Financial competition is an obvious elephant in the room. Money runs our world, and if I may speak for the majority of people, everyone wants more money. Money is usually an awkward and personal subject, especially once you get into the professional field. If we could beat out our peers and coworkers for more money and sacrifice something in return, we probably all would. This blog is not going to be dedicated to that obvious fact because, honestly, I don't find that all that interesting. Instead I am going to focus on the
"competition" that goes on in salary negotiation.
The first step in salary negotiation is up to you. RESEARCH. According to about.com, research is the first step in determining how much you are worth, and if the job you are being offered is worth your time. Next is to actually get the interview, land the job and then wait for the employer to bring up the subject of salary. As stated in the article, if the employer brings up what you think your salary requirements are it's best to say "that youa re open based upon the position and the overall compensation package." The option that you have as the potential employee once you're are offered the job, is to not accept or decline the job right away. Many times "a simple 'I need to think it over' can get you an increase in the original offer'".
When a raise is in the question, it is best to also RESEARCH and be prepared to show a short presentation to your employer about salary survey information, recent performance appraisals, and anything else relevant. Another thing to consider is your employer's company policy regarding compensation, while some are limited by budget, or can only give raises at particular times in the fiscal year. In your research, be sure to determine what type of salary you are looking for and BE SURE to justify why you deserve this increase in pay. Flexibility is also an important factor when having this "competition" with your employer.
While referencing another website, askmen.com, about salary negotiation they give a list of the top 20 tips to follow during this stressful process. In the number one spot we have "show your experience and know-how". By bringing up your past experience and knowledge you are letting your employer know exactly why you are fit for the position and raise you are going for. Number three, as stated in the about.com article, is "don't ask about salary". It is important for the employer to make the first offer, and to push off any talk about salary until you have secured yourself a position in the company.
A couple final tips to close with may be obvious, but must not be overlooked. "Don't bring your personal life into the negotiation", "know your worth", "be calm and in control" and finally "prove you're the best man [or woman] for the job".
This competition with your employer or future employer doesn't have to be a nasty one. Experts say, by preparing yourself for this it will probably turn out in your favor.