Negotiate Salary

As a hiring manager for close to a decade, and as the candidate on the other side being offered the job for longer than that, I have seen firsthand the mistakes candidates make when negotiating their salary and overall compensation package. I too have made some of the same mistakes, and thankfully have learned not to repeat each one. The steps below will outline how to ensure that you are negotiating to achieve the very best possible salary and package, matching your skills and experiences, with the company you have received the offer from.

First, negotiate. Always negotiate. Often the phone screener, who is a recruiter either on staff for the organization you have applied with, or is an external recruiter being paid for successfully placing candidates, will inquire of the candidate, “What is your present salary?” or “How much are looking for?” Unless you know full well what the specific details of the role entail, including the various challenges that you may need to solve upon hire, refrain from sharing a figure just yet. Instead consider responding with, “What are the salary ranges for a role at this grade/classification?” Most companies have a predetermined low, mid and high point range set for every job they are hiring for. The salary ranges are used for budgetary purposes and are set by the end of the previous year for this year. You can mention that you will be more prepared to discuss salary for this specific role once you are clear on the full job requirements and expectations.  

Once you have a solid understanding of the role, do your research on roles that match the industry, the company size and the area in which the company division you will be working is located. If you are working remote, far from the company headquarters, check salaries for the area in which you live as cost of living plays a role. There are various salary websites available that can assist in your research such as Salary.com or GlassDoor.com. There are also job search websites such as Indeed.com that allow job searches by salary ranges. While these are not always 100% accurate, it is helpful information to assist you in your overall compensation package negotiation.

Next, ensure that you are considering your level of experience, education, certifications, and all other aspects about yourself that you will be bringing to the company. If you have a bachelor’s degree you will not ask for the salary of an MBA holder. If you have twenty years of experience you will not settle for the salary of an entry level associate. Also consider the actual achievements that you have had in previous roles that could save the new company money or bring in new clients.   

While the paycheck is very important, be sure to consider the overall compensation package. Is the position eligible for a bonus, and if so, is it personal performance based or company performance based, and what are the metrics used to determine bonus payout? Is the bonus paid annually, quarterly, or monthly? Annual bonuses are a lovely lure for a company to ensure you stay long term. You should not feel like you are asking too much, once an offer is being extended to you, to fully understand the full deal.

Understand the costs to you and the coverages available for the medical, dental and vision plans. Does the company provide short-term disability coverage, long-term coverage? What about life insurance? If a 401k is offered, know what the company match is and when you would be fully vested. If the company is public, will you be provided stock options or perhaps employee discounts to purchase stock. Will these coverages be available to you upon your first day with the company? Or will you be required to wait for 30 days, 60 days, 90 days or longer before these benefits start?

Ask how many company-paid holidays there are in addition to vacation time offered. How are sick days are handled, are you able to work remote if under the weather? Even the healthiest of us can get nabbed with a flu bug on occasion, especially if travel is a part of your role. If travel is required, how much and how frequently?

Then there are all of the other benefits such as days to work remote, tuition reimbursement, professional development opportunities such as seminars or trainings, mentoring, coaching and various other perks such as employee discount programs.

The culture of an organization is a tougher area to get a solid understanding of during the offer phase. Human Resources is trained to share the vision the company has, but will not always be aware, nor will they share with you, if the manager of the area you will be working in is a royal pain in everyone’s neck, or if the company claims to value a balanced life yet expects associates to be on call 24-7. The culture will be up to you to flesh out during your interview process, hopefully you will have the opportunity to speak with more than one person at the company.

Flexibility is an area that is one of my requirements and an added bonus for anyone who works on my team. Being flexible does not cost the organization a dime and typically offers an unparalleled value to employee happiness and morale. I enjoy morning workouts, which puts me in the office around 8:30am. I vetted this out with my future boss prior to accepting my role and learned that he too enjoys morning workouts and gets into the office around the same time three days a week. With my team I offer flexible schedules, with the caveat that they know what work needs to be done, if they complete it 6am-3pm or 9am-4pm that’s great! Visit your doctor, take your pet to the vet, live your life outside of the four walls of the office. That is true flexibility and balance.   

Hire a career coach to assist you with preparation for your next compensation package negotiation. A coach can help you get your resume in to top shape, will run through mock interview preparation and ensure that you get the absolute best offer for that next role.  

1.     Negotiate

2.     Understand full scope of role expectations and challenges

3.     Know your worth

4.     Money is not everything, consider the whole package

5.     Culture

6.     Flexibility

Glenda Sparrow Coaching & Consulting is available to help you with your next career move. Contact me at info@GlendaSparrow.com or visit GlendaSparrow.com for more details. Be well.