I like to talk about the compensation conversations. It sounds better than SALARY NEGOTIATION, doesn't it? There are some points I remind my clients when they are evaluating a job offer.
- You and the company are really not at cross purposes.
- They like you; that is why they made the offer. In today's market, people don't hire people they don't like.
- During the interview, you worked very hard to develop a relationship with the hiring manager, build on that.
- They don't want your salary/compensation to be a point of distraction when you're on the job. Happy employees are productive employees.
- While the company has a budget, a $1000 means a lot more to you than to their bottom line. So don't be afraid to ask for what you're worth.
Now let's go back to Covey's second habit. Long before you interview for the job, you'll want to do some planning and critical thinking about the job you are seeking and the compensation you need. I have a worksheet for my clients. There is two parts to the worksheet. First is the job attributes ranking sheet and second is the benefits ranking sheet.
You need to sit down before the pressure is on and decide what is important to you. Regarding the job fit itself. What do you want in your next position? What things would you like to avoid if possible? For example, some people like strong, clear direction on the job while others like independence with clearly stated goals. What's important to you. Then there are benefits that are offered to employees; what benefits are important and which are essential in order for you to accept a position. For example, some people already have health care through a spouse and health insurance isn't as important as saving for retirement. I tell my clients to do this exercise as soon as then can and to invite their spouse to help them. That is the first part of the homework you'll have to do.
Remember, everything begins with networking and you'll continue to network after you've started your new job. By utilizing your network and doing research at the library or internet, you'll start the next part of your homework in preparation for your compensation conversation. Find out what the market will bear regarding salary and other job benefits. Using tools like salary.com and glassdoor.com you'll discover what the salary range is for your level and position. Ask people at the company what the policies are like regarding vacation or paid time off. Glassdoor.com has actual reviews from current and past employees about the culture at the company.
Once you've got your homework done and an offer on the table it's time for "The Conversation." Everything you do will have "an equal and opposite reaction" and you want to keep things as positive and respectful. That means you need to be straight and not play games. You also need to be clear about what your minimum is. A friend and CEO told me that during the compensation discussion, he impressed his future boss by demonstrating how well he would negotiate for the company after he started. He said he was strong and clear that he wanted a fair deal and that he was ready to walk away if they weren't able to meet his bottom line. He clearly communicated with grace and respect and he got the compensation package he deserved.
The point you need to take away is how important it is to prepare. It's a good idea when you have an offer on the table to discuss it with an objective third party. Call your career or transition coach. If you don't have one call me, at Coach Cunningham Consulting. I'll make sure you're prepped and ready for "The Conversation!" Call me at 630.319.7587 or email me at tfcunningham@gmail.com
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