Today’s tight labor market is essentially the job seeker’s market- having the upper hand indicates a better opportunity to negotiate your salary successfully. Often, employers are even willing to entertain a counteroffer. Listed below are some do’s and don’ts to help you negotiate your salary:
DO check your attitude at the door
It is advised to negotiate with a cooperative attitude, because in reality, you and your employer are on the same side. Keep your attitude in check- speak and behave as if this negotiation procedure will be a pleasant and successful process- and it might even turn out that way!
DON’T forget to do your research
When you conduct your research before an interview, you should also research the salary ranges for the same position. You should know what the average starting salary is for the position that you’re applying for and for someone with the same experience level as you.
DO consider your take-home pay
Keep in mind that your base salary is not your take-home pay. There will be many potential requirements that could eat away that salary including insurance, taxes, gasoline bills, parking lot fees, toll road tariffs and public transit charges. As a negotiation point, you can easily use this information. You can even explain to your manager that after these additional expenses, your take-home pay might not even cover your basic cost-of-living expenses.
DON’T give an exact number
It is better to start your salary negotiation by stating your request in the form of a range. This way, you show that there is room for negotiation and you avoid pricing yourself under or out of consideration.
DO ask about benefits
In your total compensation package, salary is just one factor, so avoid getting caught up on the number. Don’t forget to ask about variable compensation programs like sign-on bonuses and bonuses and check about the benefits being offered to employees. When making an informed decision, the total compensation is important.
DON’T accept the offer on the spot
Once an offer is made to you, you do not have to accept, reject or counter an offer on the spot. You can always thank the hiring manager and inform him or her that you’d like some time to consider the offer and get back with either negotiation requests or your acceptance. Ensure that you respond in a timely manner, before you lose the offer.