Transcript Salary Negotiation

Salary Negotiation
AGENDA
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Goal of Salary Negotiation
Preparation
Calculating Your Worth
“The Offer”
Counter Offers
Conclusion/Q&A
The Goal of Negotiation
• To reach an agreement that will maximize
your potential earnings and provide for the
employers needs
• To create a win-win situation with an
employer with whom you can have a long
term relationship
Preparation
Preparing for Salary Negotiation
• What you need to know before you begin
salary negotiations
– Know your market value – what are comparable salaries
and positions
– What do similar positions in the industry pay in your
geographic region
– How much do current employees earn.
– Where do you fit in the organization- is this an entry
level, management or an executive position
Preparing for Salary Negotiation
• Factors that impact supply and demand –
THE COMPETITION!
– What is current in the industry - targeting local
and national trends
– Identity employers who compete for the best
candidates and offer top salaries and superior
benefits packages
Calculating Your
Worth
Places to Search for Information
• Professional associations
– membership surveys
• Recruiters and executive
search firms
• Monthly government
labour reviews/ The
Bureau of Labour Statistics
• Forbes, The Wall Street
Journal, Business Week,
Fortune Magazine
Total Compensation Packages
Benefits can equal 20%-30% of your total compensation
package. What’s included:
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Bonuses
Signing bonus
Flexible schedules
Profit sharing
Retirement package
Insurance
Timely advancement
Vacation time
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Education rebates
Cost of living raises
Company car
Cell phone/Blackberry
Child care
Maternity leave
Relocation costs
Health Care Insurance
“The Offer”
“The Offer”
Things to remember:
• Most companies make fair and realistic salary offers
• It is not in their best interest to make “low ball” offers
• They want to hire the best candidate for the job
• High employee turnover is an added expense to the
bottom line for the employer
• Translation = the “Offer” should be good!
“The Offer”
• Anticipate objections to higher salary offers
• Be clear about your own value
• Be confident in your abilities, skills,
professional experience and education
• Develop rebuttals to anticipate employers
possible “excuses” for not wanting to raise
salary levels
Discussing Salary History
• Postpone this discussion as long as possible
• Discuss salary in future terms….
– “If I was to stay in my current positions the value
of my compensation package would be…”
– “I would consider a salary range of…”
Negotiations
• Remember is not about winning, but about
establishing mutual interests and goals
• Know where you can compromise
• Identity your possible competition
• Logically reiterate why you should be
compensated at a greater level
Counter Offers
Counter Offers
Counter offers are offers from your current employers to
remain after you have announced intention to leave
• Investigate and determine
your employer’s motivation
• Is it all about money?
• Will the underlying issues
that motivated you to move
be changing?
• Know that your loyalty will
now be suspect and an
attitude of negativity about
your choice to leave may
be present
• They may feel desperate to
finish a project but may not
be loyal to you and made
the offer
• Do you really want to work
for someone who only
increased your salary
because you were leaving?
• Take this offer as a
complement and move on
Thank You and Good Luck