October is a month known for fears and horror, and this October's Spitfire is a topic many of us are afraid to confront - Negotiating Salaries, Raises and Benefits.
In order to build our confidence, we've asked expert Katie Donovan to share some Salary Negotiation Confidence Boosters to prepare us for our October 1st Spitfire.
We hope you'll join us on October 1st at 19 Stuart Street for networking with your fellow Superwomen and an important skill building discussion on Salary Negotiation
5 Confidence Boosters While Negotiating Pay and Benefits
Negotiating a new job is a skill all employees should develop. Those who do can earn $1 Million and more during a career. True it may seem daunting but there really are just a handful of things to expect in pay and benefits negotiation. However, there is one part of negotiation that cannot be taught but can be nurtured; it is confidence. People who are relaxed and confident during the negotiation tend to do very well. Here are a few tips to nurture your own negotiation confidence.
Stay in Your Current Job
Knowing that you don’t need to take what is offered you is the confidence boost staying in your job gives you. Recruiters prefer passive candidates and often penalize the unemployed. Any perceived benefit of searching full-time will be offset by the lowered interest in you. Don’t eliminate your safety net mid negotiation by giving notice before the offer letter has been signed. Until then, the negotiation is still active.
Continue the Job Search While “Waiting to Hear” from an Employer
Creating options creates confidence during negotiation. Too often job candidates are so excited to get an interview with any company that they hit the brakes on all other job searching activity. This sets up each potential employer as THE JOB. Instead of interviewing the employer to see if the company and job are the right next step, you are passively accepting the job unless something amazingly obnoxious signals that it is not the right next career move. Default mode of acceptance kills all negotiation confidence.
Know that 84% of Hiring Managers Expect Negotiations
Thanks to Salary.com we know that salary and benefits negotiation is just part of the hiring process. With 84% of managers expecting negotiation, it is as elemental a part of the process as the resume. Hiring managers who expect
negotiations keep money handy to negotiate thus the first offer is truly the first offer. Hasn’t your confidence just grown a little knowing that by negotiating you are just following the rules?
Remember, You Bested a Bunch of Candidates
Yup, you are that special someone that the hiring manager fell in love with. Sure we are not in the hell of the recession anymore but there still are a ton of applicants for each job, often as many as 250 applicants. You have proven you got what it takes to get offered the job. Embrace that they want you. They really really want you so, have a bit more confidence.
The New Hire is Earning More Than You
It is estimated that a person who stays with an employer more than 2 years are losing out on 50% increases in pay. Remember those temporary pay decreases, pay freezes, and added responsibilities with no increase in pay? Companies have gotten comfortable with this pay with their current employees while enticing new employees with higher pay. Management knows what you can earn in the market and are paying it to others. Managers have laughed when I ask them about proactively normalizing pay to market for current employers. You are not surprising them by showing up for this conversation. Do you feel your confidence growing? Or maybe you feel you anger growing? Either way, you will be in a better negotiation frame of mind understanding the raise isn’t coming unless you speak up.
Even if you do not feel confident you can fake it by being calm and having a steady voice. The less emotion you show the more confident you will seem. To fake it, practice your opening line and your responses to the expected objections.
Learn those at the October 1st Spitfire.