When It Comes to Job Offers,It Pays to Ask for More Money
CareerBuilder.com’s survey of 875 hiring managers revealed that about 60% leave room in the first offer for salary negotiations, 30% say their first offer is final, and 10% say it depends on the candidate.
Meanwhile, four out of five corporate recruiters said they are willing to negotiate compensation, according to a study conducted by the Society for Human Resource Management.
Yet few job-seekers actually ask for more, says Randall Hansen, a career advice writer for Quintessential Careers.
Clearly, it pays to negotiate, though actually doing so can be difficult. To be successful, arm yourself with information. Research the company’s pay scale, the job’s fair market value, the industry average and the region you’ll be working in.
Salary comparison information is easy to find–try employment surveys, libraries, professional organizations and peers. Numerous Web sites offer comparison information–try Salary.com, CareerInfoNet.org or Jobstar.org.
Delay salary and benefit discussions until you actually have an offer. You will have more negotiating power once you know you’re the desired candidate. And let the employer talk first; otherwise, you risk asking for less than what the employer is prepared to offer. If you must provide salary requirements during the application process, offer a bracketed range or say that you expect a salary that’s competitive with the market.
Prove what you’re worth. Employers are more likely to honor your requests for higher compensation if you can demonstrate why you deserve it. Highlight your unique skills, specific accomplishments or the revenue you’ll generate. Make sure your references give you good reviews–employers rely on past peers and bosses when deciding on a higher salary.
Other benefits count. If a salary isn’t negotiable, you may be able to get other perks such as increased vacation days, tuition reimbursement, moving expenses, stock options or profit sharing. Consider requesting an earlier performance review so your next salary discussion is sooner rather than later.
Always get your final compensation offer in writing. You can ask the employer for a day or two to review it before making a final decision, but once you sign on the dotted line, don’t go back for more.