NEGOTIATING YOUR $ALARY

A successful salary negotiation is one where both the prospective employee and the hiring organization come away satisfied. Negotiation requires planning and preparation.

New Graduates
New graduates need to keep expectations in line with reality. Many entry-level positions are structured and non-negotiable. There are, however, additional factors, including benefits, work schedule, and salary review date, which may be negotiable depending on the situation and can be considered if a firm offer is low. For an entry-level position, don’t overlook the benefit of gaining experience if you feel it is a job you will enjoy and learn from.

Resume and Application
Do not give details of previous salary or mention salary requirements on a resume. If you must give previous salary history, do so at the end of the cover letter, including special factors, such as the position was part-time while attending school or was in another field. This is useful if you believe there will be a disparity between what you have made previously and what you feel you should be earning in this position. If a prospective employer asks for salary requirements to be sent with a resume or on an application, you should state that they are “open” or “negotiable.” Always be honest about previous salary as this can be easily verified, but you can include information regarding benefits to increase the total value of your compensation.

Research
Congratulations! You have an interview. It is very important to do your homework before meeting with a prospective employer. Understand what the position entails. By researching the organization on the Internet and by talking with others, you can obtain information useful in salary negotiations. Does the organization appear to be growing, developing new projects?
It is also very important that you research what your worth is based on your education and experience. There are many tools available to explore salaries in your field. You can find salary information on several websites including www.salary.com, http://jobstar.org, www.jobweb.com or in the Choices computer program at the Student Development Office. Talk to individuals doing the same kind of work, taking into consideration geographic area and current supply and demand.

The Interview
Enter the interview knowing what you want. Based on your research, you might have a salary range with a high, medium and minimum salary you would accept. Telling the company about your achievements during the interview will increase your value when they begin to discuss your salary. Do not bring up compensation. Focus the interview on what you bring to the prospective employer while learning more about the position and what it will involve. If they are interested in hiring you, they will eventually bring up salary, possibly at a second interview.

The Offer
You always want to bear in mind what a competitive market value for your services would be; however, the individual who mentions a figure first generally has the least power in a negotiation. If you are asked, “What salary are you looking for?” you might first begin by expressing your interest in the position and organization. Then you can answer, “What range did you have in mind?” or “I will consider any reasonable offer” – something that will hopefully get the employer to mention salary first. Most large companies are aware of the market value of a position and already have a figure in mind. If you cannot avoid answering the question, stay close to your high figure or give a range near your high figure– you can always negotiate down but not up.

Also keep in mind your minimum figure (which you don’t tell the employer); if the offer falls below this you will need to decide whether benefits make up for the difference or you want to look elsewhere. It is easier to negotiate an hourly salary, because a slight increase by the hour generally does not add up to a lot of money.