Wednesday, July 27, 2011

Negotiate a Win-Win Compensation Package

In most cases, pay is often a primary motivator for work.

Key Point: Don't base your salary solely on your current earnings. Keep in mind that salary ranges provide for a broad spectrum of candidates, and your experience or relevant skill set may not be considered to be at the top of that range. Depending upon the position, there could be other forms of compensation involved, most notably annual bonuses or sign-on bonuses.

Establish your priorities and how compensation factors into the equation. If money is not your primary reason, don't make it a sticking point.

Demonstrate your value to the interviewer by detailing your accomplishments and what they have meant to the bottom line of your current or past employers.
 
Don't get bogged down in talks about your current earnings if they are not relevant to the position. Gear the conversation to the worth of the position or the skills and experiences you have rather than your current earnings.

Ask the interviewer for the salary range rather than what you are hoping to earn. This way, you'll be in a position to know how close or far off your expectations are.

Leverage other factors to your advantage such as a forthcoming salary increase or that you're assessing other potential employment situations.

Bottom line: think big picture. If everything about the offer matches your criteria - job description, reporting manager, working environment, and company policies and mission - get the best compensation package you can while letting the hiring manager know you are the best candidate for the job.

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