Do you ever notice that when you are challenged by a task, the task is difficult because it is unfamiliar or not something you are well-practiced in? Many of us haven’t negotiated compensation, and the thought of doing so can be daunting because we don’t know how. But as the infamous childhood hero GI Joe would say, “Knowledge is power.” Negotiating is no different. You might assume you need a lot of courage to ask for the compensation you deserve, but really, you just need knowledge. Here is our three-step plan to negotiate compensation for a new job.
Step 1: Research
You have been presented a job offer and you know that it is negotiable (because you asked that, right?), so you can begin to formulate your counter-offer. Any well-crafted business proposal should have a good foundation of reasons to accept it. How do you go about gaining the knowledge to make your case? Do your research. Gather market information that is relevant to negotiation, including:
Step 2: Practice
You’ve done the research and now have a firm understanding of what is reasonable for the market and the position you are negotiating. Outline what your request is going to be. While you will want to ask for a specific salary, have a range in the back of your mind that you are comfortable with accepting. Other items you may wish to negotiate include:
Remember to have concise reasoning behind your proposal. Stating that you have done your research for the market and, based on the experience and expertise you bring to the position, you would like them to consider (insert your proposal here). Practice saying your request so that you feel comfortable with the conversation before speaking to the hiring manager.
Step 3: Present
It is time to present your proposal, and this part requires tactful confidence. You do not want to appear demanding; rather, you want to show that you have done your research and have a solid understanding of the value you bring to the company. Remember to ask how long you have to decide if they counter-offer and if you are able to re-negotiate. Perhaps they could not provide you with a salary increase, but they are able to offer you additional paid vacation. It is about finding the right balance for both parties.
Lastly, get your agreement in writing. Nothing is set in stone until it is set in stone – or paper, in this case.
DID YOU KNOW?
Great West Casualty Company offers a comprehensive benefits package and competitive compensation. For details, visit our website.
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This material is intended to be a broad overview of the subject matter and is provided for informational purposes only. Great West Casualty Company does not provide legal advice to its insureds, nor does it advise insureds on employment-related issues. Therefore, the subject matter is not intended to serve as legal or employment advice for any issue(s) that may arise in the operations of its insureds. Legal advice should always be sought from the insured’s legal counsel. Great West Casualty Company shall have neither liability nor responsibility to any person or entity with respect to any loss, action, or inaction alleged to be caused directly or indirectly as a result of the information contained herein.