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Essentials Of Salary Negotiation – And Advice From Compensation Professionals - Career - Nairaland

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Essentials Of Salary Negotiation – And Advice From Compensation Professionals by davidkingsley59(m): 9:01am On Nov 27, 2024
Whether you’re considering a new job offer, advocating for a raise, or pitching your next promotion, negotiating can be scary, but hiding under the covers can have a serious compounding effect on your wallet and career trajectory.

Only 30% of candidates reportedly negotiate initial offers, but roughly 66% of those that do receive a better starting salary. Similarly, 70% of employees asking for a raise in their current role see at least a partial increase, though it’s important to note that these numbers vary significantly based upon race and gender.

Emboldened with these success rates, and considering that higher ed salary increases have surpassed inflation for the first time since 2020, let’s look at how you can successfully advocate for your raise or promotion.

1. Consider the Context
Experts agree that research is essential to good negotiations, but Jennifer Cossel, classifications & compensation consultant at Oregon State University, highlights a critical mistake in failing to anchor your research within relevant details. “Data without context can lead to false assumptions,” shared Cossel. “Consider the context of the data you are providing and the credibility of your sources.”

Government resources offered by the Bureau of Labor Statistics, research & reports available through organizations like CUPA-HR, and community-sourced records like Glassdoor and Payscale can all be helpful to uncover relevant salary ranges for specific roles, but these numbers are influenced by many important factors. Institution type, size, endowment, pay scales/salary structures, & geography are all contributing employer factors, while candidate factors include experience, education, unique qualifications, and scarcity of skillset.

“It’s a common misconception that employers want to know your personal reasons for negotiating more salary,” added Grace Lowry, associate vice president of human resources for Goucher College. “Employers base compensation on market data and the experience you bring to the table. Approach negotiations from a data-driven angle and you’ll see more favorable outcomes.”

Lowry also highlighted the importance of understanding all nonmonetary benefits like “what you will pay bi-weekly/monthly for medical insurance, what their retirement match is (and if there is a waiting period or vesting period), ask them about average merit and/or Cost-of-Living Adjustment increases, tuition benefits, paid time off, incentive plans, and other important benefits to you that also hold monetary value. This will help you understand the total compensation that the position is offered and can often make or break your decision.”

2. Set the Stage

3. Prepare the Proposal

4. Practice the Pitch

5. Take Your Shot

Read more: https://academicscores./2024/11/27/essentials-of-salary-negotiation-and-advice-from-compensation-professionals/
Re: Essentials Of Salary Negotiation – And Advice From Compensation Professionals by Solsix(m): 10:22am On Nov 27, 2024
This information is not for teachers

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