Salary Negotiations

Congratulations! You have surpassed all other candidates, completed the painstaking interview and have been offered the position! Now it’s time to negotiate for your salary.

Salary negotiation is one, if not the most difficult, stages of accepting an employment offer.  All too often people feel unprepared, ill equipped, and downright awkward when it comes to discussing money. In order to temper that awkwardness and help you feel like a champion negotiator, below are key tips to practice becoming a stellar negotiator:

1.       Do your research

Using resources like bls.gov and glassdoor.com, (both of these sites provide salary information regarding a variety of professions from hourly rates for retail and food services to median annual income for engineers and nurses) can assist you in maintaining a better grasp of up-to-date salary information for your chosen field.  This will help you create a baseline for what to expect when entering negotiations. Also, make sure you understand the minimum wage rates (this is the minimum legal amount employers must offer hourly employees however, this varies for food servers due to tipping) both nationally (currently $7.25) and at the state level as these vary. Currently, in New York City, the minimum wage is $8.25. 

2.      Develop a Range

Now that you have done your research (Tip #1!), you have a concise understanding of current market value of the position you have been offered. One of the best ways to give yourself space to negotiate is to develop a range. For example: Jane is offered a sales associate position at the Gap. The current minimum wage in New York City is $8.25. However, through research, Jane discovers that the average associate makes $9.25 an hour. She has 4 years of sales associate experience which includes one year as assistant manager. Prior to negotiations, Jane knows how much she needs to make in order to sustain her current life style, at least $10 per hour. However, given her experience she decides to start her range at her desired minimum $10 to $16 maximum. This is the golden number that Jane would like to make however, understands this is a bit high. Setting yourself with a range allows you room to discuss your rate which can be supported by your experience.

3.      Know Your Worth

You have already been offered the position which communicates that the employer feels that of all of the candidates, you not only possessed the skills and knowledge necessary to perform in the position but, that you will do so optimally. You know how much you have earned in the past due to your experience and having done your research (Tip #1!), you now have an in depth understanding of the appropriate salary ranges for your given position. You have developed a range (Tip #2!) taking into consideration your past experiences and salaries earned, you should now have a solid range in mind of where to work from.

       4.      Role Play

One of the best ways to get over the awkwardness of talking about money is to practice talking about money.  Typically, talking about money in any setting is seen as taboo and most people do not feel comfortable doing so. But in order to maximize the likelihood that you will be granted a salary you desire, you need to practice asking for it. The perfect way to do this is to utilize your campus’ career services office. These offices provide the perfect setting to sit down and talk through the uncomfortable feelings, uncertainties and any questions that may arise along the way.

 

Resources 

1.       http://www.bls.gov/

2.       https://www.glassdoor.com/index.htm

3.       http://www.forbes.com/sites/laurashin/2013/06/26/new-grads-heres-how-to-negotiate-your-salary/