The Compensation Package Battle (And How to Win It)

The Compensation Package Battle (And How to Win It)

When going into a negotiation it is important to understand that the person who is best prepared has the upper hand.

This is especially true when it comes to salary discussions.

Typically, the employer is better prepared because he has an annual discussion regarding pay and benefits for every associate on staff.

For example, Louis Nigro, president of Kleer-Fax, Inc., a manufacturing plant on Long Island, has over 100 employees.

Over the past forty years he has had tens of thousands of salary negotiations. Compare that to how many you have had.

First, know that it is normal to be nervous. This can be assuaged, though, by taking the following steps.

 Research the Median Pay 

for Your Position

What hurts many people is that they have no idea what the standard is for their position.

This can be found by going to a site like www.salary.com.

There, you can type in your position or field, and then select the title that best suits your work.

If you are a financial advisor who fits the position of Corporate Financial Associate II and are making $95,000 a year …

… then you would find that, in spite of not doing too badly, your salary is actually in the bottom 10% of all people in your field.

To make sure that this is accurate you can seek the advice of a finance industry recruiter who can help you assess where you should be.

Using the Data to Your Advantage

When you find that your $95,000 salary is well below the $111,674 median it can be disheartening …

… but you can take heart in knowing that with this data you can reasonably ask for a raise of $10,000 or more.

The way you do this during a salary negotiation is to discuss what you have contributed over the course of the past period (there or in your past job) …

… as well as whatever other assets you bring, and then present the salary report.

Upon seeing this, your employer is going to realize that he is going to lose you if he doesn't make a respectable offer.

When he or she does make an offer, you can ask for more and likely get it.

How to Ask for More Money After an Offer has Been Made

Henry Kissinger had a great method that allowed him to get as much as possible when dealing in negotiations.

An offer would be made and he would say, "that's not good enough."

We are not advising that you quote him directly; he was acting as the Secretary of State for the most powerful nation on Earth.

However, when an offer is made, you can say, "is that the best you can do?"

If the answer is yes, then you can believe it because there are many times that the response comes back with a number that is surprisingly higher in terms of salary or benefits.

The compensation package battle only happens once a year, if that, and what you get paid today …

… determines a great deal of the trajectory of your future salary, so it is important to know what you can get, and then negotiate so that you get it.

If you are looking for a job in the finance industry,

give the recruiters at Willis Consulting, Inc. a call.

They not only have the 411 on the best jobs out there, they will also give you advice and guidance so you sail through your interview

www.willis-consulting.com

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