Why More Workers Should Negotiate Their Salary
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What is the main topic discussed in this episode?
This is Your Money Matters from The Wall Street Journal.
Welcome to Your Money Matters. I'm J.R. Whalen in New York. Negotiating a starting salary is like a delicate dance. It requires knowing the market rate in your field and position, the finances of the company during the paying, and what a realistic step up would be from your previous pay package.
Why do only 39% of workers negotiate their starting salary?
Most of that information is easily available, but why don't more people make an effort to negotiate? Rich Deosing is Senior Regional Manager of Robert Half in New York, and he is here to discuss. So, Rich, not all starting salaries are negotiable, but it's important for a candidate to be sure to thoroughly read a job listing.
Absolutely, JR. You know, starting salaries should be a factor of the job skills required and current market demand for those skills. That's why it's important than ever before for both parties to research market conditions thoroughly.
How should candidates read job listings to spot negotiable salaries?
to pave the way for realistic, productive discussion.
And a survey by Robert Half showed that just 39% of people tried to negotiate pay with their last job offer. And of that group, about half of men negotiated salary compared with just 34% of women. Do you think that that differential is likely to shrink on the heels of gender pay campaigns that have reemerged in the last year?
It should, theoretically. You know, at the end of the day, Asking or negotiating around dollars, JR, is a sensitive issue because you're asking for money, right? And I think a key component, regardless of your gender, is to simply be prepared. Know what your skills are worth in the marketplace and know what positions are paying with similar experiences. Know that.
What market research should you do before negotiating pay?
So pretty much do your homework.
So what's in it for an employer to open up starting salary to negotiation?
It allows the employer to attract, secure, and retain the best talent in the marketplace. I think, you know, being able and being open to have those salary conversations during the interview allows you or shows that, hey, you know what, you're interested in this person and you don't want time to be wasting.
In the survey, workers age 18 to 34 are most likely to negotiate salary than any other age group. Did that jump out at you as a surprise?
Does gender or age affect who negotiates salary and why?
Gerard, it certainly jumped out at me. I think, you know, knowing that salary negotiation is a sensitive topic and knowing that, you know, that age group actually led the charge in doing the salary negotiation just tells me that or shows us that there are a lot of opportunities in the marketplace where individuals need to do their homework and choose the best fit for them.
We're speaking with Robert Halfs, Rich Deosing, and you're listening to Your Money Matters from The Wall Street Journal. Welcome back, everybody. So, Rich, Robert Half has made an effort to alert job candidates that potential employers are broaching the subject of salary expectations much earlier in the interview process to streamline the hiring process, essentially. And so candidates need to be ready to discuss that, but not until a formal offer has been made.
Absolutely, JR. I think first and foremost, avoid negotiating any part of the compensation package until you've received a formal offer. I know it's easier said than done, but just be mindful that you don't want to get counted out of the game too soon and just go with the flow. Secondly, I think in an effort to prepare an individual for when that offer comes is to practice, practice negotiating with an individual that you trust and actually doing some role plays around the negotiating conversation.
And so a lot of advice here, as if salary and negotiation were really a delicate dance, the advice is to rehearse, rehearse, rehearse. Actually find somebody who you trust and even somebody who's been through this process before.
When should you avoid discussing compensation during interviews?
Absolutely. You can't rehearse too many times because you have to be able to not only articulate your skill set, why is it beneficial for that organization to hire you, But really, you have to give that impression to the employer that you're not only interested in the dollars, you're interested in the organization as well.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:25
2
Why do only 39% of workers negotiate their starting salary?
0:25–0:58
3
How should candidates read job listings to spot negotiable salaries?
0:58–1:45
4
What market research should you do before negotiating pay?
1:45–2:18
5
Does gender or age affect who negotiates salary and why?
2:18–3:53
6
When should you avoid discussing compensation during interviews?
3:53–4:54
7
What negotiation tactics and rehearsal tips improve outcomes?
4:54–6:01
8
How can candidates negotiate beyond base pay to improve the total package?
6:01–7:09
Speakers
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