Sarah Coyle | Manitoba Start
Rehan had successfully worked his way through the job application process for a Financial Analyst position. After a series of interviews, he finally received an email with an offer of employment.
Receiving a formal offer of employment is the final step in the job search process. The formal offer contains information about work terms and salary. It may also include information regarding the compensation package, such as benefits, vacation time, and professional training.
Rehan’s next step was to evaluate the offer and decide whether it was a good fit in relation to his career goals and financial and personal needs. He determined that the job was the right step for him and accepted the offer.
However, there may be times when the offer is not satisfactory and the candidate chooses to negotiate the job offer. There is no one-size-fits-all salary negotiation strategy that is used in the Canadian job market. Consider the following tips before and during the salary negotiation.
Prior to Salary Negotiations
Be sure to:
1. Conduct labour market research. Research the local job market to identify the average salary for your prospective job title. You may be able to find salary data from specific employment opportunities or on websites such as: http://www.glassdoor.ca; http://www.salary.com; http://www.payscale.com. Be sure that your information is current and relevant and not based only on hearsay from acquaintances.
2. Prepare various salary and compensation possibilities. Determine which combinations you will seriously consider; for example, you may be willing to accept a lower salary if you can have additional vacation days.
3. Focus on the value you can bring to the prospective employer. Prepare examples of specific accomplishments and their monetary value that you can share with the employer; for example, “I saved the company $10,000 last year by implementing steps a, b and c.”
During Salary Negotiations
You can ask for clarification regarding:
1. Salary scales. For example: “I did some research, and I understand that the average salary is between this minimum–maximum range (e.g., $45,000-$50,000). I’m interested in hearing what the salary scales are for this type of work at this organization.”
2. Compensation package. For example: “I’ve read the information about the entire compensation package including salary, benefits and vacation. I’m wondering which elements might be negotiable.”
3. Performance-based pay increases. In many companies, pay increases are merit-based. If the employer is firm on the starting salary, you may be able to request information or negotiate to have a performance review at an earlier date, i.e., after the 3-month-mark versus the 6-month-mark. For example: “I am not familiar with the performance/salary review process. Could you please explain your company’s policy?”
4. Possibility to negotiate further. For example: “I see you have offered $X per hour. During my interview, we had discussed a higher starting wage. Is your offer firm or are you willing to negotiate?”
Overall, it is important to review labour market information, prioritize your needs and explore the prospective employer’s existing salary and performance structures. With the above in mind, you can establish a stronger negotiating position.
Manitoba Start connects business to a world-class workforce and supports newcomers with free career development and job matching services to achieve their professional goals and long-term career success in Canada. www.ManitobaStart.com
