Salary's Four Bargaining Factors

24/12/2008 15:50

Salary negotiations can be a very delicate matter. However, the more you know going in, the more influence you can exert when
the time comes. Take the time to research your salary carefully and determine where you stand on these four bargaining points:

1. Know the relative worth for your position in the marketplace.

It is helpful—especially if you happen to be entering a new field, going from a very small to very large company, or making a significant geographic shift—to get a ballpark salary figure for a position. The best way is to let HeadCentral help you in determining the best suitable number for you.

2. Clarify what qualifies you to make more than average and more than the employer’s initial offer.

Ask yourself the following:
• Can I help the company make money?
• How about saving money?
• Could my skills be used to help speed up production, decrease waste, add a valued service, or improve customer relations?
• Do I have stories illustrating that I perform consistently over quota?
• Could I act as a manager or executive who would handle bigger budgets, manage more effective teams, and provide measurably superior leadership?
• Can I prove that my organizational skills can save the company time?
• Can I demonstrate that my public relations or customer service skills could turn the company image around?
• Can I help save training time by being an independent, bright self-starter who learns quickly and doesn’t mind jumping in head first?
• Do I have innovative ideas that could bring distinction, respect, and perhaps awards to the company?
• Can I prove, with examples, that I can get it done faster, better, cleaner, safer, more beautifully, or more accurately?

At no time, especially during salary negotiations, do you want the employer to think of you as simply “filling a position.” Rather, you need to be thought of as an individual with special talents who can help the employer solve problems and who can add value to the bottom-line profits of the company.

3. Determine your target salary and benefits.

Your target salary should always be 15 to 20 percent more than what the employer initially offers. Learn to quickly multiply by 15 or 20 percent and add it to your salary figure on the spot if you need to. Distinguish between the benefits you absolutely need and those you want.

4. Forecast how long you are willing to wait until the negotiation resolves in your favor.

Some people feel they can wait only 10 minutes; others, wisely, know that it can actually take weeks before a compensation package is settled. You may need income at this very moment, but the longer you can afford to wait for circumstances to go your way, the greater advantage you will enjoy.

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Topic: Salary's Four Bargaining Factors

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