How Much Are You Worth?
Especially if you’re negotiating with a prospective employer, you need to find out how much your skills and experience are worth in today’s job market. Take the time to research salaries long before you even begin discussing pay. That way you will be prepared to make your case and land a job offer that’s realistic and reasonable.
What Are Salary Negotiations?
Salary negotiations involve discussing a job offer with a potential employer to settle on a salary and benefits package that’s in line with the market (and hopefully, that meets or exceeds your needs). The most productive salary negotiations occur between people who realize that they have a common goal: to get the employee paid appropriately for their skills and experience. Negotiations can include all aspects of compensation, including salary, bonuses, stock options, benefits, perks, vacation time, and more.
How to Calculate Your Take-Home Pay
When you’re considering a job offer, it’s important to know the bottom line. How much will you be bringing home after taxes, FICA deductions for Social Security and Medicare, and contributions to health insurance and retirement benefits? That number is your net pay. You can use free salary and paycheck calculators to estimate your net pay and figure out roughly how much you’ll bring home in your paycheck. It’s important to get a ballpark figure before you negotiate or compare job offers.
Salary Negotiation Tips
Negotiating a Raise
Prepare: If you are currently employed and want a raise, start by being prepared. Gather your salary research, average raise data, recent performance appraisals that document your achievements, and any other relevant information. Be aware of company policy regarding compensation. Some employers are limited by budget constraints and can only give raises at certain times of the year, regardless of the circumstances. Have a Clear Idea of What You Want: Determine the salary range you’re looking for and the justification for the increase and have both ready to review with your supervisor. Be Flexible: Would you consider an extra couple of weeks of vacation instead of a raise? I know someone who has regularly taken time-off instead of money and now has six vacation weeks a year. Request a Meeting With Your Supervisor to Discuss Salary: Present your request, supported by documentation, calmly and rationally. Don’t ask for an immediate answer.
What to Do If the Employer Won’t Budge
Despite your best efforts, there may simply not be enough money in the budget to increase your salary or compensation package offer. The company may also not want to create inequities by paying one person more than others in a similar position. In that case, you can at least know you tried. Plus, if this is a job you really think that you’re going to love, consider whether the company culture, the benefits, and the job itself are worth it – regardless of the salary.
