Top 10 Tips for Negotiating Compensation
1. Discover what you’re worth by researching salary surveys for your occupation, experience and location. Some websites include:
2. Research your level of skill (assistant professor, associate professor, private practice) so you can sell your skills, talents, accomplishments, work ethic and experience for top pay.
3. Get the facts on the costs of relocating (if applicable). Some websites include:
4. Research the institution, hospital, or group to see if they’re flourishing or hurting financially. If flourishing, go for a higher salary, benefits and perks. If not, negotiate what you can comfortably live on, but think seriously about your future financial stability.
5. Politely but firmly sidestep discussions of specific salary (say it’s negotiable, open, or competitive) until you’re confident they want to hire you. If asked point-blank about salary, counter by asking what the range is, so you know the boundaries.
6. Inquire about additional professional benefits and perks, so it appears that you’re compromising if you don’t get them, or attempt to trade them for a higher salary.
7. Command rather than demand, while working toward a win-win situation.
8. Be eager and enthusiastic, but willing to walk away if you’ve reached an unsatisfactory negotiating ceiling.
9. Even if you get what you want, wait to accept for a day or two to think it over, time permitting.
10. Consider the value of benefits and perks too, such as protected research time, incentive bonuses, conference / travel time, and promotion potential.
10 Negotiating Mistakes to Avoid
1. Never lie about your past salary. Reference checks might expose you!
2. Don’t be aggressive in negotiations. Be polite but firm.
3. Don’t be short sighted. Short term gains may not lead to long term gains.
4. Don’t focus on vacation time, perks, employee benefits, etc. Focus on the job duties.
5. Don’t demand to start at the top. Be willing to start at the bottom and work your way up the ladder.
6. Don’t set time tables for decisions to be made. It may take time for employer to make decisions based upon the institution, hospital, or group’s policy.
7. Don’t be one-sided in negotiations. The goal should be a win-win resolution.
8. Don’t threaten to take a job with another institution, hospital, or group, if the employer doesn’t hire you right away.
9. Don’t overpromise what you will do if hired.
10. Don’t get upset, and walk out of negotiations.
“What I Wish I Had Known About Negotiating”
“I would’ve taken a more collaborative or cooperative approach to negotiation - one that produces agreements that are better for both sides. I’ve found it beneficial to listen to the needs and concerns of the other side, communicate my own priorities and pressures, and try to find solutions that benefit all parties, resulting in a win-win solution. By looking for those win-win solutions, I have tended to preserve and enhance long term relationships and avoid burning as many bridges, compared to others who only focus on the short term gains.”
