Don’t wimp out in the face of salary negotiations

2011-12-22

4 ways to let fear ruin your new paycheck

Don’t underestimate the importance of negotiating in the job search. In their book quotNext-Day Job Interview,quot Michael Farr and Dick Gaither share the following example of how powerful a seemingly small boost to a job offer can be.
An 18-year-old high school graduate negotiates for $21,000 per year instead of accepting the $20,000 per year that was initially offered.
1. That graduate then gets an average 3 percent raise each year.
2. He or she works for 50 years (normal in today’s world).
3. The result is that this person ends up with at least $112,000 more during the course of his or her career lifetime than a person who didn’t negotiate for that extra $1,000.
That’s a pretty substantial difference, wouldn’t you say? A mere $1,000 increase to a job offer can prove to be quite rewarding over time. That’s why it’s so important that you give negotiations a chance, rather than skipping the process because you’re too uncomfortable to attach a value to your talents and skills.
As you negotiate, avoid the following mistakes. According to Farr and Gaither, these are some of the most common ways to botch the process.
Mistake #1: Assume that nothing is negotiable.
If you’re concerned that an attempt to negotiate you job offer will offend the potential employer or make you look greedy, don’t fret. According to Farr and Gaither, quotMore than 80 percent of employers expect some form of negotiation for pay, benefits, perks, work schedules, work locations and so on. If you don’t ask for it, you won’t get it.quot
Mistake #2: Throw in the towel too quickly.
quotJust because you’re told no, that doesn’t mean the negotiation is over,quot say Farr and Gaither. quotSalespeople know that the first no is just the start of the sale. Keep plugging away. Patience and persistence are paths to success.quot
Mistake #3: Say quotyesquot too soon.
quotMost of the time the first offer isn’t the last offer. And the first offer will usually be lower than the last offer. One theme running through every book on salary negotiation is that interviewees need to delay talking about salary expectations. The longer that an interviewer talks to you, the more likely you’ll be to negotiate better compensation,quot explain Farr and Gaither.
Mistake #4: Negotiate just for money.
The employer may not be able to boost your salary or hourly rate, but there are additional ways to sweeten your job offer. According to Farr and Gaither, quotIf you can’t get the money, you should negotiate for things that translate into money or that make your life easier such as extra vacation time educational reimbursements flexible schedules help in buying tools, computers or software travel allowances and so on.quot

Source From MSN