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JOB SUCCESS SKILLS. SALARY NEGOTIATION. PRE-TEST (True – False). There are five (5) stages of employer thinking. You should “talk” salary as early as possible in the negotiation process. Salary negotiation does not begin until the interview process is over.
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JOB SUCCESS SKILLS SALARY NEGOTIATION
PRE-TEST (True – False) • There are five (5) stages of employer thinking. • You should “talk” salary as early as possible in the negotiation process. • Salary negotiation does not begin until the interview process is over. • You can no longer negotiate salary after the employer has made you an offer. • You should always negotiate salary based on your market value.
WHAT IS THE EMPLOYER THINKING? There are 3 Stages of Employer Thinking: STAGE 1 - BUDGET STAGE 2 - FUDGIT STAGE 3 - JUDGIT
STAGE 1 - BUDGET • Most rigid stage as the company tries to live within its means. • Occurs when employers first talk to you. • Employer is looking to spend as little as possible. • Employers start screening out people who are not in the salary range.
STAGE 2 - FUDGIT • Employer is willing to shuffle expenses if needed. • Employer thinks that maybe they will be able to meet your salary request. • Maybe is the key word as hiring is rarely done during this stage. • Do not reveal your salary requirements at this time.
STAGE 3 - JUDGIT • Employer sees you as an asset to the business. • Employer makes an offer in line with your expectations. • Never reveal salary requirements in Judgit stage = you could be screened out.
2 PRINCIPLES FOR NEGOTIATING SALARY: • Delay any discussion of salary as long as possible. • Know what you are worth in the marketplace.
WHEN DOES SALARY NEGOTIATION BEGIN? Salary negotiation can begin……. • Before the interview • Early in the interview • At the interview
SALARY NEGOTIATION BEFORE THE INTERVIEW For example………… • If you are asked for salary requirements in a want ad or job posting. • If you receive a salary-screening phone call. How do you respond?
OPTIONS FOR RESPONDING • Avoid the salary issue altogether. • Say your salary requirement is negotiable. • Politely ask what salary range they are considering for the position.
SALARY NEGOTIATION EARLY IN THE INTERVIEW At times the employer will attempt to engage you in a discussion of compensation early in the interview process. When this is the case, you have three options…….
OPTIONS • Delaying Tactics - “I would like to put off salary discussions until we are both sure I am right for the job.” • Nonspecific Response – “As long as you pay a fair market value, we will have no problem.” • Throw it Back to Employer – What would a person with my background, skills, and qualifications typically earn in this position?”
SALARY NEGOTIATIONAT THE INTERVIEW There are four (4) possibilities when salary is raised during the interview. • The salary range is acceptable. • Only the top of the salary range is acceptable. • The entire salary range is unacceptable. • The interviewer does not give a salary range.
SALARY RANGE IS ACCEPTABLE Thank the employer for the offer, but be non-committal. “I really appreciate the confidence you have in making this offer to me. I want to bring my talents and skills to work for this organization. Those figures you mentioned are within my expected starting range, depending on the entire salary and benefits package.”
ONLY TOP OF RANGE IS ACCEPTABLE Thank the employer for the offer, but be non-committal. “Thank you so much for asking me to be a part of your team. I know my unique mix of skills and abilities will be a great benefit to the organization. Based upon my research and what I’ve been discussing with other companies, I would have to say that only the upper end of that salary range would be acceptable.”
ENTIRE SALARY RANGE IS UNACCEPTABLE Thank the employer for the offer, but be non-committal. “Thank you so much for the offer. I want to bring my skills and talents to your organization. The other companies I am currently speaking with , however, are considering me at a salary somewhat higher than that range. Of course, money is only one element, and I will be evaluating each overall package.”
NO SALARY RANGE IS OFFERED When interviewer doesn’t give you a specific salary offer and keeps pushing you for your salary expectations. “From my research, $XX,XXX is around the base level for salary for this type of position. Considering my enthusiasm and my general success in the things I set out to do, I believe I’m worth mid-range, say $XX,XXX. What can you do in that area?”
WHEN TO NEGOTIATE SALARY • When the employer is ready to make an offer. • When the employer has made an offer.
KNOW YOUR MARKET VALUE Base your salary negotiations on your market value. • Determine your value to the employer. • Know how you will contribute to the profitability of the company.
HOW TO DETERMINE YOUR MARKET VALUE • Look up salary surveys in your field. • Ask other people in your field or profession. • Check the internet for salary information. • Use your network.
FINAL THOUGHTS • Please be careful and be patient. • Look at the entire package, not just the salary. • Be prepared to negotiate. • Always be polite and professional – salary offers are not personal. • Ask for the complete job offer in writing.
POST-TEST • There are five (5) stages of employer thinking. • In the Budget stage, the employer is trying live within its means. • You should “talk” salary as early as possible in the negotiation process. • Salary negotiation can begin before, early, or at the interview. • If you receive a salary screening phone call you should avoid the salary issue altogether.
POST-TEST continued • You have three options when an employer attempts to negotiate salary early in the interview. • If the offered salary range is acceptable you should automatically commit to the offer. • You can no longer negotiate salary after the employer has made you an offer. • You should always negotiate salary based on your market value. • You can determine your market value by asking other people in your field or profession.
PRE-TEST ANSWERS • FALSE • FALSE • FALSE • FALSE • TRUE
POST-TEST ANSWERS • FALSE 6. TRUE • TRUE 7. FALSE • FALSE 8. FALSE • TRUE 9. TRUE • TRUE 10. TRUE
ASSIGNMENT Use the following web address to determine your value in the marketplace for at least two (2) jobs/careers in your field of interest. Print your results for use at a later time. www.salary.com/