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Show Me the Money: Effective Salary Negotiation
September 19, 2005
By Kathy A. Johnson
kathy.johnson@business-programs.com
Business Programs Columnist
If you're preparing for a job interview, you've just completed an MBA degree, or you're being promoted, remember to negotiate your salary.
According to the authors of Get Paid What You're Worth, more than half of prospective employees will accept their next job offer without salary negotiation. This is too bad, because in general, those who negotiate job offers receive higher salaries (up to 4.3 percent more, according to one study) and better compensation throughout their careers.
How do you negotiate for an improved compensation package? Here are some tips:
- Do your homework. Learn everything you can about your prospective employer. Know the going rate for your job and industry (salary information is widely available on the Internet). Have specific facts at your fingertips: "The average MBA salary for someone in my field is X amount."
- Be professional. Present your counteroffer as a request, not a demand, and always retain control of your emotions. Never lie or misrepresent yourself in an interview. "When the negotiations are over, you'll have to work with the person with whom you're negotiating," cautions Lee E. Miller in "Eleven Commandments For Smart Negotiating."
- Be creative. Compensation can include more than just salary. What is the "total value" of the offer: monetary compensation plus other important factors such as flexible schedules or advancement opportunities? If you pursue more education, such as an MBA degree, will your expenses be partly or wholly paid by the company?
- Get it in writing. Once you have come to an agreement, make sure you have something in writing detailing salary and other benefits you have negotiated. You may need this if your boss is transferred or your company is taken over, for example.
Use these tips to prepare for your next opportunity to negotiate. Effective salary negotiation takes a little effort, but it will affect your earnings for the rest of your career.
Sources:
Get Paid What You're Worth, Robin L. Pinkley and Gregory B. Northcraft
The Good Girl's Guide to Negotiating, Elizabeth Austin and Leslie Whitaker
Eleven Commandments For Smart Negotiating, Lee. E. Miller
About the Author:
Kathy A. Johnson is a freelance writer and editor based in Florida. She has worked as a writer and editor for several publications, writing articles on a wide variety of topics. She and her husband owned and operated an insurance and financial services company for 13 years.
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