professional development
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NAVIGATING SALARY NEGOTIATIONS & PERKS By Dr. Aisha Wright-Burke
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ELF-DEVELOPMENT. TWO WORDS I live by and have dedicated my life to. Growing up, my parents created an atmosphere of learning by being examples of what being a life-long learner could do for your quality of life. t’s a well-known fact that it costs more to hire someone new than to restaff for a role. Forbes shared that Employee Benefits News reported in 2017 that turnover can cost employers 33 percent of an employee’s annual salary. In any job market, when you’re seeking new employment (internally or externally) you need to understand your skills, capabilities, and self-worth. It is of the utmost importance to keenly understand how these align to your targeted job. So, when you’ve applied for the job, interviewed and received an offer verbally – what do you do now? A Wall Street Journal 2021 article explained that, “The cultural expectation to negotiate salaries is now widespread: The staffing firm Robert Half found that 70% of over 2,800 managers surveyed in 2018 expected candidates to negotiate. In a 2018 survey of 850 hiring professionals by recruiting corporation Jobvite, recruiters said nearly 60% of millennial candidates they interviewed had asked for a salary increase that year. Although these stats are a few years old – they still ring true. Let’s take a step back - ask yourself: • Do you have the initial offer in writing? (Hint: You need this in writing before you counter anything) • How much do you know about the salary trends in your field? • What is your value proposition to your target company? • How do you plan to present your “pitch” for a counteroffer? • Have you assessed the perks and benefits the company offers? • Do you want to ask for a sign-on or base pay increase? • How much do you know when you would be eligible for a merit increase (or incentive, if applicable)?
These questions will help you prep for crafting your response to the initial offer – the counteroffer. Another important component of designing your counteroffer is understanding the benefits or perks your target company
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offers. Your recruiter is your main resource for this (unless you have a friend or colleague that works at your target company as well). Here is a sampling (but not a complete list) of benefits and perks that are available in many companies today. • Comprehensive medical/dental/vision plan (Hint: Find out the $ amount per paycheck) • Support for Professional Development, Certifications, etc. • Child/Elder Care • Legal Assistance • Employee Assistance Program • Wellness & Fitness Programs • Mentoring Programs • Commuter Benefits • Discounts on Local Entertainment & Other Businesses • Student Loan Assistance • Work Schedule Flexibility • Unlimited/Limited Vacation/Paid Time Off
There are a plethora of articles about salary negotiation with suggested approaches. Use the information that you know today (and do some more research) to figure out what works best for your personality and what you want to achieve. A few final tips are: • Think about asking for a salary/percentage range instead of one figure Don’t lie about your experience/skills • Practice! Practice! Practice your pitch – for confidence in your delivery • Be thankful for the opportunity In conclusion, remember the leader you will be reporting to is on the other side of the process, so ensure that you don’t make it all about a dollar amount. “ ‘The most important part of negotiation is just going to be those intangibles, like rapport, likability and delivery,’ says Josh Daniel, a Dallas-based career coach with Korn Ferry. If all goes well, you’ll soon be working with the person on the other end, he says, so you shouldn’t treat them like an adversary.”u Disclaimer Dr. Wright-Burke’s ideas and opinion are her own and do not represent ADP, Inc.
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