Office of Career
Services * LRITC Room 4036 * career@nova.edu * 954-262-7201
Enhancing
Your Power with Salary and
Contract Negotiations
Top 10 Tips for Successful Salary Negotiations Deadly Salary Mistakes Communicate Your Worth Calculate Your Expenses Other Negotiation Methods Salary Information Resources
You aren't paid what you're worth
You're paid what you can negotiate
Be Persuasive
It00 hard to force compensation and trying to do so can potentially
damage your working relationship. On the other hand, it00 much easier
to persuade someone that it
might benefit the organization to
pay you more. Doing so will likely
improve the way you deal with each
other going forward.
10 Tips for
Successful
Salary Negotiation
2. Aim
High and be realistic
Many researchers have found a
strong correlation between people00 aspirations
and the results they achieve in negotiation.
At the same time, you want to suggest ideas to which your boss can realistically
say yes.
10 Tips for Successful
Salary Negotiation
3. Start
off with the Right Tone
To be persuasive,
you want to let your boss know that you will listen and
try to understand his views. At the same time, you expect
your boss to do the same for you, so you can work
together to address this issues. Avoid ultimatums, threats and
other coercive behavior.
10 Tips for Successful
Salary Negotiation
4. Clarify
your interests your compensation should satisfy
Your compensation should satisfy a range of needs, not just salary.
Make sure you have thought about other types of compensation that would
be valuable as well like profit sharing, stock options that vest immediately,
a bonus, greater work responsibilities, a quicker promotion schedule,
increased vacation or flexible hours.
10
Tips for Successful
Salary Negotiation
5. Anticipate
their interests
Just
like you, your boss has needs and concerns of his own. To persuade your
supervisor to say yes, your ideas will have to address those interests.
10
Tips for Successful
Salary Negotiation
6. Create
several options
Joint
brainstorming is the most
effective way to find ideas that
satisfy everyone00 interests. Brain-
storming works best when
you separate it from commit-
ment, first create possible solutions
and then decide among them.
10 Tips for Successful
Salary Negotiation
7. Focus
on objective criteria
It
is far easier to
persuade someone to agree with your
proposal if he sees how that proposal
is firmly grounded on objective criteria,
such as what similar firms pay people of like experience, or what others
in the firm make.
10 Tips for Successful
Salary Negotiation
8. Think
through your alternatives
In
case you cannot persuade your super- visor to say yes, you need
to have a plan B to satisfy your interests. Part of preparation is
creating a specific action plan so you
know what you00l do if you have to walk away from the
table.
10 Tips for Successful
Salary Negotiation
9. Prepare
thoughtfully to achieve your goals
This
is the only aspect of your negotiations
you can completely control. To take
advantage of all the above advice,
you have to invest a significant
amount of your time and energy.
10 Tips for Successful
Salary Negotiation
10. Review to learn
The
only way you can really improve
your ability to negotiate is to explicitly
learn from your experiences. After
you finish negotiations, reflect on what
you did that worked well, and what you
might want to do differently.
10 Tips for Successful
Salary Negotiation
Avoiding to face the salary question until the question about 00our salary requirements00is raised by the employer
Failing to deal intelligently with salary questions by not doing research on salary, comparable employers, and compensation options
Not knowing how much you00e really worth
Specifying a single salary figure when asked 00hat are your salary requirements
Thinking salaries are predetermined by employers
Deadly Salary Mistakes
Assuming your 00ualifications00and performance will automatically determine your salary
Under-valuing your worth
Over-valuing your worth
Thinking the employer is in the driver00 seat
Negotiating salary and benefits over the telephone or through e-mail
Prematurely discussing salary before acquiring information on your detailed job description
Deadly Salary Mistakes
Forgeting to consider benefits, perks, stock options, and equity incentives as part of the compensation package
Playing 00ard to get00when you have little or nothing to leverage
Lying about your past salary history or alternative offers
Failing to raise intelligent salary questions
Accepting the first or second offer
Deadly Salary Mistakes
Failing to assess the employer00 needs and develop a strategy to meet those needs as well as relate this strategy to your salary requirements
Failing to know how to close or follow up the salary negotiation interview
Stating a specific salary on your resume or cover letter
Failing to know when to leave a job for another opportunity that will pay better
Deadly Salary Mistakes
What
you make today reflects what you make tomorrow!
Just Remember00000.
* When talking about
yourself,
focus on your major strengths
and accomplishments as they relate to the employer00 needs
* Be sufficiently redundant
on the points that stress your benefits for the employer
* Answer and ask questions directly
and in detail
* Use examples for making your
points
* Give positive nonverbal clues
and feedback
* Help the interviewer through
the process (The questions you ask may be more important than the answers
you give)
* Be employer-centered rather
than self-centered
Communicate Your Value in the Job Interview
Calculate
Your Expenses
Credit Card Bills
Cost of Living
Entertainment
Rent/Mortgage
Student Loans
Investment
Car Payment
Insurance Payments
Signing bonus Vacation time Extra time away (paid or unpaid) COBRA payments Relocation benefits Accelerated performance review
Make
sure you calculate your take home pay!
Other Negotiation Methods
Salary.com
http://www.salary.com
Wet Feet.com
http://www.wetfeet.com/research/compensation_articles.asp
Monster
- Salary Center
http://content.salary.monster.com/articles/
Salary Informtion Resources
Occupational Outlook
http://www.bls.gov/oco/
Cost of Living Index
http://www.expatforum.com/
International
Cost of Living Index
http://www.homefair.com/homefair/calc/intsalcalc.html
Salary Informtion Resources
Salary Calculator
http://www.homefair.com/homefair/calc/salcalc.html
Wage Web
http://www.wageweb.com/
Wall Street Journal.com Job Star
http://jobstar.org/tools/salary/sal-prof.cfm
Salary Informtion Resources
Office of Career Services
(954) 262 - 7201
career@nova.edu
www.nova.edu/career
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