Salary Negotiation Tips for Employers

Salary Negotiation Tips for EmployersSalary Negotiation Tips for EmployersSalary Negotiation Tips for Employers Hopkinson, author of Salary Tutor Learn the Salary Negotiation Secrets No One Ever Taught YouThe moment of truth has arrived. After weeks of research, networking, perfecting resumes, meeting all the right people, and an intense interview, the topic of compensation is broached. So what were you looking for in terms of salary?The question hangs in the air as your heart beats faster, your mouth goes a little dry the anticipation is palpable. How will this play out? What do I say next?If youre envisioning a 25-year-old job seeker squirming in their just-purchased suit and youre starting to feel badeanstalt for them, dont.In the scenario above, its the hiring manager that is the nervous one.Salary Negotiation A Two-Way StreetDuring any interview, common thinking says that all the pressure is on the job candidate after all, they are the ones trying to set themselves apart from th e crowd and impress the company enough to get hired.But remember that the interview processis a two-way street. For companies with an important job to fill, extracting the perfect candidate from the legions of uninspiring Im looking for a company that will utilize my interpersonal skills resumes can be a challenge. Once you have that person in your grasp, they pass your rigorous qualifications, and you want to need to get them on board as soon as possible, the final question is asked Can you afford them?Here are 5 salary negotiation tips for employers to consider1.Access the best candidatesStudies have shown that upwards of 80% of jobs are found through networking. So if job seekers are out there expanding their network and tapping into friends of friends, why arent you? You dont even have to do it all yourself. Empower your employees to spread the word that you are looking for amazing new people to join your team, and reward them for quality referrals.2.Dont scare them off Some e mployers try to screen out candidates before they even know their name. If your job description or application has hazard label warning language such as RESUMES THAT ARE SUBMITTED THAT DO NOT CONTAIN A FULL SALARY HISTORY WILL BE IGNORED, what does that say about your company?3.Give them the tourIn my book Salary Tutor, I instruct candidates to defer premature salary talk by eager HR screeners by saying something such as Ive done my homework in terms of salary, but would really like to know mora about the company before we talk details. The key for them is not just saying the words, but believing them.For example, what if they give a low number early, but upon getting a full description of the jobs responsibilities, they find out there is mora travel than anticipated, longer working hours, and shrinking budgets. They realize theyd need a lot more compensation to take the job. Conversely, if they say a high number up front, then instantly click with their would-be manager, find out t heres a fantastic new project in the pipeline, and realize this is their dream job, they could be screened out for being too expensive.So before pressing candidates for a bottom line number, make sure theyve seen the big picture.4.Do your researchSome employers begin salary talks by asking What are you making at your current job?The problem with this question is, unless you plan on doing an extensive background check, you wont know if the candidate is telling the truth, taking their salary +20%, or picking a number out of hat. Furthermore, if the person is unemployed (zero salary), doing some consulting (where rates vary dramatically), or changing careers, it can be difficult to compare the past with the present.But most importantly, it doesnt matter what they are making now. The fact is,you are the one offering the job. The assumption here is that youre hiring because you feel an additional employee will bring in more revenue to your company, so you should have a number in mind tha t makes sure that the return on investment is worth it.Its up to you to do the research and know the market value of the employee you are looking to hire, factoring in years of experience, geographic location, and demand for the position. Fortunately, a host of online resources make it easy to determine a jobs market valuefor bank tellers in Boise or software engineers in Silicon Valley.5.Respect their researchThe way a prospective employee handles salary negotiationshould give you a pretty good indication of their character. Are they too timid to ask for what theyre worth? Do they get frustrated or demanding if your initial offer doesnt align with their thinking?Or, do they calmly and confidently approach this part of the interview like a business transaction? A candidate that has done extensive research on current market rates, shows you supporting documentation for the rate they are asking and ultimately knows their true worth and stands by it sounds like someone I would want on my team.In the end, negotiating a salary can be stressful for all parties involved. But with the right preparation, employers can get their moneys worth when the moment of truth arrives to make a job offer.Author Bio Jim Hopkinson is a marketing director at Conde Nast in New York City, hosts a popular blog and podcast called The Hopkinson Report,and teaches a social media class at NYU. His book, Salary Tutor Learn the Salary Negotiation Secrets No One Ever Taught You is available on Amazon.com. Learn more at SalaryTutor.com.