We all would like to get the highest salary possible for a job we want, right? So how do you go about getting as close as possible to that number? Here are 5 tips to guide you through the process.
1. DO YOUR RESEARCH – learn what the going rate is for your job title, in your field, in your city. Salaries vary city to city, from industry to industry. Salaries in a non-profit organization are lower than the same job title in a for-profit company. You want a clear idea of the range that is reasonable for the job you are going for. Check out salary.com, vault.com or Glass Door to see the range of salary for your job target.
2. AVOID THE SALARY QUESTION – Early on in the interview process, during the first or second interview salary may come up. The interviewer or hiring manager may ask you, so, what salary are you looking for? Avoid the question by answering, “I am interested in learning more about the job and its responsibilities. We can talk about salary later.” If the question comes up again, you can say, “Salary will not be an issue.” The reason for waiting is that you do not want salary to be an issue. You want to concentrate on what you can do for them. You may be able to widen the scope of your responsibilities in order to raise the salary.
You want to put your best foot forward and offer all the reasons they should hire you before they offer you the salary. If the hiring manager is persistent, then you may provide a wide range, say positions with this level of responsibility pay between 75K and 125K or between $150K and $175K. The lower number is the number you would accept. The higher number is the number you really want. NEVER give a specific number.
3. DISCUSS SALARY ONLY AFTER YOU GET THE OFFER – After two or three, or even five or six interviews, you get an offer. The hiring manager will say we would like to offer you this position for $xxxxxx. Now is the time to START your negotiation. Don’t say things like, “I am surprised the offer is so low.” “I can’t work for that amount.” Say you are extremely interested in the position and you need 24 or 48 hours to think about the offer and you will get back to them.
4. NEGOTIATE SALARY – When you get back to the hiring manager, say I have done my research on this position and the going rate for someone with my skills is higher than what you are offering. What can you do? Again, do not give a number. Wait until the hiring manager gives the number. Usually the first number they gave you a day or two ago was the lowest salary they would like to pay. They are prepared to negotiate a higher salary. Their higher salary may not be as high as your number, but it will certainly be more than what was initially offered.
5. NEGOTIATE TOTAL PACKAGE – Total compensation package is the term used for all the benefits you will receive in addition to salary, such as health, medical, dental, vision, 401K, life insurance, disability insurance, vacation days, personal days, sick days, a sign-on bonus and an annual bonus. Remember, almost everything including benefits is negotiable. If they can’t give you as much money as you wanted, perhaps you can negotiate an extra week or two of vacation time. Or, perhaps you can negotiate working from home a day or two per week.
It is not over until you both agree and you say yes and you get a letter of employment that clearly spells out the salary and benefits.
Amy Geffen, PhD is currently Director of Professional Development at the Council for Economic Education. She is President and chief coach for Geffen Careers, a career coaching organization.