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Take 5: Salary Negotiation Tips

Take 5: Salary Negotiation Tips

by | Apr 16, 2012 | Job Search, Negotiation, Take 5

Take5-150x150Salary negotiation is a common part of the hiring process, so don’t let it intimidate you.  Talking about money is sticky and uncomfortable, but to ensure that you get the salary you deserve to match your skills and experience, it’s a topic that you absolutely have to bring up with a future employer. The more you do it, the better you’ll be at it and the more comfortable you’ll be doing it. The more job experience you have, the more negotiating leverage you’ll have. But, new professionals can negotiate too!

Below are 5 sites that offer a few tips and reminders about how to successfully negotiate your new salary and benefits:

36 Negotiable Items in an Academic Position – Jane Tucker and Barbara Butterfield

The Womanly Art of Negotiation – Catherine Conrad in the Chronicle of Higher Education

Top 10 Salary Negotiation Tips – Negotiation Board

The New Salary Negotiation –  Johanna Schlegel, Salary.com

Salary Negotiation Tips – University of Minnesota, College of Liberal Arts Career Services

Take 5 is a regular feature where we present links to some good articles and resources on job search topics. If you have ideas for future topics, send them to Melissa Judy, Content Development Intern at melissa@higheredcareercoach.com.

Salary Negotiation and Poker: Start With the Hand You’re Dealt: Unique Value Propositions

Salary Negotiation and Poker: Start With the Hand You’re Dealt: Unique Value Propositions

by | Jun 13, 2011 | Interview Tips, Job Search, Negotiation

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Salary negotiation is a really hard process, and one of the top concerns of job-seekers in any industry. It’s the “poker round” of the hiring process, where both sides try to set aside their enthusiasm for working together and think in their own best interest, cards closely held to their vest, and wait for the other to either show their hand or fold. It can be gut-wrenching and nerve-wracking, because nobody ever wants to leave money on a poker table.

Before I go any further with this analogy, I want to say a couple of things. First, I am a lousy poker player and in many ways, a lousy negotiator, because I’m not motivated by money. I’m usually motivated by fear of losing money, and a desire to win. And I struggle with both, and can be frustrating to play poker with, as a result. I am usually the one to fold early, and I have a lousy poker face. Other players can usually tell when I have a winning hand, and they will fold early rather than fork over a lot of money. So take my advice about poker and about negotiation at your own risk! I usually end up leaving money on the table, or having others walk away out of sheer frustration.

But come along for a moment, and let’s break this down, using the poker game analogy, because I think many people can relate to it.

When you are dealt a hand in poker, you know what it is, and depending on whether you are playing stud, or draw, you either know your hand outright, or you can make a couple of trade-outs for fresh cards, to see if you can find a hand worth playing.

If you are playing stud poker, you know your hand from the get-go, and can make your bets based on that hand and your perceptions of the moves others around the table are playing, and whether they are betting, calling or holding.

If you are playing draw poker, you may place an initial bet, based on your gut feeling about being able to cobble something together worth doing, and then raise, call or fold, again based on the moves that other players make in response.

In the salary negotiation process, you also have to start with the hand you are dealt. It starts with your Unique Value Proposition. This is the where you describe your knowledge, skills and experience in ways that show your potential fit into a position. The keys to putting together this UVP (also referred to in the business world as a Unique Selling Proposition or USP) is that you have to explain who you are, what you can bring to the table, and why you are the best person to do so.

Let’s put a formula to negotiation, using your Unique Value Proposition:

  • First, describe who you are, in terms of current education, skills and experience.
  • Second, differentiate your education, skills and experience from other candidates.
  • Third, describe, in terms as concrete as possible, the value that you will add to the employer’s bottom line, that others cannot. (i.e., how you will solve their problems.)
  • Fourth, be ready to fold and walk away when the stakes get too high.

As I mentioned before, I am a lousy negotiator and this does affect my bottom line. I’m going to be spending more time in the near term explaining the Unique Value Proposition for this site and for my coaching programs, trainings and consulting services.

In the process, you’ll see content on this site, and the nature of the free and paid programs that go with it, change. I’m doing this for two reasons: so you can clearly see the value offered, and so that I can tweak the business model so that it results in sustainable business. In short, because being a good coach and a lousy businessman isn’t sustainable, and I really want to win, for the sake of my family and all they’ve sacrificed over the last couple of years to help me build my sites and my business.

It’s basic economics in action. Let’s return to what I learned in ECON 201 when I was actually listening to Dr. Benjamin’s lectures in Sirrine Hall my sophomore year at Clemson, when I wasn’t sleeping off the night before, or checking out the cute sorority girls who wouldn’t really even tell me the time of day.

Transactional business is driven by the concept of marginal utility. The success of any business model hinges on the perceptions of price in relation to utility of the product or service. In business transactions, people (including employers) don’t pay for experience. They don’t pay for history or content. They pay for value.

When utility (perceived value) outweighs price (i.e., risk), people will pay more (by upping their ante.) When price (risk) outweighs utility (perceived value), it’s easy to fold and walk away.

Key questions to consider in preparing for negotiation:

  • How are you presenting your value?
  • How are you contrasting your unique value against other options (other candidates, or starting over with a search.) This might also be seen as overcoming objections to price.
  • How comfortable are you in protecting your unique value, by folding (walking away)?

Once you get these points down, you’ll be ready to not only play, but to win.

So are you going to up the ante, call, or fold?

Hate my analogy? Love it? Tell me in the comments!

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When the Phone Doesn’t Ring: Tips on Following Up After a Job Interview

When the Phone Doesn’t Ring: Tips on Following Up After a Job Interview

by | May 12, 2011 | Job Search

bigstock_man_waiting_for_a_call_2747269When the phone doesn’t ring after you think a job interview went well, you might as well be in your own personal hell. The silence can be deafening, but it’s usually soon replaced by the incessant chatter of your worst critic (the person staring back at you each morning in the mirror!)

It’s important that you don’t get in your own way at this point of the process, because no answer is not the same thing as the answer “no.” If you drive yourself to distraction, or worse, drive the interviewer to distraction in the way you follow up, that rejection may become a self-fulfilling prophecy.

Here are some practical tips to deal with the anxiety that comes with waiting for an answer after a job interview, to help you keep your eyes on the big picture. The right job is waiting for you–whether it’s the job you just interviewed for is beside the point.)

Follow Up with the Hiring Coordinator (Diplomatically!)

  • E-mail a brief thank-you to the hiring coordinator  and others who assisted with your job interview
  • If you didn’t get to ask about timeline, inquire about it in the e-mail to your main contact
  • For the first week or two after your job interview, e-mail contact is best.
  • After two weeks, if you’ve heard nothing, call the hiring coordinator.
  • Reiterate your interest and ask about the timeline (or, if they told you one, ask if it has changed since you last inquired.) It’s possible that other job interviews had to be rescheduled or that other candidates cancelled, and this can postpone the decision date.

Don’t Get Disappointed Until There is a Reason to Be Disappointed

  • Colleges and universities are intrinsically bureaucratic, and this slows down many processes. Remind yourself that not hearing back quickly could be a result of this, and not due to rejection.
  • Don’t tie yourself to the whipping post. You’ll need your self-esteem if you want to keep moving forward. Not getting a particular job doesn’t mean you aren’t qualified. Not hearing back doesn’t mean you didn’t get a job, either. So letting bad self-talk and self-criticism drive you crazy doesn’t solve anything. Don’t do it!

Whether or Not You Hear Back, Move On

Make sure you read that right. It’s not a typo. I did say “whether or not you hear back,” rather than “when you hear back,” because the reality is that some institutions and hiring agents don’t call applicants they rejected right away, and others don’t call at all. There could be other reasons for this. For example, they could still be interested in you, but only if negotiations or a background check on the preferred candidate don’t pan out. Institutions are loath to release viable finalists after they have interviewed them and liked them. Closing out a process entirely isn’t wise, until they have a written acceptance from another candidate. Nobody likes to start from scratch if you still have candidates you have interviewed, are available, and would hire. And, of course, some people will do anything to avoid difficult conversations, so they may just send a form  letter out at a later time.

The result is that these realities make moving on to the next thing the wisest choice. So after you wait a couple of weeks, make contact, and don’t get an answer (or don’t get the one you wanted), keep moving. Research opportunities and apply for them. Accept more job interviews. Relax, take care of yourself, and keep doing your current job to the best of your abilities. Don’t let rejection (or the mere threat of it) leave you waiting by the phone, despairing over your circumstances. Doing so means that you are choosing to staying stuck, and that’s no way to find your next job.

 

Salary Matters: 5 Ways to Find Out About Pay Without Asking

by | May 9, 2011 | Job Search, Negotiation

bigstockphoto_freephoto-brass_bank_1495393-150x150-copyDiscussing salary is easily the one part of the job search process that causes candidates universal anxiety. One of the search terms that job-seekers look  up, before arriving at this site, is “tactfully asking about salary.”

Since asking about salary is such a nerve-wracking experience, here are five ways to find out about salary without asking (or at least asking outright).

  1. Refer back to the job posting and see if a “salary range” is indicated. Anticipate that most hiring agents will make an offer between the minimum and the mid-point of that range, with early-career candidates being offered closer to the minimum, and more experienced candidates being offered toward the mid-point. In very few cases should you expect an offer to be made above the mid-point; organizations want to hire people who can grow into the position before their salary expectations outgrow what the organization can pay. It’s a question of value: no matter how good you are in general, they have placed a maximum value on what the work at that level is worth to the organization. If you need more than that, don’t apply for the job.
  2. Visit the Human Resources website for the institution and see if there is a section with information about salary, compensation and benefits. In this section, search for the terms “pay scale,” “salary bands,” “pay grades,” “salary grades” and “salary levels.” If the institution has this sort of system, see if you can find level at which the position is classified; this may be listed in the posting. Public institutions are more likely to have this information posted, since many states require that information about employee pay scales be released to the public. If you do find these listed, refer back to the advice from #1 and figure the pay will be between the minimum and mid-point.
  3. Ask someone who works at the institution, but outside the hiring circle for the department where you are applying. If you can find such a person in the same department, or who holds (or has held) a similar position (in title or pay band), they should be able to at least give you context about what they make, and may be able to give you some context based on that experience. They may also have access to internal systems where they can see different information than the general public (like new employee manuals, benefit guides, etc.)
  4. Call someone at Human Resources and ask what the “typical” hiring range is for a position at that title and grade. Indicate that you believe you may be interested in the position but don’t want to waste anyone’s time (theirs or yours) by applying to a job you can’t afford to take. As long as you say it diplomatically and convey that you are asking for those reasons, you’ll likely be fine, in the eyes of Human Resources. It shows that you are a serious candidate if you do apply.
  5. Google it. You never really know what you might find out. Try “salary range” for “title,” and “institution,” and see what comes back. I did this for several positions and the search returned recent job listings, with salary information, a couple of perspective pieces by student affairs professionals about jobs and salaries, and one site called GlassDoor.Com, which lets you search for salaries by job title. (That would’ve been a number 6, I guess, but I didn’t want to change the title of the article.)

Whatever you choose to do, I advise against asking outright about a specific salary number, related to your candidacy, until you have been made an offer. When you are offered a job, a starting point for the salary discussion will be included in the initial offer.  Don’t react to the first number you if you can help yourself. Just ask how they came up with the number, and why they feel it would be a fair offer, given your education, skills and experience. Then take some time to think about whether the offer is fair. If it is, you can take it or maybe see if you could make a counter-offer to see if you could do a bit better. But if you are happy with the salary, there’s nothing wrong with just taking it and getting to work. If you aren’t, go back with a counter offer, but be sure to base it on the value you will create for the employer (i.e., how you will earn the higher salary through hard work and productivity.

What other ways can you think of to “ask without asking?”

Some good resources to help you explore ways to approach salary negotiation:

Negotiating a Job Offer: Do’s and Don’ts

Sealing the Deal: Questions to Ask Yourself When Faced with “The Offer”

Job Search 101 Video on YouTube from USC’s Annenberg School

Interview Tip: Leave the Salary Out of It on Newly Corporate

 

 


Negotiating a Job Offer: Do's and Don'ts

Negotiating a Job Offer: Do's and Don'ts

by | Apr 18, 2011 | Job Search, job search tools

Salary negotiation is the one part of the hiring process that people on both sides of the table look forward to it about as much as a root canal.

The key to successful negotiations, I think, is to take emotions out of the process as much as possible. Here are some do’s and don’ts to help you, as a job-seeker, make an effective, objective argument during the process.

Do:

  • Research salaries and benefits for similar positions,  and use this to frame the discussion
  • Visit the institution’s HR site to understand  what benefits are offered and the costs of these benefits. Even though many job seekers don’t consider the costs of their benefits, the employer has no choice but to pay for your benefits. They don’t come from thin air, and today, costs of healthcare have especially impacted the bottom line.
  • Consider the level of experience you have and  be open to hearing what range they can  reasonably offer. One way to do this is to ask how they came up with the offer, and how they factored in your previous experience.
  • Give examples of your experience, and how  you will apply it in the job to earn the salary.

Don’t

  • Talk about your financial needs, debts, or your “ego” needs for a certain salary level (These are your problems, not theirs.)
  • Compare your potential salary to that of other people you know at other institutions (they are not hiring these people) in other regions (cost of living varies) or other industries (student affairs salaries do not compare with corporate salaries.)
  • Get angry, act as if you have been insulted, cry, or threaten to walk away (they won’t care if you act that way, anyway.)

Another piece of advice: always ask for time to think the offer through, and a get a solid deadline for getting back to the employer. Even if you want a job, you’ll probably feel better knowing you did your best to be fairly compensated, and you won’t second-guess your decision and feel you “sold yourself short.”