How To Negotiate A Better Salary - The Inside Story
From a professional perspective, the United States remains one of the wealthiest nations on Earth. Yet, many of us here in America are struggling to make ends meet month after month and year after year. We are locked into a cycle that is often difficult to escape, even for those with good incomes. But as Miki Agrawal explains in her book How To Negotiate A Better Salary - The Inside Story, there is a way out and this article will show you how
I know it's hard to believe, but learning how to negotiate higher salaries can actually be easy when you understand what some people know instinctively. Read an excerpt of How To Negotiate A Better Salary by Miki Agrawal by clicking the image above!
The subject of salary negotiation is a touchy one in most companies. Since salaries tend to be fairly well defined by a company's pay practices, there can be some serious problems when trying to negotiate a raise. However, there are alternatives to simply accepting whatever is offered and some people are able to get what they want by learning these skills. Read on for more...
"My wife and I needed to move out of our old home into an apartment this past year. We agreed that I would find work first and she would wait until I had enough savings before looking for a job or moving out on her own. My wife is a local attorney and I figured that she would be able to find work easily enough. After trying a number of firms, she would always come back feeling discouraged. She was told that her salary was too high in comparison with other local attorneys and therefore any jobs requiring less experience were out of the question. The problem was that she had worked at this law firm for a long time and knew from experience what the pay rates were for less experienced lawyers. Her annual salary at this time was just over $118,000 but there were no job offers on the table until her salary dropped to about $80,000 or so. She would have had to take about a $38,000 pay cut to have a chance at getting hired. In her mind, this was an unacceptable loss. Despite the fact that we needed to move out of our house and into an apartment, we decided that she was going to wait until I could find work first"
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"The reason for the lower offers was because the other firms were not making as much money and therefore were in a position where they could get someone more experienced at a cheaper price. I have worked on a number of cases like this before and knew that she had to hold out for the right job. It took me nearly three months to find work but we finally got an offer from one of the most respected firms in the city. The job would pay an annual salary of $158,000 per year as in comparison with her current position as well as give her a chance to increase her pay after a few years by becoming partner within the firm. She accepted this offer without hesitation because she knew that she would be able to negotiate her compensation package after showing them some success for a few years."
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"After considering our financials, we calculated that while she would be making less money now, she wouldn't have to take the pay cut to get it and that we would actually be saving quite a bit of money by moving out of our current home. This was a huge financial benefit because we were going to live in an apartment and it's hard to save money when you're paying twice as much rent in your house as you are in an apartment. In addition, we would also save quite a bit of money on utilities by moving out of the state this way. In my opinion, this was a much better way to go on the whole deal and we both agreed that it was the best option for the long term."
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"After moving into our apartment, I got to work looking for a job. It took me nearly two months to find something which is probably fairly typical with many job seekers at this time of year. Fortunately, I had some experience from my previous job and so I landed a position working for a company I had been researching for over four months in advance. I was hired as a manager and would be able to start making a salary of $60,000 for the first year. The catch was that I would have to spend some time in training, but my wife had worked out an arrangement with her company that allowed her some time to be home with me while I went through this training."
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"We had been talking about moving out of our current house for some time and were ready to start looking for apartments around the same time that I got hired at my new job. We began by looking at the rental market and were able to find a two bedroom apartment that would cost less than $500 per month. I found a job in this apartment building shortly after we moved in and my wife started looking for another job. She had no trouble finding work again as the demand for attorneys was very high all across the state at this time of year. Within a few weeks, she had landed another position with one of the largest law firms in the city at an overall annual salary of more than $120,000 per year."
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"We are happy that we were able to work out this deal and get the pay that we feel is appropriate. We are both very pleased with the end result of our negotiations and feel that we can live comfortably for a number of years with our new salaries. Too many people seem to believe that salary negotiation is unethical because it somehow violates company policy. I don't know where this fear comes from, but I have learned in my months on the job market and working in my current position that this is far from true and that there are many people out there who do negotiate their salaries on a regular basis."
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"I know that I am lucky to be working because in reality, there are many people who would love to be in my shoes. This is especially true for those who work for the same company over an extended period of time and want to get a raise or a new job with more interesting duties. One company I worked with had several employees that were on the same pay plan for about three years before they were able to negotiate a new job, which is something I wish I had been able adequately do myself."
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Conclusion:
From my experience living and working in Australia, our culture is very similar to that of the USA, especially if you work for a big company or government. You can negotiate your salary or request a pay raise very easily and it's not considered unethical at all. Here are some tips for negotiating a new job offer:
I. Get The Facts About Your New Position
a) Find out what the standard salary range is for your position in the industry
b) Find out what your new employer's policy is on performance-based pay increases and bonuses (this may mean you know how much you'll get paid before you accept the job.)
II.