June 30, 2009 – 3:56 am
Money is the most sensitive issue in the whole hiring process. Discussing the compensation often causes anxiety on both employee and employer. Here are seven ways to make the process of salary negotiating efficient.
1) Research: Before the interview process begins, contact the professional organization that represents your field of career. As soon as they provide you with your salary information, you can now examine your monthly cash requirements. Remember that once your taxes are added to your paycheck, approximately 30% of your gross monthly salary is deducted.
2) Determine your skills: You should understand that different segments of the economy require a variety of skills depending on the industry setting. Once you have established what your skills are and what they are worth to the current employment market, you would know the limitations of your negotiation.
Salary range information is available at American Almanac of Jobs and Salaries, National Association of College and Employers, Career Center, and professionals in your related field.
In stating your salary range, avoid basing your desired salary on your current salary. Always tell the truth when it comes to your past salary. It is acceptable to extend a range to approximately $6,000 to show that you are within the company’s price range but interested in more compensation.
3) Weigh the company’s compensation package: To determine your fair market value for a specific job, you should consider the economic, geographic, and industry factors of the job offer. Weigh the benefits of compensation and promotions, insurance, allowed time off and retirement settlements of the offer to ensure a fair proposed salary.
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