Are Salary Negotiations Still Alive in Today's Economy?
5 Simple Steps to Successful Salary Negotiations
By Pamela Williams, CAE, Excutive Director of CTHRA -- Broadcasting & Cable, 10/12/2009 12:00:00 AM
5 Simple Steps to Successful Salary Negotiations
1. Determine your value in the marketplace by researching the salary range for your position.
2. Quantify your accomplishments by citing dollars saved, revenue generated, and improved operational efficiencies. Be prepared to illustrate how you can add bottom line value for the company. Past performance is a strong indicator of future success.
3. Be prepared to justify your salary request by documenting previous earnings.
4. Practice what you will say ahead of time so you sound confident and professional.
5. Assess the employer's willingness to negotiate. A good starter is, "I'm very excited about the position you've offered to me. However, I'm seeking to have my salary commensurate with my skills set and experience. Are you open to discussing the terms of the job offer?"
Do recruiters seem especially happy these days? They should, given the fact that they have access to an incredibly rich pool of candidates as more talented, highly qualified people are looking for jobs than ever before. As a result, fewer job seekers are negotiating the terms of their job offers.
"Assessing the candidate pool as a whole, people are more ready to accept a job at first offer than just 12 to 16 months ago," said Bob DeFrank, senior director of corporate staffing and diversity for A&E Television Networks.
So what should you do if you obtain an offer, but the salary is less than you had hoped for? Is it okay to negotiate? According to many human resources professionals, the answer is yes. Surprised? Don't be. Just know that there is a caveat: not everyone is poised to negotiate.
DeFrank explains that one critical factor will help you determine whether or not you should ask the employer for more than the initial offer provides, "Talent is a great equalizer. Candidates who bring value to the table are still actively and successfully negotiating the terms of their offer."
And companies are open to it. Why? It all boils down to the simple fact that our industry values human capital as a powerful competitive advantage, and no one wants to lose top talent to their competitors. As a result, savvy employers recognize that despite the recession, it is in their best interest to be competitive when it comes to compensation.
"Marketplace conditions have given companies an ideal climate for attracting true leaders within a field-be it engineering, sales, operations, on screen personalities, finance, etc. That opportunity doesn't come along very often, so employers are willing to negotiate the terms of a job offer in order to get the best of the best on board," observed DeFrank. "It's simply a matter of strategy...an intelligent investment that pays off."
So, if you are a high quality candidate with a proven track record or skills set that is hard to come by, don't be intimidated by the recession. You are well positioned to negotiate the terms you want by branding yourself as a hot commodity. The key is knowing your value in the marketplace and being able to articulate it to the potential employer.
"Just as every business must research the fair market value for their product, candidates should assess their value in today's job market," said Parthavi Das, WICT senior vice president of strategy and initiatives. "Through research and networking, an applicant can uncover the priorities and challenges facing a company to best position the unique skills or experiences that sets them apart. Understanding how your bilingual and bicultural skills or your experience interning in an urban shelter aligns with a company's priorities, for instance, will help you prepare to negotiate an equitable salary."
Your research will help you establish a realistic range for your earning power. It will also act as a safety net that prevents you from requesting more than is reasonable or less than you actually deserve. Fortunately, there are several resources available to help you evaluate average earnings including Salaries, Salary, PayScale, and Salary Search. If the job you've been offered exists in other industries, research salaries within those sectors as well. Quite simply, the more educated you are about your market value, the more confident you'll be at the bargaining table, which will increase the likelihood of obtaining the salary you want.
A last bit of advice: When negotiating, don't forget to look at the big picture. Salary is only one of many terms you can negotiate. Consider asking for soft benefits that you value such as a flexible work schedule, paid time off, telecommuting and perks. If you've got talent, leverage it...for all it's worth!
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