This entry is a repost from the PRSA Job Center. I thought it was relevant and worth a repost- It makes a lot of the same points that I stated in another one of my entries earlier (Negotiations 101).
Six Salary Negotiation Strategies
Navigating
the salary negotiation process can be tricky. You don’t want to
overplay your hand, but you can’t afford to sell yourself short either.
Many job seekers shy away from negotiating out of fear they’ll blow the
deal.
But here’s a little secret:
Most employers expect to engage
in some back-and-forth discussion at the bargaining table. In fact, more
than one-third of executives interviewed by Robert Half said they’re
more willing to
negotiate salary with top applicants than they were one year ago. Only five percent of hiring managers are less willing to negotiate.
Consider the following six tips for negotiating with finesse:
1. Understand your market value.
Savvy salary negotiating doesn’t involve throwing out a ridiculously
high figure and hoping the employer says yes. The best negotiators are
well-informed.
Do your homework and
support your request with concrete numbers from reputable sources.
Review current compensation standards for PR professionals in your area
and at your experience level by consulting publications such as The
Creative Group’s
2013 Salary Guide. The
Occupational Outlook Handbook from the U.S. Department of Labor’s Bureau of Labor Statistics is another valuable resource.
2. Look at the whole picture.
Remember to consider all aspects of the deal, not just pay. An
attractive healthcare benefits package, bonus opportunities, a
retirement savings plan and perks such as tuition reimbursement or
relocation assistance can make up for a lower base salary.
Also,
don’t overlook the intangibles when doing your cost/benefit analysis.
For instance, flexible scheduling, remote work options and a shorter
commute can improve your work/life balance.
3. Research the firm.
Before you start plotting your negotiation strategy, get an idea of how
much wiggle room there is. Learn about the organization’s financial
standing by reviewing its website and searching for relevant news
stories in business and trade publications. If it’s a public company,
look at the most recent earnings statements and annual reports.
Ask
members of your professional network what they know about the
organization, too. If you discover the firm or agency recently announced
layoffs or a salary freeze, you’ll probably want to recalibrate your
expectations.
4. Keep it friendly.
Always manage negotiation discussions tactfully. You can make a strong
case without issuing ultimatums or threatening to walk away if your
demands aren’t met. Remember: You’re negotiating with someone who could
be your future boss, not haggling with a used car salesperson you’ll
never see again.
Be poised and
pleasant, not adversarial. And be a straight shooter. Candidates
sometimes falsely claim to have a more lucrative job offer from another
company only to have the misguided bluff called and end up with nothing.
5. Ask to revisit the issue.
If the company can’t quite meet your desired salary, ask if the hiring
manager would be willing to re-evaluate your compensation in six months.
The firm could be in better financial standing by that time, and your
manager will have had an opportunity to see the value you provide
firsthand. It never hurts to ask, and now’s the time to do so.
6. Get it in writing.
If your salary negotiation is successful, make sure to get a contract
detailing all aspects of the agreement. This includes compensation and
any special arrangements (such as a signing bonus, extra personal days
or early salary review) you’ve settled upon.
Finally,
if you decide to turn down an offer, do it with class. Go out of your
way to be gracious and appreciative. It’s best to give the employer the
courtesy of a phone call rather than a quick “thanks, but no thanks”
email.
The bottom line is that you want to do everything possible
to leave the door open to future contact. Just because you weren’t able
to come to an agreement for this particular position doesn’t mean there
won’t be a more desirable or suitable opportunity at the company down
the line.
The
Creative Group is a specialized staffing service placing interactive,
design, marketing, advertising and public relations professionals with a
variety of firms. More information, including online job-hunting
services, candidate portfolios and TCG’s award-winning career magazine,
can be found at creativegroup.com.
