| SALARY NEGOTIATION: SHOW ME THE MONEY. Poor negotiation could mean missing out on ~ $800,000 in salary during a typical career. Good salary negotiation requires: patience, persuasiveness, poise & persistence. Tip 1 Research Market rates 1. Start with the market rate for your skill set. 2. Research a reasonable salary given the size & sophistication of the organisation. 3. Plan a compelling case to justify your claim. Accept that you may be paid less than your current role. Tip 2 Prepare a strong & strategic approach Identify 3 key elements: A elements – your must haves B elements – your wanna haves C elements – your throw aways – bargaining chips so you achieve your As and Bs. 1 Don’t use your need for the job to negotiate. Avoid emotion. 2 Negotiate from a reasonable position & link each item to the job itself. 3 Set all your negotiating points out at one time. 4 Set the agenda to control the discussion. 5 Negotiations are two-way & it’s important to show you’re willing to compromise. 6 Avoid impromptu decisions. Decide the limits of your flexibility before you begin. 7 Don’t assume the first offer is fixed. Even if the interview tells you it is, it rarely is. Tip 3 Keep your salary under wraps 1 Decline to provide salary history. Say it’s more useful to focus on this role & what it’s worth. 2. If you do provide salary history, make a firm statement of your required range. Tip 4 Balance salary, bonus & benefits Base salary is usually the most important item. 1 Explore the bonus structure & how it will be determined. 2 Consider non-salary / non- financial rewards. – equity & profit share – extra leave or study allowances. Tip 5 Delay your response & manage ambiguity Don’t accept an offer on the sport. Respect as the song goes. Salary negotiation is not about GREED it’s about respect. You are likely to switch jobs every 4 to 5 years. Being able to negotiate your salary is a critical skill. Start today: next time you’re at the table, gather your courage & do it! Negotiate your salary for your future. |