Have you ever encountered a job application that asked about your desired compensation and left you wondering how to answer? I certainly have and in that situation, I found myself stuck on it longer than I expected and had to close the application due to not knowing what to put. Regrettably, when I returned to the application after conducting my research, the job application was no longer available and I missed out on a job opportunity simply because I needed to gain knowledge on how to address those questions.
Using the resources from the KatieCareer Virtual Center website and reading more about Negotiating an Offer has helped me understand salary negotiation. Now my first steps are conducting thorough research about the job position I plan to apply for and collecting information such as both the salary and role to better understand what my desired compensation should be. This step assists in preparing for future success in negotiating offers.
What is the desired compensation?
Desired compensation refers to salary, benefits, tuition reimbursement, health insurance, and many other forms that a person hopes to receive for a particular job/role. When asked about their desired compensation, it is an opportunity for the individual to express their expectations regarding their experience, and skills to the employer.
In addition, listening to Margaret Neale: Negotiation: Getting What You Want on YouTube has helped change my outlook on negotiation instead of looking at it like I won’t be able to receive any deal. It has assisted me to be more confident about negotiating.
Some of the takeaways from the Margret Neale video are:
- Giving us the structure of a negotiation, not the recipe
- You can be successful, regardless of what you face
- Think of negotiation as problem solving
- The goal of the negotiation is not to get a deal, the goal of negotiation is to get a good deal
- Need to be able to separate what a good deal is from a bad deal
- There are Four steps:
- Assess: Do the benefits outweigh the costs?
- Assess the condition thoroughly to better understand the benefits and costs of agreement or decisions. Requires assessing the current situations
- Prepare: What are my interests? What are your interests?
- Knowing what your own interests are and being able to identify them will help you figure out what you want to achieve from the negotiation. This involves collecting and gathering information to help achieve your goals
- Ask: Engage and share unique information
- This step requires you to make a request that aligns with your interests. You will need to communicate effectively and be an active listener to respond to the other party’s concerns.
- Package: Bundle alternative proposals
- This requires you to be flexible and be creative to find solutions that mutually benefit both parties and have satisfied agreements that meet all the needs of both parties.
- Assess: Do the benefits outweigh the costs?
- Expectations drive behavior
- If you change your expectations, you will change your outcomes
- Have the capacity to say NO
After conducting thorough research, I understand the importance of knowing and understanding my desired compensation. Moving forward, I plan to do my research beforehand to feel confident in my salary expectations for the position. When I receive an offer, I will evaluate that it aligns with my expectations based on my skills and experiences. If not, I will engage in negotiations confidently, supported by my research and confidence in the contributions my skills and experiences will add to the organization.
Negotiation is a valuable life skill that benefits you both personally and professionally. When engaging in negotiations, maintain confidence and know that your skills and experience advocates for your needs and it also reflects on your values and contributions.
If you are interested in learning more or want to practice, go set an appointment with our Career Team to practice how to negotiate an offer in Handshake. It will come in handy for your future!
