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Entries in salary (3)

Tuesday
Feb122013

Careers Searches Are About More than Unemployment Rates

It's easy to become caught up, during your career search, in trying to find a job in a sector with a low rate of unemployment. After all, isn't a sector with low unemployment a strong sector and a good place to look for a job? While this is true, the unemployment rate only tells part of the tale of a sector's strength and of your potential future earnings. Allow us to explain.

While you may spend less time looking for a job in a sector with low unemployment, you should also consider its future wage growth. After all, why spend time in a sector with wages and salaries that won't keep up with inflation? So, how should you go about finding more information on wage growth in the various sectors? Start with the Department of Labor's Bureau of Labor Statistics. They keep good, current, data on a number of wage-related topics. After that, you should check news articles in major financial publications, such as the WSJ.

Happy rising-wage career hunting!

Monday
Nov142011

Salary Negotiation for Veterans: Know When to Say Yes and When to Walk Away

Before you decide if the salary range or your place on the salary range is not what you’re looking for, you should look at the whole compensation package. Once you know what the entire compensation package contains, compare it to what you what to get from your next position, both monetarily and otherwise.

One thing to consider is your overall career development. Will there be opportunities for you to grow and increase your skills and future value? The work environment is also important. Work environments include both the physical and the intangible surroundings of work. Is this a place where you’re going to enjoy spending time? Think of everything: the people, the dress code, the culture. If it matters to you, it matters for your career.

Location and daily duties are important as well. Where will you work and what will the routine be like? Will you feel productive and motivated? Can Picture yourself in this setting? If not, ask yourself if compensation will overcome these concerns. If you can, ask yourself if you are willing to give up some compensation to have these advantages.

Finally, ask yourself: “Would I take this opportunity if I couldn’t negotiate another dime? Is there enough in the whole package to make it work?” If the answer is no, walk away. You won’t be happy.

What to do With the First Offer, and when to Ask for More
You’ve been given an offer. Congratulations! No matter how desperate you are to say “Yes!” ask for time to think things over, and make sure you respond within the time frame you are given.

As you move toward your final decision, make sure you’ve carefully considered all the related aspects of the compensation package that may not have come up in the actual salary negotiation itself. These include: promotion opportunities, health benefits, paid holidays, tuition reimbursement. Don’t over think, but do be deliberate. A little forethought can save you from embarrassing and difficult conversations later.

In the current state of the economy, many job seekers forget about salary negotiation and gladly accept whatever they can get. Don’t make that mistake either.

True, you’re going to have to gauge the willingness of the hiring manager to consider giving you more to get closer to your desired level. But don’t forget that in most cases, the company always starts low to give itself some negotiating room, and the manager may be able to offer another between 10-20%. If that doesn’t work, see if there are other aspects of the compensation package that they might be willing to improve in your favor.

Summary
Sometimes, deals fall apart. It can happen at any stage of the salary negotiation. But that’s not necessarily bad. If it should happen, don’t turn negative. Thank the hiring manager for his or her time; your paths may cross again.

At all times, remain enthusiastic and positive. The person who did not offer you the job may very well recommend you to other peers in the industry.

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Wednesday
Oct122011

Salary Negotiation: Knowing When, Why and How to Negotiate Your Salary 

Don’t get spooked by salary negotiation. Sure, it may seem like one of the toughest things you have to do. But that is most likely because you are unsure about how to conduct a salary negotiation or when it makes sense to negotiate. Furthermore, as a transition veteran, the very idea may be completely new.

It’s not an easy process, though. You do have to be careful because there is room for error on both sides of the negotiation. You might ask for too little and end up underselling yourself; or you might ask for too much, and knock yourself out of the running.

So how do you navigate the tricky task of salary negotiation? As with most things in life, the answer is really quite simple when its broken into a few handy steps.

Don’t be the First to Initiate a Salary Negotiation
Many people are timid when it comes to talking about their salary expectations. Some, on the other hand, aren’t timid enough. There is a gray area you will have to overcome here, but two rules will help you avoid mistakes. Don’t ask about the salary “point-blank” and have a strategy in you mind about salary negotiation before the actual discussion begins.

Generally, you should wait for the interviewer to bring up the subject of salary. If you do need to raise the subject, do so tactfully. Don’t try to pin your interviewer down to a specific annual salary, focus on salary range instead. Ask the following: “When you decided to fill this position, you established a salary range for this position. Will you share this range with me?”

The person who talks about money first, loses. Here’s why: If you’re the first to bring up the subject of money, you risk portraying yourself as someone for whom money is the only thing that matters. When you do this, you’re likely to put yourself out of the running.

Want to learn more? This blog post is an exceprt from our latest Career Transition Toolbox whitepaper. The toolbox is FREE to access for all e-newsletter subscribers. Subscribe today using the signup form on the homepage.

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