How to negotiate in a recession, Part 1

You are here: Home » Career Advice » How to negotiate in a recession, Part 1

The news is not good. Talk of a recession is now turning to talk of a depression. If you do land a new job, what options do you have for negotiating your salary? Can you afford to be aggressive in negotiating your salary? Do you want to risk leaving money “on the table?”

As with most career advising, there is no one “right” answer. How you proceed will depend on your industry, your level of expertise and how important your position is to the organization. I do not advise entering a negotiation thinking that you should jump at any offer you are “lucky enough” to get. Organizations still need to recruit talent. Take a good, long look in the mirror. Know what you offer and negotiate based on that value. There is a lot to keep in mind…

Research, research, research.

Before you get the point of being asked to name salary, you must do your homework! Yes, that should include online research. Alison Doyle, who writes the About.com Job Search column lists several sites to visit. (Feel free to list others in the comments section.)

In addition, you’ll want to talk to people to try to determine if you can get a sense of salary ranges. Although there’s been talk of employees sharing salary information with each other, it is not generally accepted to ask someone what he or she earns! However, it is acceptable to talk about ranges and to ask general questions. For example, “Does this company typically pay at the high or low end of the industry’s range?”

What should you list on an application that asks for salary?

Avoid listing salary. Write “negotiable.”

What should job seekers do to be prepared to actually negotiate an offer?

What to know about yourself. Make some choices about your needs: Before you begin negotiating, make a list of the things that are key factors for you:
-   What’s going to make you love your job?
-   What will make you proud to come to work every day?
-   What would keep you at a company?

What to know about the organization?

Be prepared and informed. ?How badly does the employer need to fill the position for which you are being considered? How difficult is it to find someone with your special skills? This information lets you know what type of leverage you will have to negotiate a better offer. Most importantly though, you must have conducted comparative salary research (as described above). Determine your market value in the profession and location. Once you have all of this information, along with your own salary history, you can determine how to negotiate your offer – even in a recession!

Stay tuned tomorrow for what to do once you have an offer!

Need to get to the offer? I can help! A new resume and job search strategies can make all the difference!

photo by massdistraction