Here's a list of seven tips for salary negotiations in tough economic times along with my thoughts on each of them:
1. Don't assume pay and benefits aren't negotiable. More than 80 percent of employers expect some form of negotiation for pay, benefits, perks, work schedules, work locations and so on.
Generally, many benefits (at least the important ones) are more fixed than the other options. For instance, medical and 401k plans are often set in stone, with little room for negotiation. That said, employers can be flexible in most other areas.
2. Do know your worth.
Of course. It's hard to get what you should if you don't know what that number is.
3. Don't negotiate for just more money. Sometimes a company can't give you more money. In that case, negotiate for things that translate into money or make your life easier, such as extra vacation time, educational reimbursements or travel allowances.
These especially work if they don't cost the employer anything. For instance, a couple extra days of vacation has no real cost on an organization -- as long as you get your work done anyway.
4. Do time the negotiation right.
I've found that the "right time" also includes 1. When you have a competing job offer, 2. When you've just completed a major deal/project and/or gotten a big-time award, and 3. When your skills are especially in demand.
5. Don't give up too quickly.
Yes, but don't be too pushy either. As long as you conduct your negotiations with the right spirit -- one of cooperation and wanting to reach a mutually acceptable agreement -- you should be fine.
6. Do know how to support your request for higher pay. Present concrete and measurable examples of how you will increase your value by doing more than just your job, making the company money, saving the company money and time, or solving problems on the job.
I'll reinforce the tips on showing how you can make or save money for a company. Being able to show these will demonstrate that hiring you (and paying you more) will be worth the investment.
7. Don't say yes too quickly. The longer that an interviewer talks to you, the more likely you'll be to negotiate better compensation.
In addition, the longer you go back and forth, the more the company has invested in you (and the more they want the deal to go through.) Of course, you'll have more invested with them as well.
Anyone have any other tips to add to these?
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