Edit ModuleShow Tags

Top five tips for negotiating a great job package


Published:

Two of the biggest mistakes people make after a job offer is made:

  1. Basing their decision solely on annual salary
  2. Not negotiating

As the easiest and clearest variable to evaluate, salary is certainly important, but several other factors can impact you more in the long term, depending on your needs. For instance, flexibility to work at home might be more important to you than commanding a higher salary. Similarly, company benefits such as tuition reimbursement or career growth opportunities may carry a great deal of weight for you.

Before you are faced with the decision of taking a new position, consider the variables that are most important to you. Rate these on a scale from 1 to 5 and be prepared to discuss these options with the employer.  Here’s a short list to get you started:

Start date

Salary

Bonus

Location/Relocation

Vacation Time

Holidays

Title & Responsibilities

Salary Review

Severance Package

Profit Sharing/401K

Stock Options

Car or Car Allowance

Sick & Personal Day

Medical Insurance

Life Insurance

Non-compete Clause

Cell Phone

Training & Education

Profit Sharing/401K

Stock Options

Car or Car Allowance

Sick & Personal Day

Medical Insurance

Life Insurance

Non-compete Clause

Cell Phone

Training & Education

 

Once you have a good understanding of your “negotiable,” you might ask yourself, “when is it time to negotiate?” NOW! Negotiations are in process from your first contact until the company makes an offer. From the beginning you want to present yourself as the class of employee that deserves the compensation package you eventually want to receive.

Follow these top five recommendations for negotiating.

  1. As hard as it may seem, DO take the time to consider an offer. Many people take the first offer they hear with a gigantic sign of relief – the job search is over. It’s critical that you control your own sense of urgency in order to remain in the power position. You want to convince the employer that you have the time and flexibility to wait for the right job.
  1. Don’t talk about money too soon in the process. The first person to mention money invariably loses. Use the phrases, “I’m sure you have a range in mind, and I’d be happy to consider that,” or “I’m more interested in challenges and opportunities than I am in a specific salary. Besides, I’m sure this company offers competitive compensation packages, and we can discuss that when we both feel comfortable we can work together.”
  1. Do you research! What is the current value for this position in the market and in the industry? What are you worth based on your experience, knowledge and education?  Don’t let the employer tell you what is fair – do your research to know your value. If you are planning to relocate, make sure you have a good grasp of the cost of living and comparable salaries in your target location. What was a good salary in rural Iowa won’t make it in San Francisco.
  1. Don’t tell yourself, “I’ll get more later when they see how good I am.” This attitude sets you up for disappointment and creates resentment against your employer when they don’t offer you a raise within 30 days of “great” performance. There are times when you might want to accept a lower salary such as when you are radically changing career fields, and must start at a lower pay rate, or you have the opportunity to take on a highly visible job that will pay out in future self-marketing.
  1. Don’t abandon negotiations when you get uncomfortable. Many people don’t like negotiating because it makes them feel uneasy or they avoid the potential for conflict. Practice ahead of time to be prepared for the conversation and remember the worse that can happen is they say no. At least you asked.

Remember, negotiating is at least 50 percent about attitude. You are going to have to live with these people for at least 40 hours a week for the foreseeable future, so it is imperative that the negotiation process creates a positive relationship.

This doesn’t mean you should meekly accept anything that’s offered, but it does mean the negotiation process should be respectful. Be prepared, assertive and tactful. Seek a win-win solution that sets the stage for future success.

Edit Module
Shawna Simcik

Shawna Simcik, MA, CMP is genuinely passionate about utilizing innovative resources and market knowledge to drive organizational, career and individual excellence. As a founding partner at ICC Inc., she firmly believes that the success of a business lives and dies by its people. Acting as an extension to your internal resources, ICC provides people strategies for business results in the areas of Talent Management Consulting, Organizational Effectiveness and Compassionate Outplacement services.

Reach her/follow her/learn more at shawna@innovateicc.com @shawna_icc innovateicc.com or 855-865-4400.

Get more of our current issue | Subscribe to the magazine | Get our Free e-newsletter

Edit ModuleShow Tags

Archive »Related Articles

Do we need a new word for entrepreneur?

Has the word entrepreneur become too trendy as to have lost its meaning? I’m hearing it and the word entrepreneurship being used in so many conversations incorrectly. I’m critical of the use of the word "entrepreneur"...are you?

Hot tips for emerging company boards

Emerging companies comprise a significant portion of Colorado businesses. Venture capitalists, angel investors and founders make up the shareholders and the boards of directors of many of these companies. I spoke recently to Fran Wheeler, a partner in the Business Department of the Colorado Office...

Three great tips to accelerate success

Although leaders frequently engage me to help them find a shortcut of some sort—to more effective leadership, to a better strategy, to a more highly functioning team—we rarely find a solution that involves little work. Shortcuts to wealth are generally illegal. Shortcuts to leadership are typicall...
Edit ModuleShow Tags

Thanks for contributing to our community-- please keep your comments in good taste and appropriate for our business professional readers.

Add your comment: