I just have to share this current scenario with you. Last week one of my career coaching clients, in search of new and better employment, received a good job offer. It was good, but not great. But he didn’t want to risk losing the offer and was afraid that if he negotiated, they might rescind the offer.
So for all of you in that situation, please heed these three secrets of salary negotiation. Remember that knowledge=power!
The following is vital information for you to have, to practice and to use:
1) Organizations do expect you to negotiate! When they extend an offer to you, they typically offer a salary and package based on the low end of the range for that position. In other words, they do expect you to ask for more! A reasonable amount, that is. For instance, this client was offered $95k. He went back and asked for $110k.
So he asked for about 10% more, which is reasonable. And the company came back with a new offer of $105.
2) Tie your requests to supportive facts: When my client went back to negotiate I had him tie his recent accomplishments and proven impact and contributions to the request. He had had three winning client proposals in the last 12 months and he had earned an additional industry credential, and had spoken at an industry event. I coached him to share those assets and accomplishments, and to say how he plans to contribute to the company’s business momentum with his skills and talents.
3) Ask for other things, not just salary: My client also asked for an additional paid week of vacation. At this current company, after five years of employment, he now had 3 weeks paid vacation. This new company offered him only two and he asked them to match the extra week. He got it! Additionally, because he was currently employed I suggested he ask for a sign-on bonus to incentivise him to make the move. He asked for one and his new offer letter included a $5 sign on bonus!
In total, this client now has a $20k richer offer than before. He moved from $95 to $105 in salary, which is $10k more. Then, he negotiated for an extra week vacation worth around $5k. And finally, a $5k sign-on bonus. That’s a total of $20k more just for asking. And it was a fairly low risk as as well.
Onward to your successful negotiations!!
NOTE: There is a lot more to be said on the topic of salary negotiations. I welcome your questions in that area, and any other career related questions you have. I very much welcome a dialogue with you. Please send your questions to me at: [email protected] www.greatin8coaching.com