INTERVIEW Q & A: The salary question
Published:Wednesday | April 6, 2011 | 12:00 AM
Glenford Smith, Career Writer
QUESTION: I would like to ask you the following questions with regard to an interview for a top financial executive position. What is the salary range for this type of job? If the interviewer says that the company is able to pay range X-Y and asks whether this is acceptable to me but the range is low, how do I effectively negotiate without jeopardising my chances of being accepted for the position?
SMITH: These are great questions, as the salary question is the most crucial negotiation in the interview process.
It can win or lose you the job.
Your best bet to determine an up-to-date salary range for the specific job you have in mind is to visit the Jamaica Employers' Federation (JEF) Library at 2A Ruthven Road, Kingston 10.
The JEF does a survey each year which returns information on salaries in various fields, by sector. The cost for using the library is J$400 per hour, and for copying salary documents J$600 per page.
With regard to your second question, consider the timing.
If the interviewer brings up this question early in the interview, defer it by saying something like this: The salary is an important issue but not your primary concern; that the opportunity to grow and make a meaningful contribution is your main concern; that you would like to explore what the job entails and whether you are right for it first before discussing salary; and end with, is that okay with you?
If he or she brings up this question late in the interview, it is a good sign you are being considered seriously.
Most career experts agree that you should not give a definitive answer right then and there, even if the offer is acceptable.
Rather, you should thank the interviewer for the job offer and reiterate your passionate interest in working for the company.
Then ask for some time to consider all the details of the offer. This will provide you with time to assess the offer outside the emotionally charged interview setting. If the interviewer insists on an immediate response, politely repeat your request for more time. Never negotiate when you are unprepared.
Having done your checks about the salary range for the position, you should now do additional research on the full compensation package, not just the base salary you're offered.
negotiation strategies
Consider factors such as vacation benefits — number of days, paid or unpaid — insurance, professional training and educational opportunities, allowances, work hours and flexibility, as well as alternate/complementary compensation schemes such as profit-sharing or performance bonuses. At this stage, information is power.
Make a counteroffer either in writing, or by requesting another meeting.
My best recommendation for learning effective negotiation strategies is the book Negotiate This! by Herb Cohen.
His proven 'Bargaining Formula' outlines the 10 essential steps to successful negotiating. Learning these principles will skyrocket your confidence and significantly improve your chances of getting what you're worth.
Finally, if the offer is too low and the company can't or won't negotiate, be willing to walk away. You are risking your future career satisfaction by doing otherwise.
Glenford Smith is a motivational speaker and success strategist.