Salary Negotiation

congratulations you've gotten a job offer.  Now is the time to talk about salary and

benefits. Some companies will negotiate your salary and benefits. In this

presentation will give you tips on how to effectively negotiate and navigate

the negotiation process. So why negotiate? Salaries are based upon the other subsequent

Raises and negotiations. For example, if you start off at thirty thousand dollars, over 10

years if you get an annual increase rate of 2% of your salary

You will be making $36,570 at the

end of those ten years. If you negotiated 2 percent higher you'll be making over

seven thousand dollars more over 10 years and even just 5% higher, which is $1,500,

you'll be making over $18,000 more over those years. So you can really see how just

the little increase and base salary negotiation a little bit more on your

base salary will mean a lot in the long run. When to bring it up. You should not bring up

salary negotiation; you should wait for the employer to bring it up. Sometimes it's

inappropriate for very structured jobs. In the government, military,

Management, and consulting and sometimes in education, they have very strict salary

levels and salary ranges so a lot of times you cannot negotiate. But if an employer does

bring it up and goes into a salary negotiation process with you, definitely negotiate

With them. Also know how to respond to the salary requirement question. This

is the biggest question that that students have about this whole process.

When a company asks you your salary requirements, know what you're

worth. Do your research and don't put a

dollar number too high or too low. Later in this presentation we will go over the best ways to

research salaries and different careers in

different geographic areas.

Non-verbal communication is very important. We all know that our body language affects how

people see us, but does it also shape how we see ourselves? In her TED talk, “Your Body Language

Shapes Who You Are” social psychologist Amy Cuddy discusses our posture and

testosterone and cortisol levels in the brain can change your feelings about yourself.

So this means that standing tall and proud even when we don't feel confident

can have a positive impact in how we are perceived.  For example, if you're a very protective or

and hand hiding posture that's going to show that you have very little confidence and

it may not get you a higher salary for negotiating face-to-face. If you shift

your pose and make yourself look bigger or really have a very good self

confidence in your posture like standing tall, that shows more self-confidence and

you're more likely to have better negotiations in an interview or during that salary negotiation

Process. If you have that presence and that self confidence that being passionate,

Enthusiastic, comfortable, confident, captivating, and authentic…that will all

come out to the process. What to negotiate? You can definitely negotiate

Salary. Obviously, you can also negotiate benefits. So things like flexible hours,

resources for the job, relocation expenses if you're going to move for

this job is going to cost at least $1,000 or $2,000 to do that.  Hopefully the company will be able

to help you out with that or pay for the entire move in process. Vacation time? Do you get two weeks’ vacation?

Would you want more than that? Is that something that you can possibly

negotiate? Sick leave or insurance? What kind of

dental insurance? Do you get vision insurance anything like that? Retirement….

Does that company offer matching funds if you put a certain percentage of your

paycheck each month or each week into that retirement account? Definitely

things to look into and definitely other things besides salary to negotiate. Planning is key.

Assess your bargaining power, know what your standard of living might be and know

what skills you have. Also, know the cost of living in that specific geographic area.

Research your market and that's always very important. Know your

deal breakers what must you have and what things you won’t accept. Play out

potential results. It is always good to have three four different scenarios of what

might happen. So for example if they accept your first offer or if they counter offer,

how are you going to respond to those situations?  Use

decision-making and problem-solving skills and definitely practice. You can

make an appointment at University Career Services to get feedback about the

negotiation process. Always present yourself in terms of value to the

company, not

personal value. For example, how those things and how those skills that you

have are going to value the company now how much they are worth to you.

Know Your Worth.  Research your salaries.  Research the high salaries in your career for that

geographic area. Know where the median is and know what the low is. That

should give you a certain salary range that you are looking to make.  Figure out how much money you

need to live as well.  Where do you want to live? What do you need for transportation? How much do you

Need for entertainment?  Figure out how much money you need to live. Also, always know how much

your skills, expertise, and education are worth. Obviously coming straight out of college

you not going to be making as much as somebody five or ten years out of

college that has been in that company or in that that career. So don't request a salary that that person might be making

Know how much your skills, expertise, and education are worth.  Some resources

to use. Careers.unc.edu…that is University Career Services main

Webpage.  On there is the NACE salary calculator and also a living comparison calculator.

Those are very important tools very helpful tools in figuring out what

salaries go with certain careers in different geographic locations. Keenan

Flagler has an intranet and has some very helpful information on there about

hours and salary negotiation and salary calculators. Outside the UNC system,

salary.com and payscale.com are also very good websites to understand and get

get information about salary ranges. Negotiation strategy.  Show your

enthusiasm for the job. You already did this as you were interviewing for the

Job, so just keep the enthusiasm up.  Articulate what you bring to the organization. You already sold

yourself as a fit in the interview, so you can now look to sell your skills and experiences and how

much they are worth to the company.  Don't bring personal needs and to the discussion

Either.  Don't say I need this much to buy a big house or a sports car or retire at 40

years old.

Always put it in context of what expertise and what skills that will

benefit the company.

Negotiation style. Level 1, Bronze level is just bluffing through the

negotiation. So that is really just giving a number without any research and having no

idea maybe you may be worth.  Level 2 is presenting a counter offer based on research. Level 3 goes

beyond basic research and connects your skills to the certain position that you

are in. A level 4 four is having 1 or more legitimate offers that you're willing to take.  Some Final Tips

Avoid absolutes.  Avoid I need I must or I have to have this salary or I won’t take the

job.

More likely than not, they will say okay well we're not going to offer you a position then. Don’t commit

until you're absolutely certain and don't lose credibility as well.  That's

why it's important to know how much you are worth.  So if you come in with a number that's

twenty to thirty thousand dollars higher than you should be making at that specific

Job, you may lose credibility with that company.  Also know your bottom line. Don't start off at

the bottom line but know what you are willing to take and know the bottom line of what you're

willing to take. As we said before, consider alternatives to a higher salary.  Negotiate

benefits, negotiate more vacation time or whatever that may be.  Stay positive and use

your manners. Always stay professional never take negotiations

negative or insult anybody. That will always end badly. Know when to fold them…this is the Kenny Rogers rule.

Know when your negotiations are not going anywhere and

when to focus on different or other opportunities. Get it in writing. Get your salary in writing.  Your

Read it and read it again and only sign the agreement when you are 100% confident that you

understand the offer and the offer is good for you.

So if you use these negotiation tips, when the time comes you'll be well on your way to

negotiating higher salary and benefits.