Salary Negotiation & Compensation – When do I present compensation?
Most job seekers will tell you that salary and compensation package negotiation is their least favorite step in the interview process. Salary negotiation is a tricky part of the hiring process. If you are not working with a recruiter and are on your own it is integral to you, that you are cautious when presenting your compensation requirements.
Like all negotiations, you need to present your compensation only when asked by a potential employer. Do so with confidence and without any hesitation to ensure you are understood. You want to make certain the potential new employer is comfortable with how you present your current or last compensation package and that you fit within their company compensation range scope. Make sure you do your homework prior to each interview. Rehearse, rehearse and then rehearse again.
Present your base salary along with any bonus opportunity that you achieved plus mention benefits package, vacation, and any extra perks received. Example: “I was last earning a base salary of $75,000.00 with a 20% bonus opportunity that I achieved every year”. Present your benefits package as follows: if your current/past company pays 100% of benefits, state that. If they only cover 80% state that. If only 50% was/is covered, you can make the decision to say it or not say it out loud based on how the conversation is going. Please also include your full vacation package and any other inclusions like a car allowance, gym membership, etc. Each organization offers has a different compensation structure so be specific about your inclusions and add at the end you are very interested in becoming a part of the team and are open to their structure. If you are genuinely interested, you don’t want to overextend and stretch past the new employers comfort range.
You also want to ensure you will have the maximum chance to be compensated for the value of your last package. We all hope that our experience and skills are valued at the top range of possible compensation levels but the truth is, different company’s have various restrictions. Should you be missing some experience required in this new role, you can always mention that you are open proving yourself, demonstrating that you learn quickly and would be open to their best offer.