You've been offered your dream job, but the salary isn't quite on par with your financial needs. Perhaps you feel like your experience and skills are worth more than the job pays. Salary negotiation is a sensitive process that can leave both parties feeling frustrated if it's not handled properly. Consider these six common mistakes of salary negotiation to make sure you're prepared for the conversation.
1. Negotiating Too Quickly
Don't jump into salary negotiation mode the minute the hiring manager offers you the job. Take the time to record all the details of the position, from vacation days, health insurance and travel expenses to signing bonuses, company cars and opportunities for advancement. After you have all the details, thank the hiring manager for the offer, and ask for a day to review the information and respond with a decision.
2. Not Proving Your Worth
When it comes to salary negotiation, it's your job to demonstrate your value to the hiring organization. Make sure your resume reflects your greatest strengths and most significant achievements. Tailor your interview answers to focus on what you can bring to the organization and how you can address its business needs.
3. Revealing Previous Salaries
Never reveal your current or previous salary to a hiring manager. Some may write you off immediately because they know they can't compete. Other recruiters could devalue your skills and experience based on a low wage you receive from your current employer. If a hiring manager inquires about your current salary, respond by asking what the salary range is for the position in question.
4. Lying About Your Salary History
If a job application asks for your current or previous salary, leave it blank. Never lie about your salary or exaggerate the numbers. Remember that applications are legal documents, and dishonesty could come back to bite you later.
5. Getting Defensive
As you begin salary negotiation, thank the hiring manager for his offer, and state that you hoped for a higher figure based on your skills and experience. Provide your counteroffer, and stop there. Don't try to fill the silence with additional information, and avoid feeling discouraged if the hiring manager refuses your offer. If you can't sell him on a higher salary, try for some added perks.
6. Failing to Get It in Writing
After you've finished your negotiation with the hiring manager, ask for a formal letter of agreement that spells out the salary, benefits, bonuses and perks to which you've agreed. This ensures that there are no misunderstandings when it comes time to start the position.
By avoiding these common mistakes involving salary negotiation, you can leave any interview feeling confident about your worth. If you want to secure an offer you can't refuse, the key is to prove your value to the potential employer.
Photo courtesy of Ambro at FreeDigitalPhotos.net
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