, you’re a
negotiator. You can’t get off this ride. Negotiation
routinely takes place in dozens of ways in our daily lives.
Given the fact that you will make or lose several thousand
dollars in the span of a few minutes, learning how to respectably
negotiate your pay is vital! Notice I say respectably.
Unfortunately, I see countless candidates
who either come off way too aggressively, or much too meekly,
for their own good. This is often because of a lack of self-preparation
and practice. Many candidates also fail to realize their position
in the marketplace and the position of the employer. Not good!
The good news is that salary negotiation
skills can be learned or improved upon. Here are seven key
tips to being paid what you’re worth while maintaining
a healthy respect others have for you:
• Don’t believe that effectively
negotiating your salary means that you must have the mentality
of a used-car salesperson! You aren’t being slippery,
out of line or ungrateful to not accept the first figure that’s
tossed out. Most employers value candidates who clearly possess
self-respect and confidence in themselves; these qualities
are revealed through the skill and poise in how you negotiate
your pay—they are aso revealed if you do nothing.
Think about it: Doesn’t it make
sense that if you demonstrate effective negotiation capabilities
for yourself, that in turn you’ll negotiate smartly
for your employer, too? Hiring managers pick up on this.
• Do remember that your value is
far more important than a number somewhere on a spreadsheet.
Yes, this is true despite common cries that “payroll
budgets being fixed, this is the best we can do” or
“in this economy, you must be realistic.” Employers
by and large are not searching for “cheap bargains”
but want value in their employees.
A common misconception is “I’ll
have a better chance of getting the job if I don’t ask
for much money—I won’t cost as much as other candidates.”
Don’t go there! Concentrate on the value you bring,
not how little you cost. By the way, if you do this properly,
the question of “previous salary history” should
be much less relevant. This means you will have a better chance
at jumping to higher ranges faster in your career.
• Don’t (and I mean never)
accept any form of benefits before you negotiate your salary.
Why? Once some form of compensation other than salary is accepted
by you, the employer has leverage in justifying why your salary
should be lower. Remember to always get agreement on the starting
salary first. Then negotiate non-salary benefits and special
considerations afterwards.
• Do delay talking about compensation;
try to discuss your value, and the specific benefits you can
bring to the table, for as long as possible. The employer
should perceive you as a valuable, one-of-a-kind resource—not
an off-the-shelf good with a price tag.
Think of those high-end infomercials that
delay revealing what the price of the offer is until the very
end (if at all). The whole point of the infomercial is to
draw your attention to the value of the good or service and
its many different uses and applications.
Certainly something that clearly validates
a gain or cost-savings of $25,000.00 would be attractively
valued at $2,499.99. But would you really pay attention to
an ad that immediately said its cost was $2,499.99? Probably
not! The same psychology applies to salary negotiation. The
longer the interview process continues, the more likely you
will be regarded as a valuable resource obviously worthy of
upper-range pay.
• Don’t accept any offer,
no matter how lucrative, on the spot. Instead, express your
continued interest in the position and how you clearly see
yourself making contributions (specify them one more time
again). Then always ask for 24 hours to consider the offer.
Certainly a day will give the hiring manager time to find
any necessary “wiggle room”, if need be.
Be passionate and excited, but don’t
lose your objectivity—any position that will be the
center of your daily professional life for years to come won’t
melt in 24 hours. Right?
• Do remember the old axiom “he
(or she) who speaks first loses.” Wait until an offer
has been made—but don’t respond immediately. Remember
that in many cases, what is initially offered to you may be
the lowest figure the hiring manager dares to put forward.
This is mission critical territory: Often,
even casual remarks made by you constitute implied acceptance
of the offer...Which can quickly become explicit acceptance
as the conversation moves on. Don’t let this happen!
Instead, intentionally steer the conversation back to the
responsibilities of the position. Who will you be supervising?
What are some tangible, specific contributions you see yourself
making? Where do you picture yourself in the organization
in the future?
The greater long-term picture you create,
the greater the likelihood you will negotiate more effectively.
You can only really begin to negotiate after you have clearly
brought to life realistic present and future scenarios.
• Don’t over-negotiate. How
do you know when to recognize what is too little or too much?
By researching your market ahead of time. Don’t just
go to www.salary.com and think you “should” be
earning a certain dollar figure without taking into consideration
the unique opportunities every employer possesses. This is
not really true research.
A salary is compensation paid for services
performed. Your salary should be commensurate with your skills
and experience built yesterday, but negotiated for the work
you will be doing today and tomorrow. Remember, you don’t
get what you deserve in life...You get what you negotiate!
Would you like more help? Check out this
month’s HireWorks Recommends for some great resources.
Special Offer! This month we will review
10 Resumes at no charge. Find out what improvements you can
make to get the attention of hiring managers and land that
important first interview! Click Here to submit yourself to
be among the first 10 people to respond!
Biography: Lucia Apollo Shaw
is the President and CEO of HireWorks, Inc. HireWorks is a
professional search firm specializing in the Life Sciences.
HireWorks offers research services, contract staffing, and
permanent placement services.
She has been helping her customers for
nearly 9 years - working both as a third party recruiter for
CDI Corp (staffing customers like IBM), Trilogy Consulting
(now Venturi Partners) staffing the Biotech and Pharmaceutical
industry and in places like Duke University where she was
a corporate recruiter and Team Leader for recruitment for
Duke University Hospital. Lucia earned a B.A. from the State
University of NY (University Center at Albany) and pursued
Graduate Studies in Public Administration at the Sage Graduate
School in Albany, NY.
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