Facts, Figures Give You the Power to Negotiate Salary
Teena Rose is a top interviewing professional with Resume to Referral. Learn more about interviewing in top form with interview questions, tips, and techniques located at InterviewStrategies.com.
Interviewing and salary negotiations are closely related. Once the interview progresses smoothly, a job offer follows with dreaded salary negotiations next on the agenda. It would be nice if we all had a wizard that followed us from job to job, acting as a financial guiding force throughout our careers. Well, this isn’t the movies and the workplace definitely isn’t Fantasyland.
There is, however, a little tool called a salary wizard that’s popped up on the Internet and can be found at many prominent employment websites like Monster and CareerBuilder. It’s a device that has come in handy and helped give employees valuable information for determining what they’re worth, which is the No. 1 concern for most employees. According to a CareerBuilder survey, 89% of workers say salary is the most important factor when deciding on whether to take a job or turn it down.
Everyone would like to know if they’re paychecks are up to snuff when compared to other workers in related fields. But finding this out doesn’t come naturally. It’s not like your boss is going to volunteer information on what other companies are paying and whether or not your compensation package is fair. That’s something you’re going to have to do on your own.
The first thing to determine when evaluating your salary is understanding the total package. For instance, let’s say you’re in the job market and Alpha Company in Sacramento, Calif., has made you an offer of $50,000 per year with above-average benefits and three weeks vacation, while Beta Company in San Francisco has offered you $70,000 per year with standard benefits and two weeks vacation. At first glance the job with the higher salary looks great, but the cost of living in the San Francisco area makes the compensation package offered by the Sacramento employer the best bet. The two cities are separated by just 100 miles, but are world’s apart in living costs. The average cost for a home is roughly 40 percent higher in San Francisco, which also trickles down to higher costs for rent. The website Moving.com has plenty of research material and a city comparison tool that provides dozens of useful statistics from the U.S. Department of Labor.
When determining the best compensation package, always take into account benefits. In today’s world of skyrocketing medial costs, the difference between two company plans can result in thousands of dollars in out-of-pocket expenses.
Once you’ve armed yourself with the facts on how much you should be making, use them. But, use those facts wisely. If you’re interviewing for a new job, never bring up salary during the interview process. Employers should make the first move and then the negotiation begins. Some companies will ask for a salary history or preferred salary range. Don’t mislead the employer, but keep this area as flexible as possible. If an employer is thinking of offering $75,000 and you blurt out that you would be happy making $70,000, you’ve cost yourself five grand.
Throughout any negotiation, remember to always remain positive and realistic. Don’t go overboard with your expectations. At the same time, don’t get taken advantage of by employers who want to pay you less. The bottom line is that when you have the ability to make an informed decision, the power is yours when negotiating a compensation package that’s fair for everyone.
Interviewing and salary negotiations are closely related. Once the interview progresses smoothly, a job offer follows with dreaded salary negotiations next on the agenda. It would be nice if we all had a wizard that followed us from job to job, acting as a financial guiding force throughout our careers. Well, this isn’t the movies and the workplace definitely isn’t Fantasyland.
There is, however, a little tool called a salary wizard that’s popped up on the Internet and can be found at many prominent employment websites like Monster and CareerBuilder. It’s a device that has come in handy and helped give employees valuable information for determining what they’re worth, which is the No. 1 concern for most employees. According to a CareerBuilder survey, 89% of workers say salary is the most important factor when deciding on whether to take a job or turn it down.
Everyone would like to know if they’re paychecks are up to snuff when compared to other workers in related fields. But finding this out doesn’t come naturally. It’s not like your boss is going to volunteer information on what other companies are paying and whether or not your compensation package is fair. That’s something you’re going to have to do on your own.
The first thing to determine when evaluating your salary is understanding the total package. For instance, let’s say you’re in the job market and Alpha Company in Sacramento, Calif., has made you an offer of $50,000 per year with above-average benefits and three weeks vacation, while Beta Company in San Francisco has offered you $70,000 per year with standard benefits and two weeks vacation. At first glance the job with the higher salary looks great, but the cost of living in the San Francisco area makes the compensation package offered by the Sacramento employer the best bet. The two cities are separated by just 100 miles, but are world’s apart in living costs. The average cost for a home is roughly 40 percent higher in San Francisco, which also trickles down to higher costs for rent. The website Moving.com has plenty of research material and a city comparison tool that provides dozens of useful statistics from the U.S. Department of Labor.
When determining the best compensation package, always take into account benefits. In today’s world of skyrocketing medial costs, the difference between two company plans can result in thousands of dollars in out-of-pocket expenses.
Once you’ve armed yourself with the facts on how much you should be making, use them. But, use those facts wisely. If you’re interviewing for a new job, never bring up salary during the interview process. Employers should make the first move and then the negotiation begins. Some companies will ask for a salary history or preferred salary range. Don’t mislead the employer, but keep this area as flexible as possible. If an employer is thinking of offering $75,000 and you blurt out that you would be happy making $70,000, you’ve cost yourself five grand.
Throughout any negotiation, remember to always remain positive and realistic. Don’t go overboard with your expectations. At the same time, don’t get taken advantage of by employers who want to pay you less. The bottom line is that when you have the ability to make an informed decision, the power is yours when negotiating a compensation package that’s fair for everyone.
Labels: salary negotiations
posted by Teena Rose, Highly Endorsed Job-Search Expert at 5:03 PM
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