All in Compensation Negotiation
While it is disappointing not to get the salary offer you would like, be mindful that salary is only one aspect of a job. Depending on what is important to you in your life and career, it may make sense to take a job with a salary offer that you find disappointing. Evaluate everything you need and want from a job, and then decide if this opportunity is the best.
Recruiters know that asking about salary requirements is a needed part of their job but that it is also a game that employers and candidates play to see who can negotiate the best terms. If you are well qualified for the position but do not want to disclose your salary requirements in the application, someone from the company will likely reach out to speak with you.
Knowledge is power. Understanding how a company determines its pay structure is vital to understanding how to maximize your potential compensation, should you be made an offer. The first thing to know is that different industries will offer different pay scales.
The truth is that you are in a negotiation whether you are actively negotiating or not. If you choose not to negotiate a new job offer, are you okay with a suboptimal outcome? Michael Jordan said it best, “You miss 100% of the shots you don't take.”
When you are thinking about a potential job opportunity, learn about the total compensation and benefits package. You may find that you would gladly offset a lower starting salary for access to many of these benefits.
You have received an offer of employment. Great! The hard part of the job search has been completed. Don’t let down your guard, though. You have now moved into a very tricky part of the job search which can have an impact for years to come–the compensation negotiation. Not negotiating starting salary, especially early in your career, could cost you an estimated one million dollars over your working life. That is significant money! Raises on top of a higher base and bonuses based on a percentage of a higher base salary can significantly increase your earnings.
If you have been contacted by an employer, you can be sure that one of the first questions that will be asked will be about your salary needs. You know this is coming, so as a job seeker, you should be prepared for this question. Why would an employer ask about this?
You know you are going to get the question about salary requirements. While it may be an uncomfortable question to be asked, my best advice is to prepare in advance to answer the question.
