I would encourage you to think about compensation negotiation rather than simply considering the salary when you receive a job offer. However, right now, let’s talk specifically about the salary itself. Though it’s wise to look at your whole compensation package when determining your approach, you do still need to consider the actual dollar figure you’re worth.
In my experience, you will likely be considering the following factors when determining your asking salary:
– Your previous salary.
– Your pride.
– Your personal or family budget.
When it comes to the employer’s side of the equation, they will be looking at:
– The going rate for your position in the market.
– Their budget.
– The salaries of others in the department or organization.
– Your previous salary.
The Pride Factor
Folks are sometimes taken aback when I mention the pride factor, but I think we need to acknowledge this gorilla in the room that no one likes to talk about. Let’s face it, some people just can’t bear the thought of going backwards and won’t budge on salary expectations. Others would rather flip burgers than sit at home nervously waiting for the phone to ring or the stock market to spring back. Where do you stand in the pride area?
Do Your Research
I am always surprised when people don’t have a clue about what the market is paying for their level of skills, experience and education. Research the market and know where you stand. This could be your biggest ace in the hole during the negotiation phase. After all, how can you stand your ground when stating your price if you don’t even know what a product like you is selling for out there in the market?
Salary ranges for your occupation are relatively easy to find. In addition to talking to your colleagues, recruiters in your field or local university/college career services departments, try these two popular online resources: