Getting What You’re Worth: Negotiating Compensation

How Prepared are you to Negotiate? Negotiating is a Process involving 2 forms of

Information. Know your worth and Calculate it RIGHT. Where to Obtain Salary Comparables Info. Communicating VALUE in Job Interviews. Some Negotiations Tips regarding Salaries What value an Executive Recruiter can Give YOU.

How prepared are you to Negotiate?

Let’s take a quiz. (pages 2-4 of Dynamite Salary Negotiations by Krannich, Ron & Caryl)

Math 101 – Calculating your Compensation (again from Dynamite Salary Negotiations)

Some Assumptions

Salary question within CONTEXT of larger issue of the Job Search.

i.e., Firm Job Search Foundation Knowledge of what you do well and enjoy doing. Your Strengths Your Values Your Goals….

The 2 forms of information:

Information about Salary Issues and Negotiations.

Information on comparable salary ranges relevant for the jobs you seek.

Salary Issues & Trends

You need to know Compensation Issues and Trends.

Salary vs. Compensation Higher the Reward the greater the Risk Trends—Benefit Flexibility in the 21st Century Impact of Issues & Trends The most IMPORTANT SALARY you will

negotiate… “the starting salary.”

Comparables and the “going rate”

Employer’s are likely to offer you a salary based on: Comparables inside and outside

the organization Your Salary History

How will you get MORE?

Some Sources of Information

Publications (my experience with these) Your Boss and/or HR Salary Surveys by Professional Associations Your Favorite Recruiter Networking Newspapers and other Periodicals Special Reports Internet

Internet Sources--METATOOLS

What Meta Search Tools ARE. How they work. Why use them & some to use:

Dogpile www.dogpile.com/index.gsp Go.com www.go.com/ Profusion www.profusion.com Search.com www.search.com

Sample Meta Search “Salary Survey”

www.abbott-langer.com/itsssumm.html www.wholeroot.com/html (this contained the CISCO

Engineers Salary Survey of 1998) www.asponline.com/2000salary.html www.compinsight.com www.computerjobs.com/salary_survey_search.cfm www2.computerworld.com/res/careers/

surv_index.html Other specifics AS/400 Salary survey, trends,…

Internet Search Engines

Excite (didn’t try; my home page, but…) AltaVista Power Search (nothing) Google (found 1) HotBot – Super Search (best results found lots) Infoseek Power Search (nothing; learning curve) Northern Lights Power Search (2 GOOD hits) Snap Power Search (nothing; pointed to similar

search of Salary Finder—not too great!)

Local Association Sources

Salary Survey by WSA It’s focused on this region It’s focused mainly on Software Companies as

this is their membership. A lot of it very relevant.

Library has copy; usually dated. Obtain copy via www.wsa1.org/resources/

What I’m TOLD by Clients

Mgr. At a Compensation Consulting Firm Opinion re: Salary Surveys on Internet. Talk to your Boss with Right to ASK:

How do you determine my pay? What is my position’s salary grade and range? How do you see my performance? What are you empowered to negotiate with me?

What I’m TOLD by other Clients

We use Salary surveys—very specific and hired for OUR use & profiling.

Welcome salary questions & skills discussions with any internal staff…not the annual whiners.

Recruiter GREAT source Peruse Want Ads—same jobs Attend Job Fairs and ask for ranges of same work Hot Skills and Regional are important factors.

Getting MORE

Value yourself appropriately. Document your Performance “Supports”—What they are and how to use them. Project an image of value and success! Invest the employer’s time in You. I.E., setting the

value prior to setting the Price! Ask and answer questions intelligently Take notes Seek common ground.

It’s a PROCESS of COMMUNICATING VALUE

Assess your ACHIEVEMENTS Value yourself according to research &

accomplishments. Document your value “management by resume” for

example or “diary of accomplishments.” Focus on performance, but… Recognize that few LARGE increases come without

one of two situations: promotion or job change.

Salary Issues

Determine the value of a job as it translates into salary and benefits.

Deal with requests for information on your salary history.

State your salary requirements. Respond to vacancy announcements which

identify salary for specific positions.

Determining the Value of a Job

Analyze listing in ads on Internet and in newspapers for salary clues.

Compare the ads with similar positions …you’ll want at least 5 examples.

Contact individuals for Information.

Salary History Request

The 15/5 Comfort Zone of most employers.

Honest, but dumbLying (never a good option)Creative, but truthful and calculating

Salary vs. Compensation

Stating Salary Requirements

Leave Off“Open” or “Negotiable”“State a Range”—overlapping

common ground

Responding to Vacancy with Stated Range

You have Information: i.e., salary rangeEmployer AssumptionGoing over the Top is usually only for

EXCEPTIONAL Candidates.You could try a “Position

Transformation”, i.e.: creating a new position.

Communicating VALUE in Job Interviews

9 Interview BehaviorsThe Salary Discussion

When Who initiates How to answer

Be Prepared to Answer these Questions

Communicating VALUE in Job Interviews

Be Ready to ASK some Questions Use a Positive Form of Communicating Analyze your Interviewer (home work?) Answer Questions in Positive CONTEXT. Handling Objections/Answering Negatives. Take Initiative & Get Critical Answers.

Negotiating the Best Package

Go for it! Not everything is Negotiable—Flexibility Negotiating Techniques Handling Objections to Your Request Receiving Benefits Stock Option Game

Negotiating the Best Package

Negotiating INTO THE FUTURE

the risks involved. When they JUST won’t BUDGEWhen you probably shouldn’t push

OR Don’t Expect too much.

The OFFER and Finalizing

Take Time to Respond Get more offers – my favorite number 3 Consider the Offer - 4 details to attend to:

Duties & Responsibilities Expectations of Performance during next year. A Compensation Package Provision for reviewing both Performance and

Compensation.

You’re HIRED!

Get it in WritingPerhaps a ContractAcceptance and Follow Through

Salary Increases, Raises & Promotions

Myth of Performance Average Increases: 3-8% Keeping a Performance DIARY so you can

GET a Performance Increase. Take the Initiative regarding Salary. Threats, Alternative Offers, and Counter

Offers.

Why Talk to an Executive Recruiter?

You may learn of new developments in your industry.

You will get up-to-date ideas of prevailing compensation rates as well as how difficult it is to find the type of talent being sought.

You may learn of a position that fits a friend or colleague that is looking for a new spot.

Why Talk to an Executive Recruiter?

You may find that you are being underpaid for what you are doing.

You may learn of an impressive search firm that you will want to use in the future.

The job in question may be a great opportunity for you.

Do’s & Don’t re: Headhunters

Don’t PESTER them. Don’t expect that they are there to “find you a job.”

They are paid by the COMPANY that hired them. Long Term Relationships are most fruitful. Get Noticed -- So we can find you. Identify suitable Recruiters. Prepare an Accomplishments oriented Resume. Understand Contingent vs. Retained Searches.

Do’s & Don’t re: Headhunters

On the Phone Take our call. Try giving us referrals. Courtesy pays off in the long run.

Investigate the Firm Be Candid and Honest Follow up Professionally

Why Extreme Solutions?

We have combined over 10 years in Staffing and Executive Search Experience.

We Honor and Value our Candidates. We offer coaching for interviews and resume

revisions if deemed of value by both parties. We focus in High Tech and Biotech

searches.