Salary negotiation is an often overlooked facet of finding a new job. But for all the responsibilities your new job will entail, but shouldn’t your compensation be as important to understand as your potential duties? Forbes contributor Lisa Quast shares some tips on salary negation shown here.
Fully understand the job. Make sure you understand the responsibilities, requirements, and expectations for the position.
Educate yourself on the company. Ensure you’ve asked and understood how the company reviews employee performance as well as the process for pay raises and promotions (which is a good discussion to have with the HR person during the telephone screening interview).
Arm yourself with salary information. Spend adequate time conducting research to find out average salaries and salary ranges for similar jobs in your area, industry, and geography. There are many websites that provide salary information, including salary.com, payscale.com, indeed.com, careeronestop.org, glassdoor.com, and jobsearchintelligence.com.
Know your strengths and differentiators. What makes you special and unique from everyone else? Conduct a personal SWOT analysis to understand your differentiators and the special skills or experiences that could make you a more valuable employee. Ensure you have these differentiators written down as this information can then be used as leverage to negotiate a higher starting salary with the hiring manager.
Determine how much you’d like to make. Consider what you’ve made in your last few jobs, the results of your online salary research, and your strengths and differentiators. Given that information, determine the target salary you’d like to make.
Decide on an appropriate salary range. Based on your research of similar jobs in your geography and industry, come up with what you think would be an appropriate salary range for the job. Your target salary should fall within this salary range.
Define your “walk-away” point. Now that you’ve determined your target salary and an appropriate salary range, think about the minimum salary you’re willing to accept and why you’d accept that amount. Then, consider the reasons why you’d be unwilling to accept a lower amount. Write these reasons down, as you may need to pull them out for your discussion with the hiring manager during the salary negotiation.
Finding the job you want as well as the compensation you feel you deserve is critical for career contentment. Don’t let a nagging feeling of not negotiating upfront shadow your career at your new company.