You’ve made it through several rounds of interviews, and the most challenging part of the process is over and are wondering what’s next. While you wait to hear from the recruiter, it is time to prepare for the next step in the job process, the salary negotiation phase. For many people, negotiating salary may feel uncomfortable and scary, but UMGC Career Services is here to ease the process with these following salary negotiation strategies.
Define Compensation
Prior to the interview it is good to have a salary figure already in mind. This range should be based on your monthly expenses, housing, transportation, healthcare, lifestyle, and other commitments. Consider what is valuable to you and what would make a job offer more appealing. Additionally, factor in potential career growth and savings goals to help guide your desired compensation.
Research and Compare
It is important to explore different resources to find out what other people get paid in similar positions to the ones you are applying for. After reviewing the data, you will be able to determine if your desired salary is above or below market value. Use multiple sources, such as industry reports, salary surveys, and online platforms, to gather comprehensive insights. Remember to consider regional variations and industry trends in your comparisons. Read Salary Research to get started.
Sell Your Accomplishments
Show in your interview that you can meet the job requirements for the position you are applying for. This includes the skill set, experience, and compensation in your previous (or current) role. Demonstrate how your unique skills will benefit the company by highlighting quantifiable achievements and showcase how they align with the prospective employer’s needs. Use concrete examples and metrics to demonstrate your value and significantly increase your negotiating position.
Know What Benefits are “Negotiable”
There is always give-and-take when it comes to benefits and compensation, so it is important to find out what the company offers before you discuss salary. You may find that a work-from-home schedule or flexible hours will make the offer more appealing and allow for more favorable negotiations. Don’t forget to ask about signing and retention bonuses. There are also non-monetary perks, such as professional development opportunities, wellness programs, and remote work options, to consider which can enhance your overall compensation package.
Salary Increases and Bonuses
Clarify expectations regarding targets, timelines, and opportunities for advancement during negotiations to understand how performance evaluations are conducted within the company. This demonstrates your commitment to long-term growth and aligns your salary expectations with your career objectives. Understanding the company’s performance review process, criteria for promotions, and bonus structure is important in determining if the salary offer is worth consideration.
Remember that salary negotiations are a part of the job search process and are a skill that you can learn and master. Approach negotiations with confidence backed by thorough research and a clear understanding of your value proposition. By effectively articulating your worth and aligning it with the employer’s needs, you can secure a competitive salary package that reflects your contributions and aspirations.
As always, keep in mind that UMGC Career Services is available to help you plan and achieve career success. Set up an appointment with a UMGC Career Advising Specialist for additional support in your career journey.
Rhoda Smackum is a manager in Career Services at University of Maryland Global Campus who enjoys working collaboratively, in partnership with students and alumni, to identify career issues, match values with career choices, and obtain meaningful work. She holds a Master of Arts degree from Bowie State University and a Bachelor of General Studies degree from the University of Maryland College Park. She is a Certified Master of Career Services (CMCS) and an Associate Certified Career Coach.
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