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Money Matters: The Art of Negotiations [Vickie Clark] Make no mistake; the initial offer is the first step of the negotiation process. The key here is to be knowledgeable about your worth and to understand that positions come with salary ranges; providing you with a negotiating opportunity.
Does your salary reflect the level of con-
the President of a well-known telecommuni-
fit within the salary range based upon your
tribution you have been making to your
cations company. Bernice received her MBA
perception of your credentials.
current employer? Are you aware of how
from an Ivy League school and had worked
much you are worth in today’s marketplace?
for a few years on high-level analysis proj-
Salary should never be based on what you
The amount of money that you receive is, in
ects for a couple of companies. She was told
have made, but on the contributions you can
large part, determined by your negotiation
that, given the current state of the economy,
make - your real worth. By not knowing how
strategy. Make no mistake; the initial offer
the company was limited in terms of what it
to negotiate your highest possible compen-
is the first step of the negotiation process.
could offer currently. She was promised a
sation package, you could earn significantly
The key here is to be knowledgeable about
significant increase in a year, contingent on
less and possibly lose thousands of dollars.
your worth and to understand that positions
her completion of a few special projects that
come with salary ranges; providing you with
awaited. She was also told that the benefits
Vickie Clark is a consultant with Alan Randall
a negotiating opportunity.
package was the same for all executives.
Associates, Inc. Attorneyalternatives.com spe-
However, she had learned from friends that Somerset Maugham states, “It is a funny
benefit packages varied significantly. Should
thing about life, if you refuse to accept
she accept the offer, or try to negotiate a
anything but the best, you very often get it.”
better deal?
Below illustrates how negotiations begin. Tony H has been a Human Resources direc-
Case Study
tor for nearly 10 years. When the vice presi-
Joe W. has been offered an editorial position
he was offered the position. He was offered
with a prestigious publisher of tax informa-
a 10 percent raise over his current salary.
tion. Joe is a tax lawyer who practiced in one
Being in HR, Tony knew full well what the
of the largest firms in the city. However, he
former VP earned in the position. While he
wanted to step back to a position that would
understood that he could not expect to come
allow him to spend more time with his family
into the job at that salary, he also felt that
and participate in some of the other activities
the responsibilities of the job entitled him to
he had put off while working 80-hour weeks
a bit more than the offer on the table. How
with the firm. Joe has been told that every-
should he go about negotiating for a larger
one at the publisher starts at the entry-level
increase?
dent of his department resigned last month,
salary. He knew he would have to take a cut in pay, but he was surprised at the size of the
How can you negotiate your worth and
cut. Should Joe accept this offer or investi-
protect yourself from being underpaid?
gate to find out if his experience will make a
Know your worth before entering into any
difference in terms of what the company has
discussion about your salary, determine the
on the table?
salary range typically paid to someone with your background, experience and talent and
Bernice H. relocated to Washington, D.C., to
promote yourself at the appropriate salary
accept a position as executive assistant to
level. As a final point, determine where you
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cializes in attorney transitions and is a service of Alan Randall Associates.