One of the worse things a job seeker can do in a down economy is to
eliminate their salary requirements for the sake of finding a job. But what wise job seekers need is to
master the finer points of negotiating a fair salary in a down job market. Below are a few tips:
1. Understand how
the firm compensates their employees.
For example, do they have a merit-based compensation system? Or are
attorneys compensated based on their titles and classifications? Understanding how a firm compensates
employees is the first step to successfully negotiating your salary. For example, if a firm compensates an
employee based on classification, you may want to negotiate a reclassification
instead of negotiating a higher salary.
2. Understand what
you are bringing to the table and how readily available your skill set is in
the marketplace. If you have rare
skills and experience, don’t be shy about gently reminding the employer why
those skills and experience warrant increased compensation.
3. Don’t forget
that compensation is more than salary.
Many firms are flexible and open to increasing benefits such as vacation
time and other perks. If you can’t
get an increase in their salary offer, try getting more vacation and personal
time. After all, time is an
irreplaceable commodity.