How to Win Your Compensation Negotiation

THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS

Moshe Kravitz, Director of Finance - IDT Telecom & Certified Career Coach - Five O’Clock

Club

Successful Salary Negotiation

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Learning Objectives

After participating in this event you will be able to:

• Discover at what point in the hiring process the should salary negotiation should begin for you

• Learn what to say, and not say when asked about your salary requirements

• Discover specific strategies around how to best react when a base salary offer is too low and how to "negotiate up" the salary without mentioning numbers

•Discover best practices in preparing for an interview•Understand what to do and what not to do during an interview•Discover how to effectively close the deal after an interview


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THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS

Moshe Kravitz, Director of Finance - IDT Telecom & Certified Career Coach - Five O’Clock

Club

Successful Salary Negotiation


The Most Successful Salary Negotiation

THE MOST SUCCESSFUL

SALARY NEGOTIATION

IS WHEN YOU NEVER MENTION

THE SALARY



What if they ask me –

• How much are you currently earning?

• How much do you need?

• What are your salary expectations?



Who asked you?

• Online application

• Hard copy HR application

• HR “screener”

• Hiring manager



Your mantra:

“Salary won’t be an issue”



Without discussing salary, how can I ensure that the offer will be –

• Enough

• Fair

• Competitive

• The best possible offer


Discuss the POSITION

Your Focus:

Discuss the POSITION not the salary


Four Step Salary Negotiation

The Four Steps 1.Discuss the Position

• Bob – Paper Burster• Mike- Finance



The Four Steps

1. Discuss the Position

2. Outshine and Outlast the Competition



The Four Steps1. Discuss the Position

2. Outshine and Outlast the Competition

3. Get the Offer

• Bessie – Accounting Manager

• Kate- “Supervisor”



The Four Steps

• Discuss the Position

• Outshine and Outlast the Competition

• Get the Offer

• Negotiate the Compensation Package


Negotiate the Compensation Package

How much are you worth?

• By industry scale - in your region

• By this company’s scale

• Salary.com et al vs. “Comparables”



Calculate the value of your entire package:

Base salary Medical insurance Sign-on bonus Dental insurance

Year-end bonus Vision and Prescriptions Life insurance

Stock & options Short and Long term Disability Private Equity

Profit sharing Tuition reimbursement Training in-house

Defined Benefit plan Conference fees 401k ER Contributions Professional association

SERP membership fees SEVERANCE!!



• Negotiate the items one at a time• Begin with base salary• Maintain a WIN-WIN attitude!

You and the employer are not opponents in this negotiation

You are both on the same side – aiming to work this out to everyone’s

satisfaction and benefit• The “Dime” experiment



“We were strangers; now we are friends!”

Maintain a WIN-WIN attitude!



Last, but not least…After “win-win” give-and-take on each

itemattempting to meet the value of your

total Package

The final item to negotiate is • Severance – Make it Impersonal –

in the event of: Change of management or Change of ownership


Take-aways

• Discuss the POSITION not the salary

• “Salary won’t be an issue”• Maintain a WIN-WIN attitude!

“We were strangers; now we are friends!”


Thank You


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How to Win Your Compensation Negotiation

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Transcript of How to Win Your Compensation Negotiation