Negotiation Tip #2

Never ignore job openings because of perceived salary shortcomings. In many cases, those who keep an open mind and interview for positions that at first glance might appear too junior can build a great deal of value into their candidacy by discussing additional responsibilities they can handle within the position and in turn negotiate a better compensation package.

Always approach a job opportunity like it is the job of your dreams. While you don’t want to waste your time to get an offer if you just don’t think the job is right for you, many people drop out of the running too early in the interview process because they don’t want to be in a position where they have to turn an offer down.

Continue to interview for all but the most unlikely positions until you get the job offer. It’s ok to walk away if after the negotiations the job still isn’t a good fit for you. In addition, statistically, one out of every two jobs will be newly created positions in this decade and the next. This allows candidates to help design their own positions with employers throughout the interview and offer process.

Check back tomorrow for the next tip in this series.

Take Charge of Your Annual Performance Review

According to a recent survey by Mercer HR Consulting, mentioned on the Compensation Force blog, salary increases in 2007/2008 will average 3.5% and be approximately 5.7% for top performers. One of the best ways to ensure that your performance is rated on the high end of the scale is to take ownership of the performance appraisal process. By documenting your achievements each time you complete a significant project, milestone, or job task, you maximize the chances of your accomplishments being recognized at review time. Make sure to quantify your achievements by showing how the projects you managed helped make money, save money, save time, maintain the business, or grow the business and use numbers, dollars, and percentages whenever possible to validate your accomplishments.

Ideally, you are receiving feedback on how you are doing against your job goals throughout the year, but in reality, this doesn't always occur as frequently as most employees would like. By consistently recording your successes throughout the year, you can improve your chances of garnering a more lucrative increase at review time

Base Pay for Commercial Bankers at All-Time High in NYC

According to a recent article in Crain's New York (subscription required), New York banks are facing a shortage of commercial bankers. This may be good news for bankers who are currently in a job search. The competition for talent has accelerated base pay from $125K for the average banker to $175K for a star and the salaries have increased close to 25% over the past two years.

Not for Profit Salary Survey

I've blogged before about the importance of sourcing industry-relevant salary information to support a candidate's salary negotiation conversations. The Compensation Force blog has a post on a recent New York non-profit salary survey done by PNP, a staffing firm specializing in the non-profit sector. If you are interested in sourcing jobs in non-profits, take a look.

Negotiating Total Compensation Can be Totally Awesome

Recently during an online conversation about negotiating total compensation rather than just base salary, I was asked "What are the best resources to use to figure out how to quantify your 'total compensation' and make sure you are not forgetting anything?"

Total compensation can include base, benefits, performance bonus, sign on bonus, relocation assistance, perks like an expense account or company car, cell phone, laptop, etc. Other things to consider are amount of vacation time, severance package, and commuting reimbursements…it all adds up in the end…think of all the money people save at Google on the free lunch (and think of all the weight they gain!).

When comparing healthcare plans, look at things like the out of pocket expense, deductible or co-pay, healthcare reimbursement savings accounts, number of well-care visits, and health provider network.

The Compensation Force Blog has an excellent post outlining many of the extra benefits that may be negotiated as part of a total compensation package.

Base salary is just one part of your total compensation package. With a little bit of knowledge and some careful planning, you can successfully negotiate a valuable and competitive package for yourself.