In the second part of our “launching a job search” series we discussed “Understanding Employers: Priming Your Job Search” now we will explore compensation strategies and how job candidates can strike a balance between getting what they’re worth and what employers are willing to pay.

In the game of negotiating compensation, job candidates must understand that the right price for compensation is the “perceived value” of what they are offering.  In other words, the right price is the price that employers believe is worth paying for what you’re offering.  This is critical in establishing a strong negotiations strategy.  

What Are You Worth?

It’s time to get honest about the perceived value of your skills and experience.   Job candidates need to take an honest look at the employers they’re contacting and determine how much they are willing to pay for someone like them.  Take a look at their standard compensation packages and then do your research to find out what the going rate is for a job candidate like yourself.  If you find it’s a little less than you had hoped, figure out ways to add value or to receive additional compensation in other ways.

Consider All Compensation

Compensation isn’t just about salary, it also includes:

• Health insurance
• Raises, Bonuses, Overtime Pay
• Life insurance, Disability insurance
• Vacation Days, Paid Holidays, Sick/personal days
• 401(k) plans, Pension plans
• Profit sharing, Stock Options/ESOPs
• Tuition reimbursement
• Employee Assistance Program
• Expense reimbursement

While some employers may be unwilling to negotiate their salary points, they may be willing to offer additional vacation days, offer flex days or compensate you for other expenses.  The trick to asking for the right type of compensation is in assessing your needs and determining what part of the compensation package employers have shown flexibility on in the past.