The following Part 2 of the August 26, 2014 Relevant Radio Q&A on New Job Salary Negotiation with Glen Lewerenz and Tracey. Tune in 6a PST 9a EST @relevantradio -
Dr. Wilen is on a corporate speaking tour on the topic of 21st Century Careers and can be reached traceywilen.com, @traceywilen or FB Dr.TraceyWilen
Today’s topic continued : New job salary negotiation
Question: Is it only about cash?
No part of your preparation is to know other useful items that are important to you that may be easier for an employer to offer than cash items that have a high value for you.
Make sure you review the firm’s website/HR to understand what benefits are part of the job and what might not be. So for example if health benefits are included then that does not need to be discussed as part of your compensation package. If commuting fees are covered then you can take that off your list. Develop a list of non-salary items that you consider to have value.
· Health benefits
· Tuition reimbursement
· Moving expenses
· Sign on bonus
· Company car or gas payments
· Real Estate loan assistance
· Stock options
· Vacation days (extra)
· Commuting expenses
· Child care
· Elder care
Question: When will the salary discussion come up?
· It can come up anytime so you need to be prepared.
· It may come up in the prescreen. Perhaps in a phone call by someone in HR who is screening candidates for compatibility. It is important to know exactly what they are looking for by doing research so that you are not screened out. This is in addition to the key part of the interview what do you bring to the table.
· If it is your first interview with the firm it may not come up at all as they are screening you for fit with the job.
· If it is your third or fourth interview you might be beyond fit and there is true interest in having you join the firm.
Question: Should I bring up salary?
Usually salary is initiated by the hiring firm as a part of screening and then formally discussed when the firm has decided they will hire you. I would advise not to bring up salary as it is usually the employer who initiates the conversation. The only exception I can think of is if you are in high demand and a firm is trying to recruit you away from a great job. You might have a number in your head that you would take to leave.
Question: What is the typical job salary negotiation process?
· Hiring managers do not want to have the ideal candidate offer deteriorate in the 11th hour or waste time to find out there wasn’t a salary fit.
· Many firms will prescreen, have someone vet you in advance for range compatibility, make the salary offering clear up front early in the process to ensure that salary discussions are smooth. A range for example. “Would you be comfortable in this range?” “The job salary range is this does this fit your expectations and requirements?”
· You might have been asked your previous salary and salary expectations. This will be noted. Do not change your number if you have provided one.
· If you give a salary range make sure you are willing to accept the lowest number in the range.
· An initial offer will be made. Usually verbal.
· You will review the offer.
· You will be expected to think about it and respond and have discussion if there is a gap.
· The final offer will be written.
· Your final acceptance will be written.
Check back tomorrow for Part 3
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More information on this interview:
Host: Glen Lewerenz, “Morning Air” Relevant Radio @relevantradio