You Have The Job Offer, Now It’s Time To Negotiate Salary
You Have the Job Offer, Now What?
Congrats! You have the job offer. Now, it’s time to negotiate the total compensation. Of course, you know that you have to prioritize what’s important to you such as salary, time off, bonus, etc. You also know to gather market salary data for your prospective position for your city so you know what you’re worth. And you’ll may use an online calculator or job website to gather your market salary data. But now what? Is it safe to use this data in your negotiation?
Gather Your Market Salary Data
Exercise caution with the salary data you gather from your online resources. Check if the website also targets employers, in addition to job seekers. If they do, then chances are they have inflated the job seeker salary data, so they don’t alienate their employer user base, who contributes to the salary data. This isn’t a bad thing, because you want employers giving up information to these job websites, allowing you insight into the general the salary range.
Adjust the Market Data
You should adjust the data,so you’re not ambushed in your negotiation with your potential employer. Bottom line, if you have the right job title for the right industry for the city, then all you need is a better estimate on the typical salary range for that job. To be safe, reduce the salary data by 7% to 9%. For example, if the marketing manager median salary is $65,000, then multiply by 7% to 9%, subtract that amount from $65,000 so the adjusted salary median is $60,450.
In fact, calculate the 25th, 50th, and 75th percentiles for the salary so you’ll have this data during your negotiations. You’ll never know exactly what your prospective employer’s salary range is for the position they are offering you. At least, you’ll have better data so you can be agile and smarter in your salary negotiation part of your total compensation.
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Good advice Smart Lemming about getting the market range for a prospective job. This is IMPERATIVE to being an equal party in the salary negotiation. You can, as well, learn how to find out the hiring firm’s range while not divulging your potential rate. Because the only time YOU want to talk about money is when they’ve offered you the job. To do so, when asked in an early interview what you want to earn, you can say, “market rate” or “I can’t discuss a figure until I fully understand the job and its responsibilities. If it turns out I’m the right person for the job, I’m sure we can come to a fair agreement.” Or you can turn the question around and reply to their question with, “Well, what do you have budgeted for this job?”