Career Coaching – Salary Negotiation
The fundamental principles of salary negotiation need to be taken into consideration when negotiating a salary package. It is very important not to enter into salary negotiations too soon in a selection process. Wait until you are provided with a formal job offer before you start negotiating the terms and conditions of your package.
If you are asked questions about salary expectations by the interviewer or manager; you can avoid answering them with responses such as:
1. At this stage I would prefer to understand more about the exact requirements of the role before I enter into any discussions around salary.
2. My previous salary has no bearing on this particular role as we are discussing a different set of responsibilities.
3. I believe it is too soon for us to discuss salary at this point in time. I would prefer to address that further in the process once I am more aware of the extent of the challenges in this role.
If you find it difficult to not answer this question and you are finding that the person is becoming irritable you could respond with something like:
1. You have quoted a salary in the range of $70 – $90K package. Given my industry experience and proven track record, my expectations are that my salary be at the top end of this range.
The Steps in a salary negotiation are as follows:
• Preparation – Well prepared research will assist you in this stage to ensure you enter salary negotiations being extremely well prepared. What is your personal branding? How will you sell yourself?
• Goal List – What are all of the things you would like to have as your salary package or conditions of employment if it was an ideal world?
• What are the expectations of the employer – Think about what the employer is going to want as an outcome of the salary negotiation. What do you think their agenda will be?
• Research and Prepare again – investigate benchmarked salary information. Check out recruitment agencies to see if they have this information.
• What information have you already provided – What do they know about your personal situation – your previous salary history, your financial obligations, needs, desires and priorities?
I hope you have found this article informative.
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Just give our office a call for the course outline and to organise a meeting to discuss further.