1. SALARY NEGOTIATION STRATEGIES Kimberly Ryan, Assistant Director

2. What Works Research – doing your homework Displaying confidence
Professionalism – don’t display emotion
Showing your Value
Asking for time to consider

3. Preserving Bargaining Power
Sales and negotiation are two different transactions
Biggest error people make is to negotiate prematurely
You cannot negotiate until an offer is made

4. Bargaining Power
It is expected for senior level and higher paying jobs to negotiate salary
The longer the hiring process (several interviews, vetting) the more they will be willing to negotiate
Greater demand for your position = greater ability to negotiate

5. Entry Level Negotiating

6. The Ultimate Rule
Being the first to say a number erodes your ability to move up or down later
Too high? Price self out of market
Too low? May not be qualified
It doesn’t mean NEVER disclose, just don’t say the number first

7. Talk to the Decision Maker
If HR extends the offer, go ahead and talk to the hiring manager
Try to deal face-to- face if at all possible

8. Know Your Market Value www.onetonline.org
Know salaries and negotiating climate
O-Net uses US Census Bureau Data

9. State Salary History Option One – Don’t disclose
-It is illegal to require previous salary in some states
-State you want to paid be based off of what your current skills and experience is worth and you are more than happy to provide more information to help with the valuation
Option Two – Be accurate
-You have an expectation that your current salary will help you with negotiating

10. State Salary Requirements
Option One – leave blank, use “open” or “negotiable”
Option Two – Look at market range and make its midpoint your starting salary (generally good rule for new graduates)
Option Three – Start with the upper range of your expectation, so counteroffers are still reasonable

11. When You Are Asked about Money Early in the Process
Option One – Ask about the job itself
Option Two – Talk about the value you bring

12. When You Are Asked about Money Later in the Process
Option One – Discuss scope of responsibility, size of territory
Option Two – Good company reputation for fair compensation
Option Three – If this looks good, we’re sure to agree to salary
Option Four – What’s the range (turn tables politely)

13. When the Money Questions Become Direct
Option One – Can’t compare apples to oranges
Option Two – Prefer to fit in employer’s established range – what is it?

14. What will it take to hire you?
Option One – Research shows…
Option Two – Total Package would be (add base and benefits together)
Option Three – What it would have been at the old job

15. Your Moment of Power
Employer’s interest rises with each succeeding interview, but your power is never greater than at the moment of the offer
When seller becomes buyer
Recognize green lights

16. A Bidding War Be careful; could send wrong message
Let Company A (your top choice) know that Company B has made an offer
Ask Company A if process can be expedited
Never lie – it’s wrong AND it could backfire!

17. Rules to Remember Some companies are first offer, best offer
You MUST know the going rate
When you get the offer, use silence, drop eye contact
Describe the offer (modest, low side)
Ask for time; NEVER accept on the spot
Ask for it in writing

18. Let’s Watch…
Body language
Expressions
Silence
Word Usage

19. Rules to Remember Know your walk-away number Express optimism
Confirm agreement first; then tackle other issues
Counter offer (nail down salary FIRST)
Final offer in writing – you may have to do it yourself

20. Dealing with Firm Numbers
What can we do to work this out together?
I understand and I’m willing to wait for you to talk to your VP (appeal to higher authority)
Can the job be reclassified?
I can appreciate internal equity issues
Can we start at $x and review in six months?

21. How to Pitch A Performance Contract
Why employers may say things are inflexible (You did not show your value enough, you told them you have no other offers, or you told them your last salary). Minute 4:12

22. Pain – when do you want it?
A little now when there’s discomfort in the negotiation process
A lot later when you discover you have been undervalued

23. This is all compensation…
Base Salary (FINISH IT FIRST!)
Bonus (gross/net taxes, signing advantage/disadvantage)
Medical coverage (COBRA coverage)
Retirement, 401(k) regulated
Vacation
Relocation (taxes)

24. This is all compensation…
Tuition Reimbursement – usage, waiver
Expenses – who carries the cost?
Cell phone and Blackberry
Company car

25. Harris Commons, Room 307 www.fit.edu/career career@fit.edu