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Negotiating Your Salary!
Transcript of Negotiating Your Salary!
You aren't ready to negotiate salary if you don't understand your worth/value
If you're asked what your desired salary is (which happens) it should be based on this and your budget (your $ needs).
Understanding your worth requires you devoting some real time to research.
Value propositions from employers involve more than just $ - they include things like benefits, perks, and work-life balance
Researching your Worth
Critical to know:
your worth is relative to an employer's assessment of your worth - i.e., they establish what they need, and what a value range is for someone filling that need is
you apply for the job (they have a range pre-established).
Things to consider and RESEARCH
The going rate for someone with your
The Role's Responsibilities
The Market Rate
Also Consider Reaching out to People in the Industry for Info and Guidance on the Job-Search Process (Great Networking Opp.)
Before You say 'Yes'...
Accepting an initial offer is almost never in your best interest, here are some steps you should take before accepting an offer...
Don't Fear Negotiation
It can be uncomfortable
It can be stressful
It's critical -
where you start from a salary standpoint can have a major impact on your lifelong earnings.
It's something every hiring manager is expecting
you to do.
Be polite, honest, thoughtful, considerate and clear
- and you'll be fine.
Negotiating a Job Offer
You should take the time before you begin your job-search to put together a report of your monthly expenses, and identify a bare minimum monthly income to support your needs.. Here's a great resource to help with that: https://www.mint.com/
Things you should factor into your expenses: rent, groceries, transportation expenses, utilities (electricity, water, gas, etc), phone bill, insurance policies, debt/loans, any monthly medical costs/prescriptions, and misc expenses (money you spend on going to lunch/dinner, hanging out with friends, hobbies, etc.). Once you've identified a bare minimum that you need to support yourself, you have a floor as far as salary/wage that you're able to accept when offered.
This can be a tedious process but is critical to conduct before you identify your bare minimum salary/wage.
Your Market Value
This is the rate you should be shooting for when negotiating salary - use it to help you negotiate:
"Based on research I've done using indeed.com and salaryscout, it looks like most people in this kind of role with these kinds of responsibilities are making X amount in your market. I'd like to be compromised similarly."
you shouldn't be negotiating for much more than this because it could lead to you pricing yourself
of consideration for a job.
Too Good to Refuse...without thinking about it first
It's not often that you receive an offer that's too good too refuse - when you see it you usually know it, but here are a couple of criteria that should probably be 'checked' for an offer to warrant an immediate acceptance:
You'll be doing something you really enjoy
You'll be doing it in a geographical location that would make you happy.
You'll be getting paid your market value or more.
There's room for professional growth.
You'll be able to maintain an acceptable work-life balance.
It's not a scam/there isn't some obscure 'catch'
The first thing you should do when offered a job that's interesting but not necessarily too good to refuse, is request to have some time to think about it and discuss it with those close to you. Ask how much time you have until the offer expires. Making big decisions in the moment isn't something you should have to do - if they say they need an answer on the spot you should be suspicious...usually you'll at least be offered 24hrs to consider it (and often more).
Take that time to consult with those you trust, and anyone impacted by your decision.
See if you can get more
Most offers are flexible - to a point - if you don't ask whether or not the person offering you the job has any flex as far as the salary/wage, you're doing yourself an injustice. This does not mean making an ultimatum or requesting a number that's miles away from the one they've provided you.
Remember, you're there to negotiate and so are they.
You should be comfortable politely asking,
"I really appreciate the offer and would like time to think about it. If you don't mind me asking, how much
would you be willing to offer in the way of compensation without feeling uncomfortable?"
Do you have other (better) options?
If you're being considered for multiple roles and receive an offer for one - after you've asked for time to consider it, you should reach out to anyone who you're waiting to hear from (recruiters, hiring managers, etc.) and:
(1) let them know about the offer you've received and how much time you have to accept or decline it,
(B) express interest in learning whether or not
would like to extend you an offer within your available decision making window, since you're still interested in what they may have to offer but need to make a decision soon.
You need to weigh offers against each-other and accept the one that is best for
you (not first come, first served)
, recruiters and hiring managers will understand that and if they don't you probably wouldn't have wanted to work with them long-term.
Is the offer clear?
sign anything - especially anything important - without having a crystal clear understanding of what it is you're signing. If you don't have a comprehensive understanding of the offer that's being extended to you, take the time to better educate yourself on it; read it carefully, ask questions, look-up definitions for words if you have to, do what you must to achieve a clear and comprehensive understanding of what you're agreeing to. Once you know EXACTLY what it is you're being offered, you can make an educated decision regarding whether or not to accept it.
Can you succeed in the role?
If you can't successfully fulfill the job that you're offered it won't be good for anyone - yourself included - regardless of how awesome the offer is. Answer the following questions:
Can I do what their asking me to do, at a high level, for an indefinite length of time (or the time outlined in the contract)?
Can I make the requisite life sacrifices and still be happy (time away from family, daily commute, relocation, etc.)?
Will I be miserable doing this? If so, how long can I endure it until my performance will slip below high?
Will this prevent me from reaching any of my bigger or longer-term goals (professional or life)?
Your Bare Minimum