What Salary Should I Ask For?

What is a fair salary to ask for? This is a question that many job seekers face when job searching.  As career author, Alison Green, puts it in her article How to Determine What Salary to Ask For “At some point in your job search, you’re going to be asked what salary range you’re looking for. You’ve probably read that you should try to avoid naming a number first, but the reality is that employers are going to ask you and you’ll usually have to answer. In fact, many online applications these days won’t even let you apply without naming your salary expectations.”

There is no way around this question, and only one way to prepare for it – Research!  By efficiently preparing for the salary question ahead of time, you can accurately evaluate your market value and provide a confident response. 

We often work with clients who are fearful of two different situations regarding salary in the job search. On one extreme, clients do not want to low-ball themselves. On the other hand, they do not want to price themselves out of the employer’s range. As Goldilocks would say, you want to find a salary range that is “just right” for the target position and company. 

Three strategies to ramp up your salary research:

1.) Salary websites. Research your target position on websites that provide salary information. (NACE Salary Calculator, Salary.com, Glassdoor.com, Payscale.com, CNN’s Cost of Living Calculator.) This can be a good place to start your research, but don’t strictly depend on this strategy. Job titles commonly represent widely different latitudes of responsibility, and salary websites don't always reflect this.

2.) Ask professionals in your target industry. I am not suggesting that you ask others what they make. That can be awkward for both parties involved. Rather, you could say something like this “Based on my research, I have found $ - $ to be a fair range for this position. Given my experience and level of education, would you agree?” Are you about right, too high, too low?

3.) Check out similar positions on online job boards. Some companies will list a salary range with the position. Target similarly sized companies in your desired geographic region to gather additional data.

Do as much research as possible. This will allow you to identify consistent salary patterns in your industry to generate a fair salary range. After you have explored all three forms of salary research, you can provide an informed response based on facts. What strategies would you add?

Keep in mind, salary is just one piece of the compensation package. Though some companies have set ranges that allow little wiggle room, don’t let this discourage you. You’ve still got benefits, bonuses, vacation days, etc. to negotiate! Click here to hear what Dr. Joe Labianca, UK Professor of Economics, has to say about salary negotiation. 

Posted by Kelly Allgeier

The Art of Negotiation

Q: I just interviewed for a promising job and expect an offer in the near future. Salary negotiation, however, makes me nervous – especially in a tight economy. What tips do you offer?

A: Remember that all job offers are negotiable. In fact, this may be the only time when you have the upper hand - so you have more power than you think. According to Dr. Giuseppe (Joe) Labianca, Ph.D., UK Gatton Endowed Associate Professor of Management, there are many strategies for improving your negotiating ability. “First, never begin a negotiation until you have a firm written offer. Some firms may ask about your bottom line number, expectations, etc. before offering you the job – dodge and deflect. Believe in the value of what you are selling. Emphasize the positive aspects.” Next Dr. Labianca suggests that you must have data in order to negotiate effectively. Conduct extensive on-line research and also talk to a wide variety of people when trying to gauge your value. Then, open aggressively with your highest defensible offer. Dr. Labianca states that, “Most negotiations end at the midpoint, therefore, when giving concessions on that point, try to get concessions that are more valuable to you on other issues (e.g., vacation time, good schedule, travel expenses, tuition reimbursement). While it’s healthy to take a broad view of your interests in a negotiation, don’t assume that you have to trade those interests off for wages and bonuses. Present wages form the basis for all future wages, and giving up on them has a huge cumulative effect over your career. But don’t get hung up entirely on wages, naïve negotiators focus too much (and sometimes exclusively) on wages to the detriment of other issues that can provide more value.” To learn more about Negotiation, watch Dr. Labianca’s recent UK Alumni Association presentation at www.ukalumni.net/career (Career Related Videos).

Salary Negotiation 101

Even in a tough economy, employers usually leave some room to negotiate salary offers. Picture this scenario. You have been out of work for a few months and finally get a genuine offer. However, the offer is a bit lower than you would like. What do you do??? First, always ask for at least 24 hours to think about an offer. Then follow-up to negotiate. Begin by thanking the employer for their time and interest in you as a candidate. Next share that based on your background and experience, you felt the offer was low. Now stay quiet and let them talk. If they seem open to negotiate, reaffirm your immediate value to their organization. Discuss any other relevant skills or experiences that they seemed to want in their ideal candidate and focused on in the prior interviews. Know the market in your area and be prepared to cite relevant salary surveys. We all like to start new jobs feeling valued and good about our acceptance offer.