How to Negotiate Salary and Benefits (Part 2)
December 13, 2012
If you’ve read part one of our two blog series on How to Negotiate Salary and Benefits, you’ve done your homework and are feeling confident about negotiating your salary and benefits. It’s now time to embark on the part two the process: execution.
Prove You’re Worth It
Katherine McGinn, professor of business administration at Harvard Business School, explains that during the negotiation, “you have to be creative about demonstrating the value you’ll bring to the company.” Much like you’ve been doing throughout the interview process, you need to really drive home why you’re the perfect person to fill the specific job: unique skills, culminated experience, and a personality that fits with the organization’s culture are a few examples of good reasons to emphasize. “In a time of full employment, employers are looking for a person who can do the work,” she says. “In a time of unemployment, they are looking for the absolute best person to do the job.“ Be aware of the impression you’re giving off to the hiring manager, and focus on coming up with compromises and solutions throughout the negotiation that meet the needs of both you and the organization.
Don’t Be Afraid of the Word ‘No’
Sometimes, there are aspects of a new contract that are simply non-negotiable. The company may be on a budget and might not have the financial resources to fulfill a request; or they may simply have policies that they’re unwilling to compromise because they’ve become part of the organization’s culture. Whatever the reason, don’t be embarrassed or overly discouraged if your prospective employer has some issues on which they simply won’t budge. You’ll never know until you ask, and as long as you approach the negotiation politely and professionally, you will not do damage to your future working relationship.
What to Say When the Offer is Too Low
As with any negotiation, the possibility exists that you will not be satisfied with the offer. A couple of things NOT to do: don’t panic, and don’t take it personally. The organization is not trying to devalue you, nor are they trying to insinuate that the work you would be doing for them is unimportant. McGinn suggests that if you have grounds to do so (which, since you’ve done your research, you likely do), respectfully disagree with the figure they’ve put forth. One potential approach: “I don’t think I’ve done an adequate job of conveying the value I believe I can bring to your organization.” Take a minute here to discuss a few key points and then provide a counter offer backed up by research.
Ask For Help
Finally, negotiating a new compensation package is one of those areas in a job search where recruiting firms can add tremendous value. Many candidates, especially in today’s job market, are understandably uncomfortable with entering into these kinds of negotiations, as they’re reluctant to sound unappreciative of the career opportunity. Murray Resources and other Houston staffing and recruiting firms serve as the middle man in these kinds of situations, working to appease the mutual interests of both employers and candidates. While a new hire would be hesitant to broach the topic of salary or benefits negotiation with a prospective employer, the recruiting firm typically has an established rapport and proven track-record with them, as well as extensive knowledge of typical compensation plans.
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