#54: “The Salary Question” – How much money do you want?

TRAPS: May also be phrases as, “What salary are you worth?”…or, “How much are you making now?” This is your most important negotiation. Handle it wrong and you can blow the job offer or go to work at far less than you might have gotten.

BEST ANSWER: For maximum salary negotiating power, remember these five guidelines:

1. Never bring up salary. Let the interviewer do it first. Good salespeople sell their products thoroughly before talking price. So should you. Make the interviewer want you first, and your bargaining position will be much stronger.
2. If your interviewer raises the salary question too early, before you’ve had a chance to create desire for your qualifications, postpone the question, saying something like, “Money is important to me, but is not my main concern. Opportunity and growth are far more important. What I’d rather do, if you don’t mind, is explore if I’m right for the position, and then talk about money. Would that be okay?”
3. The #1 rule of any negotiation is: the side with more information wins. After you’ve done a thorough job of selling the interviewer and it’s time to talk salary, the secret is to get the employer talking about what he’s willing to pay before you reveal what you’re willing to accept. So, when asked about salary, respond by asking, “I’m sure the company has already established a salary range for this position. Could you tell me what that is?” Or, “I want an income commensurate with my ability and qualifications. I trust you’ll be fair with me. What does the position pay?” Or, more simply, “What does this position pay?”
4. Know beforehand what you’d accept. To know what’s reasonable, research the job market and this position for any relevant salary information. Remember that most executives look for a 20-25%$ pay boost when they switch jobs. If you’re grossly underpaid, you may want more.
5. Never lie about what you currently make, but feel free to include the estimated cost of all your fringes, which could well tack on 25-50% more to your present “cash-only” salary.
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3 comments:

Shailesh said...

Well I disagree with this one. More information in a negotiation is important but not the vital factor. In any negotiation the party who is ready to walk away from the table has the most bargaining power. So I would say, if you aren't desperate for a job or have multiple offers, it increases your bargaining power exponentially. On the contrary any amount of information may not help you, if you are desperate for a job or do not have an alternative or worst case both.

Anonymous said...

I made $8 at my first office job from 17-19. The money was crap and I knew I could get paid more based on what I could do. When I started looking for FT Legal secretary work, I told myself I am not saying yes for anything less than 35k a year. It took me 6 months to find a job but after I did, I got 2 offers, one for 40k working from 8 to 7 and then 37k working from 8-4. I took the 37k. The next job got 43k and now I am going for 50-55. I will settle for 45-50 if I have to.

Kix Mr said...

Tks very much for your post.

Avoid surprises — interviews need preparation. Some questions come up time and time again — usually about you, your experience and the job itself. We've gathered together the most common questions so you can get your preparation off to a flying start.

You also find all interview questions at link at the end of this post.

Source: Top 10 interview questions and answers

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