DICETV: Doesn’t it feel good to win, especially against worthy opponents? You’ve won the game and gotten the job offer, now it’s time to cash in your chips and negotiate compensation. Here are five mistakes that can derail your salary negotiations.
I’m Cat Miller and this is Dice TV.
When negotiating compensation, don’t undo all the hard work you’ve put in.
First, don’t wing it. Research the market to determine an appropriate package for someone with your technical skills and experience. That will give you the confidence to turn down a lowball offer, if you get one. Try to avoid going first. There’s no turning back if you make a low offer and they pounce on it, or if they cut off negotiations because your salary request is over-the-top.
Great negotiators consciously concede some issues in order to win others. So establish your goals and calculate a series of fall-back positions. This will force you to consider multiple scenarios and recognize a reasonable deal during the negotiating session. For example, if you crave work-life balance and you’d like to telecommute, calculate the resulting transportation savings in advance so you can agree to accept a lower salary.
Next, share the reasons and relevant facts that justify your demands. That way the other party is more likely to consider your request or offer a compromise — assuming they accept your rationale. Make sure your presentation creates value for them, otherwise your pitch will fall on deaf ears.
Never talk price until you’ve built an emotional connection and the manager is dying to hire you. You want to be in a place where neither of you wants to walk away. You’ll be screened out if you show your cards too early, because you haven’t had a chance to build a rapport with the hiring manager, or establish your value.
Finally, don’t stand on principle or let your ego get in the way. Stay calm and keep the talks on track until you achieve your objective or receive a reasonable offer. Continuing to push may put the entire deal at risk.
Employers have the upper hand. Insisting on equality can shut down the talks without producing a deal. When each side achieves their primary goal both feel like the winner. I’m Cat Miller, this has been Dice TV, and we now return you to your regular desktop.