Week 7 - Salary Negotiation

Hello Everyone !

When it comes to obtaining a new job it is crucial that salary is discussed. Otherwise when payday comes, one will be highly disappointed. This blog will focus on chapter 5 from What Color Is Your Parachute 2016 by Richard N. Bolles.

The chapter is titled The Six Secrets of Salary Negotiation, however I will only be blogging about the top three that I found most insightful.

1 . Never Discuss Salary Until the End of the Whole Interview - 
The interview process itself can be difficult enough, but it is important to remember not to discuss the salary you want until the end. There is a good reasoning behind this according to Bolles.

• Not until they've gotten to know who you are 
• Not until you know who they are
• Not until you know what the job entails and its requirements
• Not until you have decided if you really want to work there.
• Not until the final interview

If you have not covered these basic bases in the interview process, it is still too early to tell them the salary you want. For example look at the first bulletin, "Not until they've gotten to know who you are", if you tell the employer the figure you are looking for then the entire interview you may be just a number to them.

2. During Salary Discussion DO NOT Be the First to Mention a Figure - 
The reasoning behind this is that you can completely shut yourself out of an opportunity to make decent figures. Example being, you say a figure that is anywhere between $5,000-$10,000 below what they had in mind, you have now lowered your pay drastically. that can be a loss of $15-$30k over a three year span.
A good counter move when they as you what you want is: "Well, you created the position, so you must have some figure in mind, and I'd be interested in first hearing what that figure is".

3. Salary Research 
Before going into an interview do some salary research so you are not blindsided or taken advantage of. If one does not know what the company has to offer figuratively speaking, then one will not receive the optimal amount they are seeking. If you want to win a salary negotiation then you have to do research. This will allow for one to get an idea of the salary range of either the position or within the company. Don't be the person that walks in and gives the lower figure of the spectrum because you didn't do your homework. Plus lets say you are able yo get an extra $5,000 added to your salary that is an additional $10k within the first two years of employment excluding bonuses and raises.

If you want to pass go and make a little extra cash, follow these three easy steps.
-STURCO