Covering the Essentials
After determining a salary range and documenting your value, you will want to strategize your approach and put a plan into place.
- Consider the employer - In addition to knowing what you are worth, it is important to research and consider what an employer can offer. The budget of a small non-profit organization is going to be different from that of a Fortune 500 company. It can also be helpful to consider the perspective of the person with whom you will be discussing salary. When considering all sides, you are more likely to come to an agreement on a compensation package that is a win-win for everyone.
- Prepare to discuss more than money - Compensation is more than a paycheck and negotiating additional perks can add to your quality of life. Other areas of negotiation can include: an accelerated review schedule, additional vacation, sick, or PTO time, training or educational opportunities, benefits, relocation fees, flexible work schedule, and an altered bonus structure, to name a few.
- Determine your bottom line - Bottom line refers to the amount of compensation you feel is absolutely necessary to accept a job offer. Having a bottom line and sticking with it can assist in determining if you need to walk away from an offer.
- Stay future focused - Employers will sometimes request your current or previous salaries and use that information when determining an offer. You NEVER want to lie about salary (it can be a terminable offense) but instead be prepared to demonstrate why the salary you are requesting is fair if it is significantly more than previous positions.