Negotiating Your Salary and Benefits
Research Industry Standards
Examine detailed salary data from reputable sources like Glassdoor, ERI, and Salary.com reporting anonymized information. Note minimum, maximum, median, average and percentile ranges reported for your location, role title, years of experience, education level, skills, and employer type/size for context.Contact 5-7 professionals currently holding similar roles via LinkedIn. Respectfully ask their title, total years' experience, location, company size, overall annual compensation package details like average bonus amounts if comfortable sharing, and salary progression timelines. How have their responsibilities and income changed between employers? First-hand insights enrich external benchmarks.
Calculate Your Monthly Expenses
List housing, utilities, loans, groceries, transportation, insurance totals requiring coverage. Estimate discretionary costs for savings, travel, entertainment.Project longer-term financial obligations like potential increased housing costs, number of future dependents, health plan needs, education expenses, retirement savings goals, supporting family members' needs over time. Factor unexpected emergency funds to maintain stability through various life stages and circumstances while employed.
Outline Your Value Proposition
Identify 5-7 key accomplishments directly addressing the employer's requirements from your background. Quantify results achieved like revenue generated, new client/user growth, process efficiencies realized.Highlight qualifications not obvious on paper like leadership examples managing teams, new program implementations, problem-solving clients' urgent needs under pressure. Emphasize transferable soft skills that differentiate your contributions. Provide concrete stories for resonance.
Request the Salary Range
In screening calls, ask the posted annual salary range or typical compensation structure upfront. Note willingness to consider above if qualifications truly extraordinary.If ranges aren't readily provided, gently point out importance of transparent expectations early. Express alignment interest if within industry standards considering your profile. Discuss flexibility potential warranting further discussions. Open communication streamlines evaluation of suitability.
Prepare a Target Compensation Figure
Research compensation structures, with base salaries, bonuses/commissions, equity factors. Determine ideal minimum base salary aligned at published range maximum or just above for rare qualifications.Set challenging yet rational target total annual earnings considering large bonuses or stock options vesting mid-long term. Factor local cost of living adjustments. Leave room for compromise at offer time while uncompromising on worth internally.
Discuss Terms at Offer Time
If the initial offer comes in below targets, remain poised. Refer to qualifications depth, market comparison, and competitive alternatives respectfully advocating suitably recognizing skills.Voice commitment potentially accepting contingent on good faith reconsideration maintaining attraction. Request time to consider revised package availability. Positive rapport builds willingness accommodating reasonable concerns.
Seek Benefit Enhancements Too
Once salary aligns agreeably, respectfully inquire whether nominal flexibilities adding paid time off or tuition funds factor favorably promoting retention through challenging and fulfilling work-life integration.Propose compromise solutions increasing receptiveness. Small supplementary benefit wins meaningfully impact commitment and productivity over the long-term far exceeding initial nominal costs. Finding common ground optimizes partnership potential.
