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negotiation smarts for new grads
Salary Negotiation Smarts for
New Grads From Jobstreet.com
Discussing the compensation aspect is undeniably one of the most embarrassing
and awkward phases of the job search process. For the greenhorn in particular,
it can also be a lopsided faceoff due to his or her lack of bargaining experience
and expertise. Fresh college graduates may think that
with little or no work experience to speak of, they are at the mercy of hiring
employers when it comes to salary negotiation. Banish the thought. You
can definitely increase the odds of getting a fair pay package if you understand
how the process works, know bargaining dos and don'ts and have a good idea of
industry going rates. -
Pre-bargaining
stage And the first lesson work world newbies have to learn is that the
salary negotiation process doesn't start only after you pass the interview. It
starts even before that with a self-assessment of your financial needs and situation
so that you can arrive at what you consider a workable initial salary scale.
Calculate the amount you'll need to support your lifestyle, factoring in
your monthly expenses including transportation costs, work clothes, food expenses,
etc. The secret is to come up with three figures: the minimum, midlevel and maximum
acceptable salary. When asked your compensation range, articulate the last two
figures, never the minimum salary, which should only serve as your guide for the
absolute bottom line offer you're willing to entertain. This stage also
requires comparative research on prevailing salary trends so you don't underprice
or overprice yourself out of the market. How to conduct a salary survey? Inquire
from friends, network contacts, professional associations or other job seekers.
You may also give your school career center a try, as well as trade publications
and job websites (JobStreet.com has a salary survey box featuring average wages
for various positions in different industries). Conduct a discreet study
of the hiring company as well. Ask from inside contacts if you have them, visit
its website or gather company brochures or profiles. This should help you in coming
up with your desired salary spectrum. By the end of this stage, you
should have answers to these questions: - What is the salary range
for the job according to industry standards?
- What is the salary range the
company is likely to offer for this position?
- What makes me worth a higher
salary?
-
The interview During
the interview, you can raise your worth in the recruiter's eyes by stressing your
strengths, talents, knowledge, accomplishments and skills. In lieu of work experience,
you can discuss your school projects and undertakings, using such control words
as “took charge,” “initiated,” developed” or “implemented” to indicate successful
completion of a program or activity. A word of caution: Resist attempts
at this stage to discuss salary. Simply state that you are open to negotiation
and willing to consider a competitive offer. If the employer insists on more specific
information, provide a salary range rather than a definite number. The rationale
here is that the less you divulge about what offer will make you bite, the more
you're likely to receive a best offer. -
The negotiation
stage Now comes the tricky part. Admittedly, salary ranges for most entry-level
positions are set and leave you little room for negotiation. But understand that
most employers would probably quote the lower end of the salary scale, so your
goal is to shoot for a high-end offer. To reiterate, try not to be the
first to mention money so as not to shortchange yourself by inadvertently revealing
a low salary expectation. Below is an example of a salary offer and
your possible responses to it. To avoid sounding arrogant or demanding, experts
suggest framing your response in question form. “The salary is $2,000
per month,” the employer says. You might reply: --“I am happy about
the job offer and I am very interested in the position. But considering today's
high cost of living, I'd like to be making around $3,000. Would that be possible?”
Or, --“I'm delighted in your interest in me and I really believe
I could contribute, but I have other options in the P17,000 range (say this only
if true). Is there a way we could work this out?” There are other negotiation
gambits employers may take. But the important thing to remember in giving your
answer is to quote the higher part of your salary scale based on your research--after
you've made a convincing pitch that you're worth that much. Here, variations
of the salary question that may come your way: - How much do you hope
to receive?
- What kind of salary do you think you're worth?
- Do you believe
people in your occupation should be paid more?
- We can't pay you what you
think you should get. How do you feel about this?
And
what do you do if the employer raises objections to your salary request, citing
among others: - your lack of experience
- the lower salaries of
other employees
- the budget ceiling
- the fixed range for new hires
You can best answer these by coming up with a follow-up question on what the
range is and what it would take to get to the higher level. Another
tactic is to have an alternative plan, like asking for a salary increase at a
later date if you don't get what you asked for. Careerists say this
is where your preliminary research into the company will come in handy. If you've
done your homework, you should have prior knowledge of their benefit and compensation
package and can pick up clues if you're pushing your luck. Remember that you're
negotiating for the upper end of their salary bracket, not squeezing the company
dry, a strategy that's sure to boomerang. -
The job
offer Once you receive a job offer, never accept or reject it on the spot.
Take this opportunity to ask about their other fringe benefits above the 13th
month, vacation leave, SSS contribution and other government-mandated perks. Then
ask for at least 24 hours to think it over. When making a decision,
consider all factors including: - opportunities for growth, promotion,
training and skills enhancement
- company stability and management style
-
advice from your mentors, family and friends
- the total pay and benefit package
-
Acceptance The primary rule
in accepting an offer is to get everything down in writing, particularly if you've
succeeded in getting special considerations such as a signing bonus or other perks,
so that you have something concrete to hold on to. Salary negotiation
is considered by most applicants as the most embarrassing and awkward part of
the job search process. For the new entrant to the workforce in particular, it
can also be a lopsided faceoff due to his or her lack of negotiating experience
and expertise. Thus, it is vital that you acquire the bargaining skills
set because the payoff is tremendous and long lasting. Pulling off a favorable
deal can produce a domino effect considering that any future pay hike would be
dependent on your current salary. That should make you shed your inhibitions about
haggling for a better pay, so long as you remember that it should be done with
restraint, taste and finesse. | |

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