• High-powered interview suit from Nordstrom’s - $300

• Fancy bond paper with your résumé perfectly aligned - $15

• Membership in Alumni Career Services to find the job - $299

• Failure to negotiate - $150,000 (priceless, you lose!)

Getting the salary and benefits you desire can be a tricky part of the job search. There are major strategic steps and decisions you will face within the salary negotiation process. Negotiation is both an art and a skill.

Following are some suggestions to help you improve negotiation tactics in order to achieve the compensation package you deserve.

Two Most important Principles in Salary Negotiation

1. Delay any discussion of salary as long as possible.
2. Know what you are worth in the marketplace.

When to Negotiate Salary

You are really not in a position to negotiate until the employer is ready to make an offer or you have already received an offer. If salary and “negotiables” (see below) are mentioned in your interview, try to refrain from accepting any set circumstances (perhaps inadvertently) at that time. Receiving a formal offer sets the stage for your negotiation process.

When Salary Comes Up Early in an Interview

The ideal time for a discussion of salary is deep into the interviewing process, when both you and the employer have a strong interest in one another. There will be times, however, when an employer will attempt to engage you in a discussion of compensation early in the interviewing process.

What Do You Say If It Is Early in the Interview?

There are essentially three options:

• Option One: Delaying Tactics
  
  Employer: “I assume you've seen our advertised salary range. Are you willing to accept a salary within that range?”
  
  Job-Seeker: “I applied for this position because I am very interested in the job and your company, and I know I can make an immediate impact once on the job, but I’d like to table salary discussions until we are both sure I’m your preferred candidate.”
  
• Option Two: The Nonspecific Response
  
  Employer: “What would it take for you to accept a job offer with us?”
  
  Job-Seeker: “As long as you pay a fair market value, and the responsibilities fit my skill level, we’ll have no problem.”
  OR
  Job-Seeker: “I feel my salary should be based on the responsibilities of the job and the standards of the industry.”
  
• Option Three: Throw it Back to the Employer
  
  Employer: “If you were to receive a job offer from us, would you accept it?”
  
  Job-Seeker: “While I am very interested in the job and the company, it really depends on the offer. What would a person with my background, skills, and qualifications typically earn in this position with your company?”

What Do I Do When the Offer Comes?

Don't accept it immediately, even if it is your dream job with an unbelievable salary. Ask for the offer in writing and establish a mutually agreeable period for you to respond.

Once you have an offer letter in hand, examine it carefully to be sure you understand what you're getting and, in turn, what is expected of you. Is the salary competitive? Do you have access to detailed information on the benefits package? Must you reply by a certain date? When will you be expected to start? If anything is vague or confusing, ask questions.

How Do I Prepare to Negotiate?

The first step is to gather as much information as possible. Fear of the unknown dissuades many from trying. You can reduce your anxiety by following these tips:

• Know Your Competitive Market Value
  Base your salary negotiations on your competitive market value. Compensation should be arrived at by first determining your value to the prospective employer. This analysis must be based on how you will contribute to the profitability of the employer’s company
  
• Determining Your Competitive Market Value
  Look up salary surveys in your field or even popular magazines (e.g. Working Woman puts out an annual salary survey or use www.salary.com). Ask other people in your field; do an informal survey of people in your profession. Use your network! Best choices: experienced job-seekers—people in your professional or industry association.

More Ways of Determining Your Competitive Market Value

Use printed materials such as the Occupational Outlook Handbook, published by the U.S. Department of Labor's Bureau of Labor Statistics. You will find a plethora of information about a large number of occupations, such as: the nature of the work, working conditions, training and educational requirements, career advancement, job outlook, earnings potential, and more.

Utilize Career Services at the University of Utah. The library within Career Services in the Student Services Building (room 350) has excellent resources. The library is open M-F, from 8 a.m. to 5 p.m.

Ask recruiters, employment agents, personnel professionals, etc. Call similar companies directly and ask their salary ranges for the type of job you seek.

What Is Negotiable?

That depends on the limitations of the industry or business and on your own creativity. Some things to consider are benefits, job opportunities, vacation, child-care, fitness-memberships, partner benefits, etc. Other possibilities include the deadline for your decision or moving expenses.

Do you need to negotiate for a better salary in 2006?

If you would like a more lucrative financial future, contact Alumni Career Counselor Julie Swaner at (801) 585-5036.

Current dues-paying members of the University of Utah Alumni Association receive one hour free on anything career-related. (Not a member? Click here for information.)