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Salary negotiation can be very stressful. Typically, salary isn't discussed until the end of the interview process, and the interviewee is often on edge, hoping that the offer will be generous.
Although you're excited to have received an offer - which may be for a higher salary than you've ever earned in the past - you don't want to sell yourself short and settle for an offer that's lower than your |
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worth. On the flipside, you don't want to demand a salary so high that your offer is rescinded.
The negotiation process might feel like you're walking a deadly tightrope, but following these steps should provide you with a good safety net:
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Research. Prior to the interview, it would be beneficial to research the company and your potential role. Salary.com and Monster.com (click on salary calculator) are good resources for determining a realistic range of compensation for your position, taking into account company size, experience level and regional trends. Determine the lowest possible salary that you would consider. |
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Prepare. Based on the job description, develop a list of your experiences and traits that increase your value to the organization. |
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Tread lightly during the interview. Don't be the first to mention compensation. If asked about your salary expectations, redirect the question and ask for the typical salary range for someone in your position with a similar level of experience. |
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Sell yourself. In the contents of your thank-you letter, highlight your unique experiences and key areas where you can add value. These bullet points should be brief yet powerful, and designed to resonate in the mind of your potential employer when crafting the offer. |
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Evaluate the offer. Once the offer has been presented, don't be afraid to inquire about the fringe benefits of the position. Good health insurance, retirement savings accounts, stock options, tuition reimbursement and bonuses are all wonderful perks that contribute to total compensation. |
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Leverage other offers. Perhaps the stated range isn't to your liking. If you're lucky enough to have received multiple offers, they can often be used as bargaining chips. In a non-threatening way, inform your potential employer that you have other opportunities in a higher salary range. Clearly communicate that you strongly prefer to work for his/her organization, and ask if there's a way to work out a beneficial solution. Don't bluff or create fictional opportunities! If your plan backfires, you will be jobless. |
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Look to the future. If you love the job and decide to accept the offer despite a lower salary, make sure there's a potential for raises and/or upward mobility. Inquire about the frequency of employee evaluations and ask about the possibility for a review and salary re-evaluation in six months. |
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Although stressful, the salary negotiation process is very important. You've worked hard to earn your degree, and you deserve a salary commensurate with your knowledge and experience. If you negotiate well, you will begin your long career with a great position, enviable compensation, and growth potential.
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