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Tips For Negotiating Salary During A Tough Recession

Filed in Education by on August 12, 2020
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Tips For Negotiating Salary During A Tough Recession.

Tips For Negotiating: Negotiating your salary can be the most stressful part of the whole interview process for candidates.  Ask for too much and they may reconsider their offer; ask too little and you damage your pocketbook.  And once you’ve given up a number, you can’t go back. This article will explain the best yardstick for you to avoid regrets.

Tips For Negotiating Salary During A Tough Recession

It’s important to remember that any successful negotiation results in a “win-win.”  You’ve got to remember that the company has its agenda and doesn’t want to make a mistake either—and in a recession, companies are belt-tightening and have their pressures about keeping costs down.  So how do you successfully navigate this delicate situation? Let us go straight to knowing these tips.

1. Do a Great Job of Selling Yourself

The very first step to getting a top offer for your position is to do a good job of selling yourself as the best candidate in the first place.  The job search is a sales process, and you’re the product being sold (in the form of a salary for work).

Position yourself properly.  Have a fantastic LinkedIn profile that gets attention, hire a career coach to help you come up with a “marketing strategy,” bring a 30/60/90-day action plan for the job to your interview, and make sure your references are glowing.

These are all great ways to increase your value as a commodity in the job market so that you’re starting in a more advantageous position in the first place.

2. Don’t Be the First to Mention Salary

Bringing up money in the job interview is a big no-no for candidates.  Your focus should always be on what the hiring manager’s problems are and how you can solve them.  Once you’ve convinced them that they need you over the other candidates, then you can talk money.

Treat it as lightly as you can by saying, “Does that mean you’re making me an offer?”  Sometimes they’ll say “yes,” and then it will change the conversation (in a great way).

Deflect it by saying, “I’m certain that given the responsibilities of this position, and how important it is to the organization, that you will compensate the right candidate with an appropriate amount of money,” or “Unless you’re making me an offer, we’re still trying to see if this is a good fit, and I think that if we decide that it is, we’ll be able to work out the money issue.”

If your interviewer asks you directly how much money you currently make, you can antagonize him or her by refusing to answer, so you have to say something.  One option:  answer honestly, but qualify it by saying, “I am not sure that it is relevant because this position requires x, y, and z…”

3. Be Prepared

Do your homework before you go to the interview so that you know the appropriate salary ranges for this position in this region of the country.  There are all kinds of sources of information online to get an idea, and you should come to the interview with an appropriate salary range in mind.

Know what value you’re bringing to the table, and be able to justify what you’re asking for.  Be realistic, and try to be objective about the market values for this particular position—which in a recession, might not be as much as you had hoped.

4. Consider Other Benefits

Never forget that the job isn’t just about the paycheck, and neither is the negotiation.  If you run into a roadblock on salary, consider other avenues like increased vacation time, stock options, retirement plans, incentives, bonuses, trade association fees, health care, daycare, car allowances, flexibility in your schedule, telecommuting options, or other things specific to the job.  All these items can be a part of a great salary and benefits negotiation.

These tips have always been a part of good salary negotiation, but during a recession, things like the benefits package become a bigger part.  Just remember—be flexible, aim for a win-win, and keep the focus on the valuable skills you are bringing to the company.

5. Know When to Jump

I know that based on previous comments on my prior “career lessons” articles that some of you will label what I am about to say as Psycho-babble. That does not make it any less true.

When the offer call comes in, and the person on the other end of the phone tells you how wonderful you are and how much they want you to accept the job; I suggest you take a breath, maintain composure, and ask them for a day or two to think about it.

Even if you know you want the job. When you are at the offer stage all the other candidates are placed far on the back burner. It is also possible that you are the only candidate out of the bunch to whom they would even consider making an offer.

In this case, they can’t afford to have you decline the offer. Asking them to give you time to make the decision helps put you in a powerful negotiating position by simply triggering a greater sense of urgency and desire to do what they can to fulfill your requests.

It doesn’t mean they will, but any employer worth working with will try. However, maintain respect during this process. Let them know specifically that you sincerely appreciate the offer, you are seriously considering it, and that you will call them back on a specific day and time to let them know how you intend to proceed.

Approach negotiating with diplomacy, respect, and professionalism. Possessing your facts, confidence, and faith in your value and ability positions you as an ally with your potential employer. This increases their desire to work with you, and do their best to fulfill your salary and compensation requests. Even in a volatile economy!

Negotiations aren’t always comfortable, and virtual communications can be tricky. No wonder you think twice about engaging in virtual negotiations in today’s uncertain environment.

Don’t let the anxiety of what could go wrong stop you from recognizing your value and advocating for yourself. You’ve got this. If you found these tips for negotiating salary useful, kindly share it with your friends too.

CSN Team.

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