5 Crucial Mistakes that can lead to low ball salaries
Landing your dream job isn't just about getting the position. It's also about securing the compensation you deserve. Unfortunately, many professionals make mistakes that result in low-ball salaries. Here are five crucial mistakes to avoid.
Calculation Knowing your salary range is vital to determining your worth to potential employers. To determine your range, add your base salary and perks three years ago to your current base salary and perks. Then, research the salary range of professionals who hold the job title you want. This information is available on sites like Glassdoor.com and Payscale.com.
Improper Resume and Interview Preparation
To secure a higher initial offer, your resume must demonstrate your unique worth and excellent fit for the role you're seeking. Likewise, during the interview process, you need to communicate how you'll address the company's challenges. Failing to do so can result in a low-ball offer.
Rushing to Accept an Offer
Employers will often give you a dollar amount to seal the deal quickly. Hold on and get all the details of the offer, including days off, vacation, personal days, signing bonus, 401k, commission, company car, telecommuting, travel, expense account, health/life/disability insurance, bonus structure, job reviews, and reporting structure. Ask for a day or two to review the details before accepting the offer.
Flubbing the Counteroffer
Start by thanking the employer for the offer and showing excitement about the opportunity. Then, counter the offer by stating your desired salary without additional explanation. If the employer accepts, move on to negotiating other details. If not, stay positive, reassuring the employer of your interest, and counter with a request for other perks instead of a higher salary.
Failing to Track Hidden Factors
Listening and asking the right questions during the interview process can reveal information that can help you secure a higher salary. For instance, if the position is urgent, the company may be willing to offer a higher salary to attract candidates. Understanding these hidden factors can make a big difference in your salary negotiation.
In conclusion, avoiding these common mistakes can help you negotiate a higher salary and ensure that you are fairly compensated for your skills and experience. Remember to provide an accurate salary range, prepare your resume and interview skills, take your time to review the offer and negotiate effectively, and keep track of the hidden factors that can give you leverage. By taking these steps, you can avoid low-ball salaries and achieve your career goals with confidence.
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