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Everything
is Negotiable
It's
all negotiable. Every new job - every performance review, in fact
- is an opportunity to negotiate base salary, various kinds of bonuses,
benefits, stock options, and other incentives that add to job satisfaction
and provide financial security. Taking control of your job search
before your job offer and conducting a smart search that takes into
account more than just financial considerations can also lead to
that elusive condition called happiness.
Are
you prepared to negotiate for happiness? The negotiation process
is an opportunity to define, communicate, and achieve what you want
out of your job offer. But to get offered the right job that pays
what you deserve, you'll need to do your homework. The first step
in the negotiation clinic is to understand the negotiation basics.
Negotiation
requires gathering information, planning your approach, considering
different alternatives and viewpoints, communicating clearly and
specifically, and making decisions to reach your goal. In her book,
Job Offer! A How-to Negotiation Guide, author Maryanne L. Wegerbauer
describes how each party in a negotiation can fulfill specific needs
and wants of the other party, a concept called "relative power."
According to Wegerbauer, understanding your strengths and resources;
being able to respond to the needs of the other party; and knowing
your competition enable you to assess your bargaining position more
accurately.
Learn
the power factors
What
is your power over the other side of the table? Relative power,
Wegerbauer says, is a function of the following.
Business
climate factors
- Overall
state of the economy and the industry in which you compete
- Overall
unemployment rate and the general employment picture
- Demand
for industry- and profession-specific knowledge and skills
Company
factors
- Profitability
- Position
in the business cycle (startup, growing, stable, turnaround)
Hiring
manager factors
- Urgency
of the company's need to fill the position
- Decision-making
authority
- Staffing
budget
Applicant
factors
- Other
opportunities in the job offer
- Technical
expertise, unique knowledge/skill set
- Resources
(financial depth, networks, etc.)
- Level
of competition/availability of other candidates
- Career
risk of the job offer
Plan
and communicate
A negotiation
is composed of two major steps: planning (research and strategy)
and communication (information exchange and agreement). In the planning
step, get as much information as you can up front and, using both
the company's written and unwritten signals, map your skills against
what the company values.
Give
it time
Timing
is also important. Remember that the best time to negotiate is after
a serious job offer has been made and before you have accepted it.
Once you are clear about the initial offer, you can express interest
and even enthusiasm, but ask for more time to consider the job offer.
Wegerbauer suggests that this request is made "in light of the importance
of the decision." Sometimes you can split up the negotiating session
into two meetings: one to firm up the job design and responsibilities
and the second to go over compensation and benefits. The key message
here is not to make an impulsive decision. If they really want you,
there's time.
Consider
the alternatives
You
should be prepared with a rationale for everything to strengthen
your position. Counteroffers are an expected part of many negotiations,
so be sure to remain flexible. Keep in mind that different companies
can give negotiations more or less latitude. Smaller companies may
be more flexible than large, bureaucratic companies. Unionized companies
usually have very little room for individual negotiations.
Negotiate
for a win-win
Remember
that the negotiation is not about strong-arm tactics or win/lose.
It is a two-way process where you and your prospective employer
are each trying to get something you need. In a negotiation, you're
both designing the terms of a transaction so that each of you will
receive the maximum benefit from the final agreement.
Also
check out our job offer assessing tool, The
Job Assessor, in order to compare job offers.
-
Linda Jenkins, Salary.com contributor
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