INSEAD Library

Includes bibliographical references

Digitized

Perfect Phrases for Negotiating Salary and Job Offers Hundreds of ready-to-use phrases to help you get the best possible salary, perks, or promotion Contents Part One: Preparing for Salary Negotiation Where Are You Coming From? What Is Your Current Situation? 4 Out of Work 4 You Are Currently Employed 5 You Are in the Middle of a Job Hunt 7 Why Do You Think You Should Get Paid More Money? Why Now? 8 Emotions versus Pragmatics 8 What Is Your Role in the Company as Opposed to Your Stated Position? 9 How to Create and Expand Your Knowledge Base 10 What You Need to Know--and Why 10 Research Your Selling Points 11 Research the Current Job Market, Industry, and Economy 13 Research Your Options 15 Thinking Outside of the Pay Envelope 16 Define Compensation: What Does It Mean to You? 17 What Are the Costs of the New Job? 17 Looking the Part 17 Transportation 18 1 Make a Plan 19 Crunching Numbers 19 Negotiation Framework 23 Reconsider Your Bargaining Points 26 First Rule of Negotiation: Do Not Negotiate If You Do Not Want the Job 26 Second Rule of Negotiation: Be Careful about What You Ask For 27 How to Negotiate 28 How Do You Negotiate? 28 How Should You Negotiate? 28 With Whom Should You Negotiate? 30 When Should You Talk Money? 30 Should Your Future Be Held Hostage to Your Past? 31 Rules--You Need to Know Them before You Can Break Them 32 Negotiating Guidelines 32 Examining the Offer(s) 33 Closing the Negotiations 34 Electronic versus Hardcopy Applications 34 Online Applications 34 Hardcopy Applications 35 Recruiters and Headhunters: Are They Useful in the Negotiating Process? 36 Part Two: Dealing with Salary Questions before and during the Recruiting and Selection Process Opportunities That Require a Written Response 41 Questions That May Arise at Courtesy Interviews and Information-Gathering Sessions 44 39 Salary Questions That May Arise at Any Time 47 Submitting a Salary Number versus a Salary Range 50 Responding to Objections Raised by Headhunters, Human Resources Professionals, or Hiring Managers 53 Responding to Objections If You Are a Job Seeker Fifty Years Old or Older 57 Part Three: How to Negotiate the Total Compensation Oiler: Salary, Benefits, and Perquisites Responding to an Initial Offer 61 Asking for a Job Offer in Writing 64 If Written Job Offers Are Not Provided 64 Negotiating a Higher Salary 65 Negotiating a Sign-on Bonus 66 Negotiating a Bonus 67 Negotiating Options 68 Negotiating a Shorter Review Period 70 Negotiating a Different Starting Date 72 Negotiating Pay for COBRA Coverage 73 Negotiating the Ability to Work from Home 74 Negotiating Flexible Hours 74 Negotiating a Four-Day Week 76 Negotiating for a Laptop Computer, Cell Phone, and/ or Blackberry 77 Negotiating Authorization to Attend Professional Gatherings Such as Conferences, Seminars, and Workshops 78 Negotiating Reimbursement for Professional Association Memberships, Certifications, or Journals 79 59 Asking for a Contract 80 Securing the Promise of Severance 81 Negotiating Tuition Refund 83 Negotiating Child Care 85 Negotiating Benefits 86 Negotiating Additional Vacation Time / Time Off 88 Vacation 88 Sabbaticals 90 Time Off for Religious Activities 90 Counteroffers 90 Type A: A Second Level of Negotiation with Your Would-Be New Employer 90 Type B: Negotiation with Your Current Employer 91 Dealing with Multiple Job Offers 93 Finalizing the Offer 94 Accepting the Offer 95 Declining the Offer 96 If You Do Not Get a Job Offer 97 Part Four: Negotiating at Your Current Job Performance Reviews 101 Phrases for Discussing Performance 101 Phrases for Salary Review 103 If the Increase Is Unacceptable to You 105 How to Ask for a Raise or Promotion 107 At the Completion of a Project 107 Because of Market Conditions 108 Because of Personal Issues 110 Because of Internal Inequity 112 If You Have Received Another Offer 114 If You Suspect Another Person Has Been Hired to Replace You 117 99 Asking for a Promotion 119 Following a Compliment for Good Work 119 If the Person Leaves Who Was Occupying a Position That You Want 119 If Your Supervisor Is Leaving 120 When a New Supervisor Arrives 121 If You Just Think It's Time 122 If You're No Longer Feeling Challenged 123 As an Act of Desperation When There's No Money for an Increase 124 Phrases for Terminations, Downsizing, or Quitting 126 Phrases for Quitting That Leave the Door Open 126 Phrases for Being Downsized or Terminated 126 Phrases for Severance Negotiation 127 For an Overview Discussion 127 Severance Pay 128 Setting a Departure Date 128 Asking for a Letter of Reference 130 Staying on as a Consultant 130 Outplacement Assistance 131 Benefit Coverage (or Extended COBRA Coverage) 132 Active Employee Health Insurance Coverage 133 Pension Retirement Vesting 134 Tuition Refund Payments 134 E-Mail Access 135 Retention of Office Equipment and Services 136 Continued Voice Mail for an Extended Period (For Example, Six Months) 136 Copying Personal Files 137 If Asked to Sign Additional Agreements [For Example, Noncompete, Nondisclosure (Confidentiality), and No Solicitation] 137 Part Five: Perfect Phrases for Special Circumstances If You Have Been Working Per Diem 141 139 If You Have Been Working on Project-Based Freelance Independent Contractor Assignments 142 Special Phrases for Sales Professionals (or Others with Salary Plus Commissions) 144 Special Phrases for Wait Staff (or Any Other Position Where Most of Your Earnings Come in Tips) 144 Being Paid "Off the Books" or Being "Grossed Up" 145 Phrases to Use If a Past Employer Invites You Back 147 Appendix A: Determining Your Current Level of Compensation and "Total Pay" Package Understanding How Compensation Works 151 The Criteria for Some Salary Increases 152 How to Determine Your"Total Pay" Package 153 Determining Hourly Rates of Pay or Annual Salary 153 Thinking in Terms of Total Compensation 154 What Is Included in Compensation? 154 149 Appendix B: Sample Letters for Wrapping Up Negotiations Offer Letter 161 Thank-You and Acceptance Letter 163 Confirmation Letter (If the Job Offer Is Not Given in Writing) 164 159 Declination and Thank-You Letter 166 Thank-You Letter (No Job Offer Received) 167 Authors' Answer Key 168 Appendix C: Resources Web Sites 171 Suggested Readings 172 169