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Earning what you deserve: Four steps to getting paid what you are worth
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Negotiating Salary
Ever wonder why some people negotiate salary seamlessly while others
end up feeling that they have been inequitably compensated for the job that
they do? If you are one of the legions that belong to the latter group, how
do you go about changing the "status quo"? That is, how do you go from the
ranks of the underemployed to the ranks of the well compensated for a
job well done? You can do this in four, not-so-easy steps. First, know
what the job is worth. Second, know what your work is worth. Third, know
what about the critical ingredients of "salary". Fourth, arm yourself with
some assertive salary negotiation skills.
What Is The Job Worth?
Know what the job is worth. That is, what are others being paid to do
similar jobs, under similar circumstances in similar places? You can
find this out in many different ways. Most fields have salary surveys -
and, often, professional organizations offer ready access to anyone
interested in those surveys. As an adjuvant to this information, you can make use of
your informal organizations - among your friends and colleagues in the
field, in general, and in your own work place, in particular. As long as you
haven't agreed to do otherwise, you can always make an "I'll show you mine if
you show me yours" agreement. You can conduct a survey of persons in
similar positions elsewhere. Promise to keep their individual information
confidential but to share the results in the aggregate.
If your local
colleagues are reluctant to disclose this information, conduct your
survey among others in a comparable city, elsewhere. inally, if you are a
college graduate or currently a student, consult your college career counseling center and talk with faculty in your department, find out what other graduates from your school are
making as starting salaries. Hopefully your career center tracks this type of
information. It would be great if you could find out how much money
students, from your university, in your major were able to command last
year. In fact, perhaps other graduates were recruited and hired from
the same 15 companies last year. If so, what were they offered? If your
career center is not tracking this information, you may want to see if they
are willing to begin doing so.
What is your work worth?
Evaluate your paper credentials. Although life experience tells us
that outstanding employees come from a wide range of settings, a solid
preparation from a prestigious place can count for something. For
example, if you are a recent graduate of one of the best computer science
schools in the country, and you are applying for an information technology
position, you may be more highly compensated than others. Why? Because past
history counts for something! Success in the work arena may be correlated with
success in the school arena (though, you can be sure that this is not
always the case). However, if someone from your university already has a job,
in the organization, and they have performed well, than you may be in
luck. Your prospective employer may be willing to go the extra mile for you.
Of course, the converse is also, unfortunately, true! And, what about
doing well academically, wherever you are? If your grades are mediocre,
leave them off your resume. But, if they are superb, make that explicit.
Going to college at a prestigious place is not the only type of
credential that you can acquire. In fact, many very successful people have
acquired skills and experience in other ways. Internship and job experience are
often far more compelling than education, because those who have
functioned, reliably, in the work world may have developed solid skills. As
importantly, they may have already mastered the expectations of the
work setting. So, be sure to carefully document all relevant work and
internship experience. These can be critical, especially for those new to the
work world. As the old adage goes, "in order to get a job, you have to
have experience and in order to have experience, you have to have a job".
One impressive credential is internship experience, particularly internship
experience in which you have developed a specific skill set. If your
supervisor can vouch for you, that is even better yet, evaluate your skill set.
In the ever-changing world of information technology, of course, more important than any of the above, is your skill set. That is, what can you do for your company? In what way is your contribution unique? Why should they hire you over others? Before
going to any job interview, you should be prepared to answer this question.
While you are evaluating your professional skills, don't forget to
consider your interpersonal skills. Are you a good communicator? Do you get
along well with others? Are you able to finesse business relationships
inside and outside of the company? Even if your technical skills are not
well-developed, these skills can be essential, especially in the IT
world, where people are often, should we say, not known for these "softer"
skills.
Finally, consider your work ethic. This is perhaps your most valuable
asset. Are you at work on time? Do you stay over time to get the job
done? If there's a crisis, can you be counted on to go the extra mile? If
so, you deserve to be compensated for this contribution.
Now that you have taken stock of your assets, it's important to
negotiate a fair salary. We live in a society, especially here in Washington,
where people are evaluated by titles and salaries. Therefore, failure to
effectively negotiate a fair salary can not only leave you feeling
undervalued - it can result in others undervaluing your work.
Know About All of the Components of "Salary"
Before negotiating salary, it is important to know a few things. It is
important to know about all of the possible or likely perks in your
field. Most positions offer: health benefits, pension plans, paid sick days,
paid personal days, paid vacation time. In some fields, companies offer
professional training and educational benefits. It is important to find
out about the range of benefits in your field prior to negotiating salary
as these benefits can be quite valuable. I know of one former secretary
with a Carnegie Mellon degree in Computer Science; the degree was one of her
fringe benefits. So, depending on your career goals, benefits can be very
valuable! Similarly, medical benefits, depending on your health needs, can be
very valuable. When you approach negotiating salary, it is important for
you to know about these possibilities and to know which ones are important to
you. For example, if you are interested in pursuing an advanced degree, the
education benefits may indeed be more important than the salary.
Negotiating Salary
In my opinion, one of the best sources of information on this important
topic, is Jack Chapman's book, "Negotiating Your Salary: How to make a
$1000 a Minute". Individuals concerned with improving their salary
negotiation skills are encouraged to read it, memorize it and practice what it
preaches. Consider following Chapman's advice. Do your salary research in
advance. Armed with this information and Chapman's book, consider following his
advice. When the prospective employer asks you how much you want to make, say,
"does this mean that you are offering me the job?"
If the employer says, "I am not sure, or well I need to know your
salary qualifications, Chapman encourages you to say something like, "Hmmm. I
am not quite ready to discuss salary. Right now, I would like to clarify,
am I the person for the job? Can I be a top performer for you? Am I a good
fit for your company? If so, you seem like a fair person and I am
confident that we can work out a fair compensation arrangement." The key is never
to discuss salary until you have a clear, unambiguous indication that the
company wants to hire you. Chapman advises, that you do not negotiate
salary until you have been told explicitly, "we want you. What will it take us
to get you here?" Then, you're ready, especially if you have done your research. You say,
"well I am sure that the company has well established ranges for people
in my role, what were you thinking?" The key is to let your employer state
the range first. Then, according to Chapman, you reiterate the number:
$80,000. Then, you just wait silently. It is amazing. People often increase
their offer. Even if they don't increase their offer, you have let them know
that you take your value seriously.
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