The Six Key Points to Salary Negotiations.
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This hub is part of the Job Interview set of Hubs I have made, and there is a link here and at the end of this hub, if you wish to check it out.
Negotiating a salary is always a headache and a hassle but it has to be done, for those among us who have the option. It is part of the job Interview process. We can be good interview subjects but lousy negotiators when it comes to money or salary. There is no denying that some people find negotiation very uncomfortable and unsettling. Remember, that if it is possible to negotiate for more, then you should definitely explore that option. There is no shame in this. Some businesses start off with a low figure anyway, knowing too well that the respondent will talk it up. That extra money can make an unbelievable difference. It helped me to buy my own home in my early 20’s. So it can’t be bad. In the Six steps I am going to list here, there is as much philosophy as there is advice, though I keep it to a minimum.
It can be easier to hold out for more money when you are in the process of being offered a job – rather than trying to get a raise when you actually have the job, but the negotiation is essentially the same.
1. Know your positions of power. So just who is holding the cards, so to speak? Each side has something that the other wants. You want their job and salary, they want your skills and experience. Usually the one that wins will be the one who holds more positions of power.
2. Evaluate the consequence of non-agreement. No wonder some hate the negotiation process. But think, what happens if neither side is happy? What if you know lots of people who do this type of work and they are all getting higher money? While you have to listen to “Discount Harry” moaning about how tight things are, and how money just isn’t there. Whoever stands to gain the most from completing the deal will generally lose out in the negotiation.
3. Use bargaining tools. Is there anything extra either side can add or remove from an offer that is of value to the other side? This can often be the centre of most negotiations. Would you be prepared to forgo a company car allowance if they were able to get a salary closer to what you are looking for?
4. Don’t rush it. Remember – if specific salary numbers are discussed directly at an interview, be gallant and ask for time to consider any offer made to you rather than accepting on the spot. (You might be confident enough to tackle this, but defer on the side of caution if you need to. Was the figure offered within your ballpark? Don’t be pressured by anyone, least of all yourself.)
5. Be positive. If you approach the negotiation in the right way, your (potential) employer will be impressed, regardless of whether you eventually win or lose, and see it as another skill which you can bring to their business.
6. Close the deal. Make sure you have a record of the agreement down on paper which is signed by both parties. There is no point in winning a negotiation if you allow the other side to go back on their responsibilities at a later date. This is how almost every staff or worker dispute in the universe happens. Get it signed and in writing. Yes, it is a drag and a hassle, but “feel the fear and do it anyway”. Don’t feel bad or guilty afterwards. You will have taken a huge step forward. And when it is done, remember what progress you have made towards your own future and how it will affect you positively.
Feel free to rate this Hub. If you would like to read the other Hub on Key Questions and how to answer them in an interview, then visit it by clicking here. Check this link for 6 ways to get your CV noticed.
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@ SimeyC: You are "quick out of the traps" as they say at the horse racing fixtures! Thanks for this! Yes, that's a good piece of advice. It always pays to research the market, and check what the competition pay staff. Much appreciated, SimeyC! Always great to get your comments and share your wisdom here!
Cheeky Girl: thanks - I like being wise - lol - does that make me old too!
Being serious though - it's a fine line between cockiness and just being knowledgeable - I like a 'candidate' whose researched the salary, but I don't want it should in my face....saying 'Well the market currently holds a salary of XXX,XXX' is far better than saying 'Well XXX Ltd would pay me XXX,XXX'....
@ SimeyC: Naturally the ideal candidate will be diplomatic enough to know what going rate is, give or take the few differences in jobs (as no two jobs are ever totally alike)- but be diplomatic to the point where one should not have to mention out loud or utter the offending salary figure. Nothing annoys interviewers more. And you're right, cockiness or smugness has no place in an interview, it's a turn off.
(Ps - its hard to tell if you are old from your teeny picture, but you are wise. You sure look "studious" with the glasses!) Thanks for the comments here!
Be positive, yes, and agree to all the other points, Cheeky, I like your name, One time when I was in Australia, somebody said I am Cheeky, I have to look at the dictionary for menaing, hehe, Good day, Maita
@ prettydarkhorse: Positivity will get you everywhere! Thanks! I like Cheeky Girl because everyone says I am very "cheeky". I never hear Americans use it the way the word is used here in UK. But yes, it can be endearing to be called cheeky. Kids are always being called cheeky here. Cheeky gits, cheeky young imps, cheeky charlie's, cheeky girls, the list is endless. Some people say "cheekiness" is a state of mind! That's the trouble with the english language, so many darn words in it! Heh! You take care, Maita!
Totally agree with your point of view, cheeky gal. The negotiation become tougher especially when you are already on a job. You feel like you're underpaid and deserve somethg more, and the "market" is also paying that particular job with much higher salary. Haiz.. it is just so frustrating that bosses' automatic gear just seems broken and wearing out. There is a little "note" that come across my mind is that, the power of bargaining also very much depends on the "supply and demand" concept. Nowadays, employee is just like another kind od "goods" for bosses. Lolz.. Enjoy reading your hub. Best of Luck! ^_^
We all want to do our best to get the salary we feel we deserve, and not everyone knows that the negotiation should be done before the person begins the job. Bosses already have a good idea of what to pay that person and how much the "labour", "experience" and "skills" are worth. But some will try to get the person for "cheap". It stands to reason that the more information the prospective worker has, the better the chances of getting that good salary. Thanks for the comments, William!
I am in the middle of my salary/performance review, this is VERY helpful! Thanks
Negotiating a salary can be very difficult and people are always looking for help or some good advice. I think some people are afraid to be patient and ask for time to consider a job offer. But the potential employee has leverage too. A job offer means that the company is interested. If you eventually decline, that means they have to continue the search process as well. Using the advice given above and in the comments, you can be very successful at negotiating a nice salary.
@ Ladybird: Wow, I know some people who are due salary and performance reviews. It's a nervous, tense time for anyone in that situation. I wish you well and hope you have lots of luck with it. I am flattered that my hub has been helpful! Thanks for this comment!
@ martycraigs: That's the general idea here, Marty. I am hoping to spread some information out there and so people will benefit. I work in a finance - related area, and I know lots of people who are facing reviews like that, it's that time of year I guess. But it's useful to know how to use that information to your advantage., especially in these financially challenging times. Thanks for your comments! Cheers!
Thanks for the useful tips. I particularly like No 6 - all set out in black and white. Regards.
@ Lady_E: Cheers, my friend. I am happy to oblige. : )
Hy Cass, really reading my mind lately. You have a lot of hubs now. : D
Hy Cathy, yes - they are - building slowly but surely. You are my inspiration...in many ways. ; ))
I am always cocky tis my nature but that's moi. Nice follow up to yer previous hub, jeeez I don't know why but I find Cathys avatar a turn on, I deff worry about me.
Re yer profile, myspace is dead Cassy, get yer sweet lil butt on Facebook, it deff boosts yer hubs as well x
Hy TattoGuy! *shufties closer to you* That's quite ok. I judge men by their hearts, you should know that. As for Cath's avatar, yes, I know what you mean. But I keep expecting a bunch of aliens with bows and arrows to appear behind her all yelling like crazy and attacking the humans, just like the darn film! Hah! I do find it a turn on also, but then I know her. ; D
Yes, I have noticed Myspace is kind of void, although I won't give up on it yet. Got a few tricks up my sleeve of my uh... up there somewhere. *grins like anything* Yes, I will take that advice on Facebutt, sorry Facebook! Wow, don't know what made me say that...
You take care, moi friend. I hope you are well and doing ok. Your tattoos are famous! *Hugs you*
Good one Cheeky. I agree with most points. Additionally, if one should also keep a backup plan in case negotiation fails... like giving another offer next day or some other plan B.
@ Ten Blogger: Thanks for this, my friend. A plan B is a good plan. I have to confess that I usually plan to win or succeed at something, so me personally I find that a plan B would invite me to accept a lower quality package, or reduced form of deal. I understand about having a fallback position, or having a limit to what is not acceptable, but I would strive for the most I could reasonably get. I guess I'm a "glass half full" type person.
Awesome advice! Very informative, and well done. Negotiating salary has always been one of my weaker points. Knowing what cards to play and when has always been a good strategy, in my case I rely on intuition for a great deal of things.
Thanks so much,
Sage
@ Sage: Well, intuition is pretty good for lots of things. I like to have memorised all the vital ones, so I made it easy for anyone here who needs the most important points. Sometimes its hard to think on your feet in the thick of the moment. Glad to get your comments here, my friend. Cheers!
Thank you for sharing, this is really great, unfortunately I'm no longer an employee haha have a great day!
Hy febriedethan: Aaaaw, dang! No longer an employee? Well, whatever way the wind blows for you - I wish you well. I couldn't survive without my job and my paycheck! And my Teddy! LOL!
I don't particularly even like talking numbers at first. A good boss who values you will always be open to discussion and pay fairly, a bad boss will always say one thing and screw you over anyway. My solution: to hell with bad bosses.
@ Chef Mac: Hey, chef! What's cooking! You must get that a lot. I'm just kidding. Wow. Sounds like you have had some experience in the game of seeking work. A good boss will pay well, while those other bosses - wow, they really hold tight onto the company checkbook. We should start a movement. Down with bad bosses! A good well paying firm will be like a Magnet to prospective workers out there. I envy anyone who can really cook great. And from what I read of your Hubs this far, you fit that description well! I guess a good chef is never out of work, which proves that having a great skill and talent (and recipe book) will stand in your favour! Cheers, Chef Mac. Keep it real!
Thanks for a Timely Hub - Things are so bad in the UK now, some people are willing to work for less salary than lose their Job. It has come to that. Having said that there must still be some people around that can negotiate for an increase.
Great tips, particularly No 6. (All in Black and White)
Best Wishes.
Hy Lady_E: Sadly I am seeing this too, friends are having to accept lesser salaries just to stay afloat. Some people are even packing bags and heading down under where the Ozzie economy ia apparently a bit better off and recruiting workers with good resumes. Some heading to Canada too. Saudi Arabia and Dubai are good for some people if they are willing to tough it in a new area they've not been in before.
The ones with great or near mythical Qualifications can still state their terms. These are CEO, CFO's, Oil Industry, IT Tech (Mobile Phones and networks) areas where still booming businesses need new blood. And in Finance in some areas. Most jobs are found now through word of mouth, via friends and by networking.
Property may be turning now slowly in the UK, so this will see a long overdue change. Don't lose faith, there's still some jobs out there. If bosses have ten candidates with same Qualifications, the one with the most experience (and probably single) will get it. Experience is a big factor. School leavers are wise to stay longer in college, weather the storm. Take care, thanks for the comments.
SimeyC Level 5 Commenter 2 years ago
All good common sense advice. One thing I always do is to research the market - most companies will check competition when evaluating salaries, so do the same - find out the salary of similar positions in competitors - if you have the same information as the employer then you are more empowered.