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Monday, June 3, 2013

Salary Negotiations: How To Get The Best Salary On Your New Job?

You have just landed the job interview, you impressed them with your skill set, credentials and enthusiasm, and now you've been called back for a second interview. You know they want to hire you. During the interview process we often believe, "You take what you can get." which is not a bad song, but there's another one that rings just as true, "If you don't ask, how do you know they would've said no?"

Most people always have a feeling that you would like more money than they're prepared to offer. How do you persuade the decision-makers to offer you a higher starting salary without taking yourself out of the running for the job? If you know how much you are worth, you should not shy 

away from negotiating the salary. It's all in the preparation, attitude and presentation. Here are eight tips to negotiate a higher starting salary.

1. Research your career. Take some time to see how much the company you're applying for pays their employees. Search the internet and find the average industry pay scale of your future position. You may aspire to a career in scheduling at a major airline, but if the company's practice is to hire from within, you might need to accept an entry-level position. As part of your research, you need to have a clear idea of what your minimum expectation on what you want to be paid. If the company isn't prepared to pay what you want then you're just wasting time attending the interview.

2. Don’t tip your hand- Leave the salary expectation question blank on application forms, and don't 

mention a specific salary level in your cover letters. If asked to quote your salary, you could say you are willing to discuss with them about it.  You want to get past the paper screening into the "to be considered" file without anyone thinking your anticipated salary is too high. You also don't want to lock yourself into accepting an offer of may be 600k per year if the decision-makers had budgeted up to 1 million to fill the vacancy.

3. Know how much you're worth. – Always try to understand your value. Determine your demand in other areas and consider that a selling point. Consider whether you are in a position of power. If you're in high demand elsewhere, you have leverage. Draw attention to it, but be careful not to emphasize it too much. Avoid acting overly confident or cocky. It might even help if you tell them some strong competitors in their fields, to see if that may weigh in your favor.
4. Practice, practice, practice the interview. You can never anticipate how an interview or negotiation will go, but that shouldn't stop you from checking all the angles. Think about different personality types and how they would react to your own, and prepare responses for each way these "bosses" may react. Making sure you're not caught by surprise will help you keep your head in the game. A famous boxing quote is, "Everyone has a game plan until they get hit in the face."

5. Don't be the first to bring up salarySome people are not patient. Even if your first instinct is to jump at the chance to name your salary, avoid being the first to propose a salary figure. Tell them you're interested in a mutually rewarding career with the company and you're sure you can agree on an acceptable compensation package. However, if you're forced to say a figure, tell them a salary range but insist it's up for discussion. Don't go on too much, either. Say what you have to say then go back to listening.

6. Emphasize the benefits of your skills. 
 Make sure you tell them your achievements when they ask about your last job. Make sure you use facts and figures when you talk, so you sound more reputable. Make sure you list anything that saved your company money, increased efficiency, or anything else that would make a positive impact on your past employers. This will help the interviewers recognize the benefits of having you join their team, and will help boost the salary offer. If you earned performance bonuses or incentive awards, mention those so that you'll be viewed as an achiever, well worth some good money.

7. Don't blink- 
Listen to how the offer is presented. When the interviewer or prospective new boss states a salary figure, nod your head to signify you're considering it, but keep quiet. Your silence will speak volumes for you, and if they considered their offer low, they may bump it up to make you respond. Pat yourself on the back later.

8. Don't go overboard. Be reasonable on the amount you are asking for. Your research is most important in this case. If you know they're shorting your salary, don't be afraid to just walk away. This is a calculated risk to walk away from a job offer. They might call you back with a revised starting salary or they might just close your file and hire someone else if they feel you've been greedy, arrogant or overly demanding.

9. Be flexible- If you want this job, consider agreeing to start at the salary level they're offering, so long as they offer additional benefits or bonuses for specific accomplishments. Be prepared to define them. Money is important, but consider the complete compensation package. For example, you may not get as much money as you wanted, but if you get a sweet parking spot and full health and insurances and other allowances, that may be just as good or better. Get anything they say you're entitled to in writing, and make sure you ask about how often the company raises salaries. As with any negotiation, your goal is to create a win-win situation. 

In conclusion, believe in yourself- Make sure you're confident and believe in yourself. Others will only believe in you if you believe in yourself. Sometimes the only way you can get a higher starting salary is by being actively sought for your position. 

Other times, you may have to demonstrate that you have the exact skills the company needs and, if you play your cards right, you may land the job you want at a salary level beyond your dreams.

In all cases be well prepared, awesome, and don't be greedy. using a little psychology, and practicing your marketing will help you get what you think you deserve for a salary!

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