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Salary and Package Negotiation

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by KUMC Career Services on 4 November 2013

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Transcript of Salary and Package Negotiation

How do you know what you need?
SALARY & PACKAGE
NEGOTIATION
know what you need, what you have to offer, and how to get what you want
How do you know what is reasonable to ask?
What do you have to offer?
When and what to negotiate.
Is it really necessary?
An important part of salary negotiation is knowing your base limit: what do you absolutely need
If you have not done a lot of budgeting before, this might be difficult. Check out handy calculators online to be sure that when you negotiate you have a "liveable" wage.
Don't forget things like student loan repayment, saving for retirement, and building an emergency fund. For more information about building a budget, take advantage of KU's free Student Money Management services!
Once you know what you need to live on, it's time to investigate what someone with the job title you are seeking makes.
This is a great time to use resources like www.payscale.com, www.salary.com, and www.glassdoor.com. Keep in mind that the amount that someone makes is very closely related to experience, location, and job duties so you may have to research a lot to come up with a good number.
During this step in the process, you will want to create an "enough" number, a "good" number, and a "best" number based on the salary ranges that you have investigated. Make sure that your "enough" number is larger than your livable wage.
When you are investigating your "enough," "good" and "best" numbers make sure you know what you have to offer the company who is interested in hiring you.
While doing your research is important, and anything within the salary range for that job is open for negotiation, you will want to know what you bring to the table that justifies you being paid that amount. Think about the following:
What experience do you have that sets you apart
What accolades have you been awarded
What qualities do you have that make you a desirable candidate
Where do you go above and beyond the qualifications for the job
How will you solve problems better than other candidates
Always focus on the positive attributes that you bring to the job. Large amounts of student debt, or family burdens are not helpful in negotiating for more salary. To make the case that you deserve more money, you must focus on what the company gets from you, not the other way around.
Negotiation is tricky and there are several things that are must knows:
Never be the first to give a number
Do not negotiate unless you have asked if the offer is negotiable
Do not negotiate until an offer is on the table
SIDE NOTE:
I am frequently asked how to respond if the potential employer asks what salary you expect before an offer is made, or before they have given an idea of the salary range. The best way to phrase this, and to avoid answering with a number is to acknowledge that you have done research but that there is a lot of variety in rate of pay. Finish with an assurance that you believe that you can come to an agreement. It might sound something like this:

"When I was doing my research, I noticed that salary ranges for this type of job vary widely based on the job duties, location, and the company. I am very interested in this position for (list of reasons), and I am confident that if I am selected that we will be able to come to an agreement. Are you able to share what salary range you have in mind for this position?"
Once you are ready to negotiate keep in mind that salary may not be the only thing worth negotiating. Some companies may not be able to negotiate salary but might be able to offer or negotiate the start of health insurance benefits, retirement contribution matching, on-site daycare, vacation time, flexible work schedule, or many other desirable job characteristics.
REMINDER:
THE ONLY TIME TO NEGOTIATE SALARY, BENEFITS, OR TERMS OF EMPLOYMENT IS AFTER YOU HAVE ALREADY RECEIVED AN OFFER OF EMPLOYMENT.
Negotiation for the sake of negotiation is not a good thing. You need to know why you are negotiating.
This is especially important for women.
While the numbers are changing positively, women on average make $0.75 to ever $1.00 that men make. Some of this can be attributed to women negotiating less frequently than men. If you are nervous about negotiating your salary be sure to make an appointment to talk about the ways to start that conversation
Reasons everyone should negotiate:
Employers expect it
Your starting salary determines your raises for the future as most are based on percentages
You know what you are worth, and what you would be comfortable accepting
It isn't always appropriate to negotiate the starting salary, so avoid negotiating if your potential employer tells you the offer is not negotiable, or if it is already higher than the "best" salary range that you had researched.
Final Thoughts:
Sometimes it is important to read between the lines. If your employer offers you much more than you had anticipated, this could be a red flag, as could a really low number. Never be afraid to ask more questions.
You don't have to make all these decisions alone: talk to your mentors or make an appointment to meet with a career development specialist.
Don't underestimate the power of other aspects of the job. A good salary alone will not make you happy so be sure it is the job you want and can be fulfilled in!
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