Negotiating salary and total compensation is, for most of us, as difficult as getting past phone screens and interviews to the job offer. It can be tough to think of yourself in dollar terms. If you’re not prepared to negotiate, you’re sure to be unhappy with almost any offer. So don’t be caught flat-footed. Especially today – when companies may not have much flexibility with money – getting to the offer, and making sure it’s fair to all, is a necessary skill.
Salary, for example, is one measure of a company’s culture. Employees should be compensated fairly, compensation should be on par with similar companies in the region and the company should have a documented performance review process. If it’s a start-up, compensation may be difficult to benchmark, but for more established companies – say, those in business for more than ten years – it’s a simple matter to check. There are many web sites (company job boards, associations, alumni organizations, specific salary web sites) that provide this type of information as well as speaking with an Executive Recruiter.
Danger: Do not just look at Base Compensation but Total Compensation. And when looking at TC look at the performance measurements. Can you attain the measurements that are being asked of you so that there will be additional compensation? What are good, attainable and client value performance measurements? Good way to check – look at the Position Description and specifically the Job Description, Duties and Responsibilities. Match these requirements against your abilities to perform: against the existing client framework tools (what pieces are already in place and what are not) against the required performance time frame and then work with the client to determine priorities.
How do you determine these factors? Ask; when you are being interviewed!
If you are fearful of performing these tasks going-in you will fail! Clients want thinkers and doers. Clear thinking in a prioritized and communicative manner is key to your compensation and career success.
In compensation discussions, research, preparation and a realistic attitude will be your best friends.
Your thoughts to; Jim Rafferty, Jim@marketshaperser.com. www.marketshaperser.com