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Enhancing Your Power with Salary and Contract Negotiations. Office of Career Services * LRITC Room 4036 * [email protected] * 954-262-7201. You aren't paid what you're worth. You're paid what you can negotiate. Top 10 Tips for Successful Salary Negotiations Deadly Salary Mistakes

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Enhancing Your Power with Salary and

Contract Negotiations

Office of Career Services * LRITC Room 4036 * [email protected] * 954-262-7201


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You aren't paid what you're worth

You're paid what you can negotiate

  • Top 10 Tips for Successful Salary Negotiations

  • Deadly Salary Mistakes

  • Communicate Your Worth

  • Calculate Your Expenses

  • Other Negotiation Methods

  • Salary Information Resources


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10 Tips for Successful

Salary Negotiation

  • Be Persuasive

    It’s hard to force compensation and trying to do so can potentially damage your working relationship. On the other hand, it’s much easier to persuade someone that it might benefit the organization to pay you more. Doing so will likely improve the way you deal with each other going forward.


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10 Tips for Successful

Salary Negotiation

2. Aim High and be realistic

Many researchers have found a strong correlation between people’s aspirations and the results they achieve in negotiation. At the same time, you want to suggest ideas to which your boss can realistically say yes.


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10 Tips for Successful

Salary Negotiation

3. Start off with the Right Tone

To be persuasive, you want to let your boss know that you will listen and try to understand his views. At the same time, you expect your boss to do the same for you, so you can work together to address this issues. Avoid ultimatums, threats and other coercive behavior.


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10 Tips for Successful

Salary Negotiation

4. Clarify your interests your compensation should satisfy

Your compensation should satisfy a range of needs, not just salary. Make sure you have thought about other types of compensation that would be valuable as well like profit sharing, stock options that vest immediately, a bonus, greater work responsibilities, a quicker promotion schedule, increased vacation or flexible hours.


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10 Tips for Successful

Salary Negotiation

5. Anticipate their interests

Just like you, your boss has needs and concerns of his own. To persuade your supervisor to say yes, your ideas will have to address those interests.


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10 Tips for Successful

Salary Negotiation

6. Create several options

Joint brainstorming is the most effective way to find ideas that satisfy everyone’s interests. Brain- storming works best when you separate it from commit- ment, first create possible solutions and then decide among them.


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10 Tips for Successful

Salary Negotiation

7. Focus on objective criteria

It is far easier to persuade someone to agree with your proposal if he sees how that proposal is firmly grounded on objective criteria, such as what similar firms pay people of like experience, or what others in the firm make.


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10 Tips for Successful

Salary Negotiation

8. Think through your alternatives

In case you cannot persuade your super- visor to say yes, you need to have a plan B to satisfy your interests. Part of preparation is creating a specific action plan so you know what you’ll do if you have to walk away from the table.


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10 Tips for Successful

Salary Negotiation

9. Prepare thoughtfully to achieve your goals

This is the only aspect of your negotiations you can completely control. To take advantage of all the above advice, you have to invest a significant amount of your time and energy.


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10 Tips for Successful

Salary Negotiation

10. Review to learn

The only way you can really improve your ability to negotiate is to explicitly learn from your experiences. After you finish negotiations, reflect on what you did that worked well, and what you might want to do differently.


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Deadly Salary Mistakes

  • Avoiding to face the salary question until the question about “your salary requirements” is raised by the employer

  • Failing to deal intelligently with salary questions by not doing research on salary, comparable employers, and compensation options

  • Not knowing how much you’re really worth

  • Specifying a single salary figure when asked “What are your salary requirements

  • Thinking salaries are predetermined by employers


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Deadly Salary Mistakes

  • Assuming your “qualifications” and performance will automatically determine your salary

  • Under-valuing your worth

  • Over-valuing your worth

  • Thinking the employer is in the driver’s seat

  • Negotiating salary and benefits over the telephone or through e-mail

  • Prematurely discussing salary before acquiring information on your detailed job description


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Deadly Salary Mistakes

  • Forgeting to consider benefits, perks, stock options, and equity incentives as part of the compensation package

  • Playing “hard to get” when you have little or nothing to leverage

  • Lying about your past salary history or alternative offers

  • Failing to raise intelligent salary questions

  • Accepting the first or second offer


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Deadly Salary Mistakes

  • Failing to assess the employer’s needs and develop a strategy to meet those needs as well as relate this strategy to your salary requirements

  • Failing to know how to close or follow up the salary negotiation interview

  • Stating a specific salary on your resume or cover letter

  • Failing to know when to leave a job for another opportunity that will pay better



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Communicate Your Value in the Job Interview

* When talking about yourself, focus on your major strengths and accomplishments as they relate to the employer’s needs

* Be sufficiently redundant on the points that stress your benefits for the employer

* Answer and ask questions directly and in detail

* Use examples for making your points

* Give positive nonverbal clues and feedback

* Help the interviewer through the process (The questions you ask may be more important than the answers you give)

* Be employer-centered rather than self-centered


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Calculate Your Expenses

Credit Card Bills

Cost of Living

Entertainment

Rent/Mortgage

Student Loans

Investment

Car Payment

Insurance Payments


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Other Negotiation Methods

  • Signing bonus

  • Vacation time

  • Extra time away (paid or unpaid)

  • COBRA payments

  • Relocation benefits

  • Accelerated performance review

    Make sure you calculate your take home pay!


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Salary Informtion Resources

Salary.com

http://www.salary.com

Wet Feet.com

http://www.wetfeet.com/research/compensation_articles.asp

Monster - Salary Center http://content.salary.monster.com/articles/


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Salary Informtion Resources

Occupational Outlook

http://www.bls.gov/oco/

Cost of Living Index

http://www.expatforum.com/

International Cost of Living Index http://www.homefair.com/homefair/calc/intsalcalc.html


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Salary Informtion Resources

Salary Calculator

http://www.homefair.com/homefair/calc/salcalc.html

Wage Web

http://www.wageweb.com/

Wall Street Journal.com Job Star

http://jobstar.org/tools/salary/sal-prof.cfm


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For more information contact:

Office of Career Services

(954) 262 - 7201

[email protected]

www.nova.edu/career


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