Successful Offer Negotiation -- USJobs.Com Career Guide

Successful Offer Negotiation

Successful negotiation of your compensation package with a prospective employer is critical to your success in a new job. Done well, each pay period is a point of motivation; done poorly and it is a constant reminder of a missed opportunity to improve the quality of your life.

With that in mind, I have compiled some pointers to ensure that the compensation negotiation process is fair and rewarding to the employee and employer.

Know Your Value in the Market: There are several ways to assess the fair market value of your skills. On the Internet visit http://www.jobsmart.org/tools/salary/sal-surv.htm for a comprehensive list of salary survey sites. In addition, visit the Systems Professionals Salary Survey for compensation relating to technical positions. Also, utilize your Networking Skills to obtain a reasonable estimate of the market value of your skills.

Honesty Works, Honestly: It is never a good idea to initiate a conversation about compensation; however, when a prospective employer initiates it, be truthful (employers check). Be sure to include all aspects of your current compensation when completing an employment application or during a discussion with a recruiter. Total compensation includes base pay, bonus, overtime, profit sharing, tuition reimbursement, and more. (Be sure to follow the instructions on any employment application.) You must know where you are to get to where you want to be.

Current Compensation Shouldn't Matter: Yes and No. If you are currently employed, you can and should wait until you receive an offer at or above the fair market value for your skills. If you are currently unemployed, you need to factor your current financial situation into the equation.The goal is to have the offer directly linked to the work that you will perform for your new employer and how the value of your work will impact the company's operations.

Play the Cards Close to the Vest: Your goal is to have prospective employers make their best possible offer for the position. Let them do that! If you are asked your salary expectations, let them know the salary range that you determined for the position during your research. However, tell them to make their best possible offer and you will make your decision based on their valuation of your skills.

Oh No! The Offer is too low: When an employer makes an offer to a prospective employee, it is typically an offer that they consider fair. However, it may not be their best offer. You must determine if the offer is acceptable based on your research. If it is acceptable, go for it! (Get the offer in writing before giving notice!) If you think the compensation package should be higher, communicate a compensation package to the employer that would be acceptable. Only do this if you are 100% certain you will accept it at the new compensation level. Also, be aware that many employers will view your suggested compensation as an all or nothing proposition; be prepared to lose the lower offer if the employer can't meet your salary demands.

Just a Little More Time: If you need more time to evaluate an offer, ask for it. If your time frame is reasonable, most employers will be flexible.

Now You'll Pay Me More? Many employers know that it is very costly to lose highly skilled employees and will go to great lengths to retain your services. You should have had a conversation with your current employer about career development before beginning the interviewing process. Usually, counteroffer situations do not work in the long term. Forget it and move on!

Salary is not the only consideration when exploring new career opportunities. In fact, it is not even the most important factor. Your decisions should be made based on the overall opportunity and its impact on your future.

Thomas McGoldrick has over 10 years experience in the Recruitment Industry and is President of BostonSearch.Com. Please email any comments or suggestions for future articles to webmaster@bostonsearch.com.

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