Salary Negotiating - Earn What You Are Worth

What are your compensation goals?  800K per year, 5 weeks paid vacation, 14 paid holidays, 100% medical, and a corporate Mercedes?  Nice!

Even if this isn’t quite the level you are targeting in terms of a compensation package, this doesn’t mean you need to settle for less than you are worth.  Assuming your skills are in demand and you bring value to the equation, you should do all you can to earn what you deserve.

Your salary negotiating strategy is critical to ensuring you are compensated in a manner in accordance with your level of expertise. To successfully negotiate salary, you must define and appropriately convey compelling rationales during the interviewing process.

Some hiring managers are likely to attempt to low ball candidates in the hopes that a softer market will compel the job seeker to accept a lower salary.  If you have been out of work for a while, you may decide this is acceptable. It is easier to find work when you are employed.

The ‘Salary Card’ like the Joker is a tricky one. Of course you want to be compensated for the work you do; you want to make sure that the salary is competitive with the market. You bring a body of knowledge, skills, and a record of performance with you; so why shouldn’t you be paid EVERY PENNY that the position has been budgeted for?

Equally important, companies look at existing salary as part of making an offer; so it stands to reason that you would want the absolute most you can get, presuming you are not going to stay at a company for your entire career. You need to think ahead – consider your career roadmap.

Securing higher pay that is aligned with your skills and abilities takes finesse. In addition to direct financial compensation, other offer components such as title, team, and hierarchy should be commensurate with your experience. Benefits like education reimbursement, family medical, and vacation are valuable too – and definitely play a part in the negotiating process.

Here are a few suggestions for successful salary negotiating:

1. Don’t discuss salary until you absolutely have to.  It is best if the company makes an offer first.  You will be in a much better position to negotiate once you know for sure they want you.
2. Articulate your value via quantifiable examples.  A potential employer will be willing to ante up some dough for someone who can increase the bottom line. If you improved productivity by 75% over a 3-year time period, resulting in a cost savings of $4M, for example, this speaks volumes. 
3. Determine your value by conducting an assessment of the market.  Use salary calculators and websites that provide information pertaining to the competition for a similar position in your geographic area.  You will know what is reasonable within your industry for your career level.
4. Negotiate the entire package, including perks, not just the salary: Vacation time, health insurance, stock options, 401K match, tuition reimbursement, company car, and quarterly bonuses are all negotiable benefits that can add value to a total package. Salary is only one component to overall compensation.

By learning the art of effective negotiations, not only will you earn more and get better benefits, you will help advance your long-term prospects for increased earnings. Asking for a better title, for example, can help to position you for a future job search that will take your career to the next level.  If you think you are worth it and are able to clearly articulate your reasons why, others will think you are worth it too!

Even if this isn’t quite the level you are targeting in terms of a compensation package, this doesn’t mean you need to settle for less than you are worth.