Article
Salary
September 29, 2008
You've successfully navigated your way through the interviewing process and received a formal job offer. Congratulations!
Unfortunately, though, this is the point where far too many candidates make mistakes that cost them the job in the end. Too often, people are unrealistic about their market value or unclear about what the market will bear.
(Note: you should get into the habit of doing some basic homework regarding market rate before even beginning the interviewing process)
The key to successful negotiation is to be informed and to know what you're worth. Not what you'd like to earn'but what the market is actually paying for similar positions in your part of the country.
Before you enter into this discussion, you need to know the following:
-What's the market rate for the position in question: low end, midpoint, and high end?
-Where does your current compensation fall in relation to the market rate?
-Does the company urgently need to fill the position?
-How long has the job been vacant?
-How specialized or rare are your skills?
-What is the company's staffing budget?
-Assessment of the hiring company (i.e. profitability, where it is in the business cycle)
With this information in hand, you will have established the foundation necessary to begin the conversation and make this a win-win negotiation for you and your new employer.
Rebecca Metschke is the author of The Interview Edge, a comprehensive guide for those who are serious about their careers. Visit http://blog.theinterviewedge.com/ for free tips and strategies to gain a professional advantage.
Negotiating Compensation - Know Your Market Value
You've successfully navigated your way through the interviewing process and received a formal job offer. Congratulations!
Unfortunately, though, this is the point where far too many candidates make mistakes that cost them the job in the end. Too often, people are unrealistic about their market value or unclear about what the market will bear.
(Note: you should get into the habit of doing some basic homework regarding market rate before even beginning the interviewing process)
The key to successful negotiation is to be informed and to know what you're worth. Not what you'd like to earn'but what the market is actually paying for similar positions in your part of the country.
Before you enter into this discussion, you need to know the following:
-What's the market rate for the position in question: low end, midpoint, and high end?
-Where does your current compensation fall in relation to the market rate?
-Does the company urgently need to fill the position?
-How long has the job been vacant?
-How specialized or rare are your skills?
-What is the company's staffing budget?
-Assessment of the hiring company (i.e. profitability, where it is in the business cycle)
With this information in hand, you will have established the foundation necessary to begin the conversation and make this a win-win negotiation for you and your new employer.
Rebecca Metschke is the author of The Interview Edge, a comprehensive guide for those who are serious about their careers. Visit http://blog.theinterviewedge.com/ for free tips and strategies to gain a professional advantage.
