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Salary Negotiations?
I have no idea what to do but I have to negotiate my salary for a new job tomorrow. I've always worked for the government so it was always a set amount- no negotiation necessary. I'm trying to figure out how to move from the goverment "secure" job to a private sector job, and not destroy myself financially (more than I already am anyway).
Currently the government contributes to retirement for me and I have great benefits (Health, vision, dental), and because H works for the same agency, he gets paid to not take benefits. So all he would have to do is just switch and take the benefits, but we'd lose that money that he is paid monthly, on top of the cost of the benefits once they switch to him.
New company has a 401(k), but doesn't do matching. So there is no benefit there either. They do offer healthcare, but it looks like H's benefits would still be the better deal.
A friend of mine told me I should accept the job at the same salary I receive now (it's half the commute) and it is something I would be happy with, and really wouldn't have the opportunity to do otherwise. BUT I think if I accept the same salary (worst case scenario of course- I'm hoping for more), it would be offset by the factors I mentioned earlier and I might end up taking a step back financially.
So- I guess my question is- how do you negotiate salary- or how do you figure out a "number" in your head and on paper that would work for you. I felt like a I had a number, but the benefits I get now really do add up- and those definitely affect that bottom-line salary requirement.
Re: Salary Negotiations?
Have they given you an actual offer (with salary listed) yet? When they do, always ask for a few days to review the information. If you want a higher salary, you first need to ask "Is this offer negotiable?" and if they say yes, something along the lines of "After reviewing the entire benefits package, I feel that this offer is not competitive with the benefits and salary at my current position. Would you be able to offer X for a salary?"
Generally, if I am going to switch companies, I want at least a 15% increase salary/benefits.
You're given good advice as far as how to approach it.
"Generally, if I am going to switch companies, I want at least a 15% increase salary/benefits."
This was true for my DH both times he switched companies so I don't know if it always works specially in this economy but it worked for him both times. I'll see if I can find the article that talks about career growth both money vise and title vise within a company and acorss companies. I remember finding it useful back when I read it. I'll post if I find it.
And this is along the lines with what I was thinking, but the friend I spoke with really shook that foundation, and he and my H got in a big fight about it. So I was left more confused and conflicted than ever. There was no salary mentioned, it is a position the company is creating, did not advertise but someone there knows me so thought I should address the CEO and VP, and when I did we had a 3 hour interview, and they asked me to come back this week to talk "numbers".
I do want an increase in pay, because my risk is increasing- I'm leaving a government job where I am vested and have seniority, to go to a company to create a new position that hasn't been done there before, so I want some sort of risk premium to pay for the risk I am taking. I didn't think I was being unreasonable, especially given the benefits package differences.
Thank you both so much for the information- you have given me a good amount to think about.
Thanks! f/u posted above!