the compensation package battle and how to win it
DESCRIPTION
Willis Consulting is a financial services recruiting firm. Our finance job recruiters are experienced and know where all the job opportunities are. If you are seeking a financial advisor, broker, or banking job, call us at 310-373-7400 or submit your resume: http://www.willis-consulting.com/apply-financial-services-job. Visit the website: www.willis-consulting.com/ Willis Consulting, Inc. Los Angeles Office: Corporate Headquarters 719 Yarmouth Road, Suite 203 Palos Verdes Estates, CA 90274 310-373-7400 PST Scottsdale Office 8970 E Raintree Drive Suite #300 Scottsdale AZ 85260 New York Office 244 5th Avenue, Suite 1855 New York NY 10001 212-726-2041 PSTTRANSCRIPT
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The Compensation Package Battle (And How to Win It)
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When going into a negotiation it is important to understand that the person who is best prepared has the upper hand.
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This is especially true when it comes to salary discussions.
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Typically, the employer is better prepared because he has an annual discussion regarding pay and benefits for every associate on staff.
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For example, Louis Nigro, president of Kleer-Fax, Inc., a manufacturing plant on Long Island, has over 100 employees.
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Over the past forty years he has had tens of thousands of salary negotiations. Compare that to how many you have had.
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First, know that it is normal to be nervous. This can be assuaged, though, by taking the following steps.
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Research the Median Pay
for Your Position
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What hurts many people is that they have no idea what the standard is for their position.
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This can be found by going to a site like www.salary.com.
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There, you can type in your position or field, and then select the title that best suits your work.
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If you are a financial advisor who fits the position of Corporate Financial Associate II and are making $95,000 a year …
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… then you would find that, in spite of not doing too badly, your salary is actually in the bottom 10% of all people in your field.
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To make sure that this is accurate you can seek the advice of a finance industry recruiter who can help you assess where you should be.
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Using the Data to Your Advantage
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When you find that your $95,000 salary is well below the $111,674 median it can be disheartening …
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… but you can take heart in knowing that with this data you can reasonably ask for a raise of $10,000 or more.
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The way you do this during a salary negotiation is to discuss what you have contributed over the course of the past period (there or in your past job) …
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… as well as whatever other assets you bring, and then present the salary report.
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Upon seeing this, your employer is going to realize that he is going to lose you if he doesn't make a respectable offer.
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When he or she does make an offer, you can ask for more and likely get it.
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How to Ask for More Money After an Offer has Been Made
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Henry Kissinger had a great method that allowed him to get as much as possible when dealing in negotiations.
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An offer would be made and he would say, "that's not good enough."
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We are not advising that you quote him directly; he was acting as the Secretary of State for the most powerful nation on Earth.
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However, when an offer is made, you can say, "is that the best you can do?"
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If the answer is yes, then you can believe it because there are many times that the response comes back with a number that is surprisingly higher in terms of salary or benefits.
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The compensation package battle only happens once a year, if that, and what you get paid today …
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… determines a great deal of the trajectory of your future salary, so it is important to know what you can get, and then negotiate so that you get it.
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If you are looking for a job in the finance industry,
give the recruiters at Willis Consulting, Inc. a call.
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They not only have the 411 on the best jobs out there, they will also give you advice and guidance so you sail through your interview
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www.willis-consulting.com
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WILLIS CONSULTING INC.Los Angeles Office
Corporate Headquarters719 Yarmouth Road, Suite 203Palos Verdes Estates, CA 90274
310-373-7400 PST
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WILLIS CONSULTING INC.Scottsdale Office
15051 N Kierland Blvd, Suite 210Scottsdale AZ 85254480-361-9490 PST
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WILLIS CONSULTING INC.New York Office
244 5th Avenue, Suite 1855New York NY 10001212-726-2041 PST