5 First Steps to Successfully Negotiating Salary
Research on negotiating salary has shown that as many as 4 out of 5 companies are willing to negotiate compensation. However only a small percentage of job candidates actually enter into negotiations with a prospective employer.
Job offer negotiations are considered intimidating but you don't have to
be an expert negotiator to successfully negotiate a job offer.
Simply
knowing the basic rules and strategies of negotiation means you can
prepare for and plan your negotiation properly and feel comfortable with
the negotiation process.
Negotiating your salary is composed of two major stages.
- first is the preparation and planning stage
- the second is the actual negotiation where communication and information sharing takes place
Following each step diligently increases the chances of a successful outcome.
5 First Steps to Negotiating Salary
The
preparation and planning stage involves research, gathering and
analyzing information and planning your actual negotiation strategy.
Take these 5 easy steps to a successful negotiation.
1. What is the average salary for similar jobs?
Determine your competitive market-value.
Knowing what you are worth in the marketplace is essential to effective
job offer negotiation. It provides you with a benchmark for any job
offer you receive. We list a number of good resources to use for this
research.
2. What is your value to the company?
Determine your company-value.
Understand what you are worth to this specific company and know how
much bargaining power you really have. How much does this specific
company need your skills at this point in time?
3. What salary are your prepared to accept?
Calculate your acceptable salary range.
You want to earn enough to support your lifestyle. Use the expenses
calculator to know how much money you need to live on and how much money
you would like to live on. These amounts give you your acceptable
salary range.
4. Evaluate the whole compensation package
Evaluate the entire job offer negotiations using all the information you have gathered. Know how to approach the negotiation, the techniques to use, the attitude to adopt and how to achieve a win-win outcome.
Job Offer Negotiation Letter
You can make use of this sample Job Interviews > How to Negotiate Salary
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