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Negotiating the Job Offer
 
ReadySet HIRED! is an online monthly newsletter which features advice, guidance, and answers for individuals who are actively searching in the marketplace for employment.
 
Featured Article My Coaching Actions & Top Ten Mistakes Quick Tips Poll Quotables
 
Message from the Editor
 
Welcome to ReadySet HIRED! We're pleased to announce the launch of our new interactive website www.readysethired.com, designed to take you step by step through the job search process, from getting started right through to beginning your new job. With 10 easy steps, 50 different actions and dozens of downloadable resources including checklists, worksheets and an e-book, the ReadySet HIRED! website provides you with everything you will need to manage a successful job search.

In last month's newsletter, you read about how Lois and Peter each follow up during the interview process. This month, we'll learn how they approach the job offer negotiation. For the rest of the year, we'll be following them through resignation and starting their new jobs. There's a lot to be learned from their strengths and setbacks, so come along with Lois and Peter on their way to getting ReadySet HIRED!
 
Negotiating the Job Offer
My Coaching
Consider total rewards - not just salary - when evaluating the offer and proceeding with negotiations. All items in a total rewards package have a value. The value may be measured in dollars, or in some other less tangible way such as work/ life balance, experience or security. The value ascribed to the different items - even the ones measured in dollars - are different for different people. They may even be different for you over time. It's important to determine how you value the elements of the total rewards package, and prioritize them accordingly. Identify your needs versus your wants, and which items are non-negotiable for you and which you are flexible about. Determine what elements of a total rewards package are important to you. Doing this exercise will also help guide you in the negotiation discussions.
After a few dead ends, Peter finally gets a job offer! It's from a small company with a strong brand and a senior manager that Peter quite likes. The company is looking to build out one of their divisions, which currently has a single sales person. Peter would be mandated to grow and manage this small sales team. It's a minor management responsibility, but it's management nonetheless. It's also financially in line with what Peter is looking for, so he's definitely open to considering the offer.

After several interviews and no offers, Lois begins to adjust her approach. She finally comes around to the idea of working for a small company that is looking for an experienced Account Manager to join their marketing team. This "hybrid" job would have Lois working in her previous field of expertise, while giving her the opportunity to be heavily involved in the creative marketing process. It seems like a promising – though not ideal – opportunity for her to get seated in a marketing role. Lois is more than prepared to consider their offer, and in the preliminary discussion, tells them what they want to hear, which was essentially that she would gladly take on account management responsibilities.

Peter's main contention with the offer he received is the non-negotiable 2 week holiday. He's not had fewer than 3 weeks holiday in as many years as he can remember. Since he works such long hours, his commitment to his family included a 3 week summer holiday at the cottage, and Peter simply can't compromise on this point. He asks for some time to think things over and consult with his family. Will he take the job or continue looking?

Lois, on the other hand, quickly agrees to take the job, which turns out to pay $5000 less than her previous job. Although she could have made a case for at least maintaining her previous salary, she's not prepared to negotiate. She feels somewhat desperate to get back to work, and doesn't want to risk losing her chance at the only offer to come her way. Lois signs the offer on the spot and agrees to start her new job two days later. Did she make the right decision?

In our upcoming newsletters, we'll continue to follow Lois and Peter throughout their job search. Maybe you'll recognize yourself in one of them, and maybe you'll learn something along the way. For more tips to help you with your job search, visit www.readysethired.com.
 
5 Negotiating Actions
 
Here’s a summary of the five ReadySet HIRED! negotiating actions. Click Here for more detailed descriptions of these negotiating actions on our website.

 
Get the facts
Demonstrate that you know your market worth and that you are putting your best foot forward. Understand that there will be three numbers put forward - their number, your number, and the number you agree on. If all of these fall into your marketable range, then you're in a good position. In any case, the number you agree upon should fall within a range that is agreeable to both you and the employer.


Consider total rewards
Don't consider salary alone when evaluating the offer and proceeding with negotiations. All items in a total rewards package have a value. The value may be measured in dollars, or in some other less tangible way such as work/ life balance, experience or security. The value ascribed to the different items - even the ones measured in dollars - are different for different people.


Take a reasonable amount of time to review the offer.
Be gracious when an offer is made, but don't accept it on the spot. Even if it looks good to you, take it away and think it over before rushing to sign on the dotted line. Review it with someone you trust and ask their advice.
  Have a win-win attitude
It's a myth that negotiations result in a winner and a loser. Make it your objective to achieve a win-win all around, for all stakeholders. Negotiations by nature involve compromise, so identify which items on your list are must-haves, and which are negotiable. Be reasonable and fair to both yourself and the employer while finding the "yes" on as many items as possible.


Practice
Many people are anxious when it comes to negotiating, but practicing will help your confidence and temper your fears. Some argue that they are not confrontational by nature, and don't know how to negotiate properly. However, it's important to understand that negotiating is not about confrontation - it's about working together toward a mutually agreeable outcome.
Top 10 Negotiating Offers Mistakes
 
 
 
It's a widespread practice among novice negotiators to ask for more than they expect. Don't fall into this trap. It may make you appear both greedy and unaware of the market reality. It's better for you to know your marketable range and negotiate within that.
 
 
 
 
"There is no such thing as absolute value in this world. You can only estimate what a thing is worth to you."
-Charles Dudley Warner

"Start out with an ideal and end up with a deal."
-Karl Albrecht

"The Law of Win/Win says, "Let's not do it your way or my way; let's do it the best way."
-Greg Anderson
 
 
 
 
ReadySet HIRED! values your opinion. Take part in this week's poll!
 
 
How do you feel about negotiating a job offer?
 
 
Click Here for September's poll results.
 
Do you practice good follow up in your job search?
Yes 69.14%
No 30.86%
 
 
Questions and Feedback
ReadySet HIRED! welcomes your feedback!

If you have questions/comments, or topics you'd like us to touch upon in this newsletter, please email us at newsletter@readysethired.com.

We look forward to working with you!