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3 Top Myths of Salary Negotiations
5/29/2013 4:27:52 PM
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So you’ve gotten a job for a general position in a pharmaceutical company, but there’s a catch—they want YOU to tell them what you think you should make. This question scares even the most highly educated executives and often causes people to turn down job offers out of this fear. This fear is driven by a myth that salary negotiation is a trick method used by companies to weed out those who want a decent salary; this just isn’t the case. Below are the top myths of salary negotiation and how they're busted.
1. It's a No-No to negotiate salary
Whatever you do, don’t negotiate your salary! Since this is the most believed myth, it seems fitting to start with it first. A college education and years of experience normally warrants a salary on the higher end of the scale, rather than a typical entry level salary. However, some businesses offer entry-level salaries in hopes that the potential employee will negotiate the salary a bit higher. This doesn’t mean that if you're offered $30,000 a year you can negotiate 50 or 60, but somewhere in between is a happy medium that the employer is all too willing to accept.
2. The Key to Winning a Salary Negotiation is to Offer a Low Salary
Many people apply for jobs that require them to set a salary that they are comfortable with based on their experience. Due to competitive job offers in the biotechnology and pharmaceutical field, many people make the mistake of offering a lower salary thinking it will improve their chances of getting hired. Here’s the problem — the employer took the time out to look through your resume, to siphon through your experience and your educational background. Based on this information, they’d like to give you, the applicant, a chance to negotiate what salary you’d be comfortable starting with. If you offer a low salary, this could show the employer that you’re either desperate or you don’t believe in your own abilities. According to the Georgia Department of Labor, when negotiating your salary, you should keep your options flexible for a better chance of success.
3. The Economy Should Dictate When it’s the Right Time to Negotiate your Salary
A report by BioSpace, shows that salary increases among life sciences professionals in the last three years have exceeded the inflation rate by more than 35 percent. Regardless of the country's economic state, it doesn’t mean that you’ve lost the right to negotiate a fair salary. Remember, U.S. News recommends only talking about your worth to the company when negotiating your salary and not your personal finances.
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* How to Best Disclose Your Salary Requirements
* 4 Expert Tips for 'Never-Fail' Negotiation
* How Do You Handle the "Low-Ball" Salary Offer?