How To Negotiate The Best
Salary And Benefit Packages

Contributed by Carla Davis

With your wing-tipped shoes on, you’re tapping a bald spot right into the plush boardroom carpet. While you’ve been here before, it never fails: you still sweat bullets. It’s like you’re having a panic attack. Yikes!

Just the thought of negotiation sends chills up the spines of many employees. Ironically, employers feed on the controversy—to them, there’s nothing like a scrapping game of tug-of-war. Whether you like it or not, negotiation is in their blood. By not engaging them into battle, your soon-to-be employer might regard you as a chump. “Are you man or mouse?” they’ll wonder.

All right, get it in your head: i If they didn’t want you, they wouldn’t have offer ed you the job. Duh! But no matter what, it’s like their unspoken duty to try and lowball you. As for you? It’s your job to call them on it.

You thought the interview process was tough? This—negotiation—is where the rubber meets the road. Remember, at this point, you owe them very little—so you’ve got nothing to lose. Don’t worry! They’ll have you by the collar soon enough! But as of now, the ball’s in your court, and they’re not doing you any favors. Think of it as you sort of having the upper hand , : I instead of taking an I.O.U., take the U.O.Me approach, negotiating yourself right into an aggressive compensation package.

U. Understand the Job Market
Your potential employer offered you $10,000 more than your current base salary. You’re thrilled, and happily accept. Besides, you don’t want to rock the boat. Weeks later, a meddling co -worker starts to dish out the dirt—giving you the inside scoop. You learn most of your co -workers earn, on average, two to three times more, while you, sold yourself short and are now struggling to make ends meet. Why? Because you didn’t arm yourself with this information, before signing on the dotted line.

Shop around. Although there are no laws with teeth in them to protect labor wages, at least have a good base to start with in deciding whether or not the employer is being fair and equitable or if the offer is grossly understated. While you can work with the banking industry (e.g., an accountant ) to find out much of this information, if you know how to make effective use of the Internet, you can go online (e.g., government web sites) and do your own checks.

Relocating to a new area may mean a slight increase in cost of living expenses. Your $10,000 pay increase will quickly evaporate when relocating to an area that could potentially cost you considerably more than where you live, currently. Before settling into your new digs, figure out how much it’s now going to run you in fuel (mileage between work and home), daycare, housing costs, and other fixed expenses you may incur beyond what you’d ordinarily pay. Calculate the percentage difference over your current earnings to determine how much in addition you’ll need to transition. Remember, however, your new salary could bump you into a higher tax bracket. With the help of Quick Books® web-based accounting program, you can compute your take-home pay (after taxes), current finances, and any subsequent expenses resulting from your move.

O. Own it
Don’t wing it! While you don’t want to reveal all your cards upfront, customize two to three packages that fit your circumstances and with which the employer can work. Giving the employer several options shows not only that you’re flexible and willing to meet them halfway, but also, you’re preempting their refusal to the additional dollars. Remember, there are ways to supplement your compensation package other than through your paycheck, e.g., end-of-year bonus, stock options, extended vacation package, etc. Don’t let their initial refusal to add more funds to your bi-weekly paycheck back you into a corner. A sign-on bonus, for instance, can help defray the cost of uprooting your family (relocation). But it’s got to be enough to float you, at least until you get on your feet.

Don’t waiver or crack under pressure. The first sign of weakness and you’re putty in their hands. Draw a hard-pressed line in the sand and stick to it. This means readying yourself to respectfully decline their offer and walk ing away from the negotiation table without further ado. Unless, of course, they cave.

Me.
There are some self-improvement steps you can take to semi-guarantee yourself an exceptional compensation package:

Be attractive. If you possess an expertise (e.g., speak multiple languages) solely relevant to that field, one that not many of your counterparts do possess, you can command higher.

Sink your teeth in. Employers are pragmatic. They want to see some real grit from you, e.g., improving their bottom line, substantial cost-savings. Ask for quarterly reviews. Getting a couple of projects under your belt, successfully completed, will prove you’re worth every penny.

Tread new waters. Believe it or not, entering a new field may net you a greater salary. An inundated field sends wages plummeting for those who choose to stick around. On the other hand, if you’re in, or, can transition to, a much more sought-after field, you can better leverage your assets and experience exaggerated pay in most cases.

Practice. To eliminate much of your anxiety, try a dry run with a close relative or friend.

Employers are creatures of habit: They use the same offer letter every time—they just plug in a name, with no expectations that a protest is about to spark off. So pull yourself together, go in and give it your best shot. Before you know it, you’ll be screaming, “ …mo Mo money! Mo money! Mo money!” all the way to the bank.

QuickBooks is a trademark of Intuit Inc., or one of its subsidiaries, in the U.S. and other countries.

About the Author:
Carla Davis is a senior freelance writer. She has an MBA in Global Management and a career span of over nine years in the marketing and advertising industries.

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