How the Salary Negotiation Process Works
Learning how the negotiation process works in a company can be challenging, especially when your future employment hangs in the balance. There are three major things that can help you in this process. It is important to neither undersell or oversell yourself during this process, while maintaining an objective and business-savvy mind throughout the experience. By keeping an open mind and remaining professional, you will find a job that appropriately compensates you both financially and personally.
Haggling for the Sake of Haggling
Many prospective employees feel as though their employers expect a healthy negotiation process. However, this is not frequently the case. Before you consider the many factors that go into salary negotiation, first consider whether it's necessary. If you are not being properly compensated for your abilities, then it is time to consider entering into a negotiation process. However, haggling for the sake of haggling will only make you appear unprofessional.
Don't assume that a first offer is insufficient. Many employers do not like the negotiation process and will attempt to avoid it at all costs. Therefore, strongly consider whether you can be satisfied with an initial offer. If the amount offered simply does not correspond to your talents, then the time to enter into the process of professional salary negotiation.
Preparing for Battle
Once you have distilled a need for salary negotiation, make sure you're properly prepared. Send an e-mail to your potential employee and remain professional. Cover your bases and make sure that a formal offer of employment has been established. After an offer has been made, salary negotiations are welcomed. Since the company has expressed interest in your talents, you can expect to begin your negotiations.
Be sure to research your position before you make a counter offer. Whether you want to or not, consider your age. If you are young, account for that with your offer. If you are a bit more seasoned, account for that. Express the research and consideration you've done in your counter offer. After all, any time you can express good will for your potential employer will help your chances of having that counter offer accepted. A younger applicant may successfully avoid pay cuts due to their age by simply offering their experience at internships. Similarly, older applicants may successfully avoid pay cuts due to their age by offering the knowledge they've learned through computer classes and other tech skills.
Keep an Open Mind
Remember that everyone here wants the same thing. Your new potential employer does not want to hire an unhappy employee, or an employee that will be unhappy in six months. Also remember that your employer has the added responsibility of not overpaying a new employee when current employees are making less. They are playing a delicate balancing game, and keeping an open mind is vital in the negotiation process. If perks are offered in place of a pay raise, strongly consider them. Often employers will offer these benefits, and depending on your personal situation, they may be even better a pay raise.