Don’t Be Afraid – Get the Salary You Deserve| August 20, 2015| News
The hiring process can be grueling, and by the time you begin discussing compensation you may be tempted to simply land the job – as long as the pay is reasonable.
Resist this urge and push forward with a proactive negotiation strategy. Otherwise, you risk leaving a significant amount of money on the table. According to recent research from the Journal of Organizational Behavior, simply accepting initial job offers could result in earning $600,000 less in salary over the course of your career.
Conduct Your Research and Prepare
Studies have shown that approaching salary negotiations as you would a competition yields better results. Therefore, prepare for negotiations as if you’re headed to a track meet or about to step into the boxing ring.
Begin your preparations by calculating the monetary value of your accomplishments. For example, if you were able to find a cheaper source of raw materials or supplies, determine how much money it saved the company over the course of a year.
Secondly, figure out what the standard pay is for the position in your area and for your level of experience. Then, determine an acceptable range and a hard floor that you won’t accept anything under. Be sure to prioritize your compensation needs. For example, if you have small children a robust health insurance plan, or more flexible work schedule, will be more important than a couple of extra dollars in your paycheck.
Finally, try to anticipate what the company’s concerns are and what they are willing to pay. If the company is looking to ramp up production or establish a new department, suggest your willingness to put in extra hours in exchange for something else down the road.
In the run-up to negotiations, you’ll be exchanging emails in a protracted process, or making small talk in an abbreviated process. Research has shown these interactions can be used to set the table for netting a higher salary.
One Stanford experiment demonstrated that participants who shared something personal about themselves fared better than those who took an all-business approach. Experts have stated that these interactions can build a sense of trust in the person you’ll be negotiating with.
Many expert negotiating strategies suggest using all manner of deflection and stalling techniques to get the company to make the first offer. This puts the company in the position of having to “defend” its offer, and you in the desirable position of an aggressor. However, some experts have said making the first offer puts down an “anchor” that can be difficult for a company to stray from.
In addition to discussing salary, relay you priorities for accepting the job offer. If the company can’t pay you top dollar, it may be able to give you an acceptable salary with additional weeks of vacation or a flexible schedule.
At Long Island Temps, we work with our candidates to help them secure the best possible compensation package from their prospective employers. Call us today to discuss proven strategies that can land you a great job offer in the Long Island employment market.