Hundreds of thousands of employees have been furloughed or laid off as all non-essential businesses shut down and most businesses just slow down.

Unemployment claims have skyrocketed. With the nationwide rate many times higher than a “normal” 4%, it seems like everyone is scrambling to find a job.

Securing a new job during a global pandemic feels like the proverbial searching for a needle in a haystack.

During “normal” times, many people dread the job search process. Job seekers struggle with creating a blockbuster resume, targeting the right companies, selling themselves or networking to find their next role.

And these times are anything but normal.

To Create Your Next Opportunity, Follow These 5 Steps to Land Your Next Job

Sitting around and waiting for a job to land in your lap – or for the economy to rebound – is not an option. No one knows how long this will last.

To find your next opportunity in this environment, you need to create more opportunities by first focusing on the process and then thinking outside the box.

  1.Give Yourself Time to Grieve Before Starting a Job Search  

Issue:

Many people leap right pass this step and dive straight into scanning online job postings. But they aren’t ready mentally.

Conducting a job search – and interviewing successfully – requires confidence. Taking time to put the situation into perspective and rebuild your confidence pays dividends when it comes to networking, selling yourself and interviewing.

If you feel desperate, you will start applying for jobs that aren’t a good fit or for which you are overqualified or just don’t make sense. And you will get frustrated.

Plus, if you secure an interview but still lack confidence, it will show during the interview.

Solution: Regroup.

• Talk to fellow employees who were let go. Commiserate.
• File for unemployment.
• Pay attention to your mental health.
• Then focus on rebuilding your confidence.
  • List your 5 biggest career accomplishments (and why you think they top the list).
  • List 3 milestones at each of your last few roles.

  Use this experience to remind yourself what you are good at, and why you are good at what you do.

    2. Review and Revamp Your Resume and LinkedIn Profile  

Issue: Be prepared.

Once you start actively looking, you need to be ready to showcase your skills and accomplishments.

If you haven’t job searched in a few years, you may not even have an updated resume.

You have one chance to make a first impression. The competition will be fierce and you will lose potential opportunities without an updated resume and LinkedIn profile ready.

Solution: Using the lists you made in step 1, revamp your resume and LI profile to tell your story.

• Read articles, resources, or hire a professional to create a blockbuster resume.
• Do the same for your LinkedIn profile, expanding the descriptions of your jobs including your accomplishments. Highlight your strengths in the About section.

Do NOT short change this process! If you are stuck at home, this is a great opportunity to focus on improving your job search documents and visibility.

The right resume and LinkedIn profile could easily mean the difference between being considered for a role or, worse, being completely ignored.

    3. Look at the Market as a Whole – WHO IS HIRING?  

Issue: Opportunities have disappeared.

Entire industries have slowed down or shut down. Some companies have pivoted, manufacturing new, in-demand products.

Your industry may have ground to a halt and not be hiring. Alternatively, what opportunities do exist are probably extremely limited.

Solution: Not all industries have closed shop.

• Some industries – like healthcare and healthcare-related companies, logistics, and supply chain – can’t move fast enough.
• And, there are companies successfully working – and growing – despite the circumstances.

It is time to think outside the box and research which industries and companies are thriving.

You can start by studying the stock market – look and see which stocks have actually grown in value over the last 30 days.

Research the company – and the industries – to learn more.

  4. Reimagine Your Career Path – What OTHER Industries Would Value Your Skills, Meet Your Career Goals AND Bridge the Gap?  

Issue: Deviating from a planned career path can be difficult. Creating a new career path is even harder.

Most people don’t know how to apply their skills and interests in other jobs or companies. If you’ve spent your entire career at a tech start-up leading client service delivery, you might not have any idea how that would translate to a healthcare related company.

Simply put, you don’t know what you don’t know.

Solution: Seek advice.

Talk with peers, friends and mentors to think about how your skills can be applied in other roles or industries.

• Be creative and flexible in your approach to the job search process.
• Consider companies or industries that you might not have considered before.
• More importantly, be more short-term in your thinking.

This career move does not have to be your last. This could be a short-term assignment to bridge the gap until the pandemic ends and the economy begins to recover.

  5. Network, Network and Network Some More  

Issue: Networking leads to a more successful job search under normal conditions. But, people avoid it.

Unfortunately, most people cite networking as their “least favorite” part of the job search process. In fact, many people plain avoid it.

Alternatively, people talk with a handful of people, don’t learn about any opportunities or open any new doors, get frustrated, and stop networking completely.

Solution: You. Can’t. Give. Up.

Networking is absolutely critical to obtaining your next role over the next few months. Companies ARE hiring.

The opportunities might not be posted. Create a list of peers, friends, colleagues, and mentors to contact or even ZOOM or Skype. One door might close while another will open.

You should approach every conversation with a goal of learning three important things:

1. What can I learn about this person’s role and company that might help me,
2. What other roles might be possibilities; and
3. Which three people does this person recommend I contact next.

The Bottom Line on Finding a Job During Covid:

The market has changed but it hasn’t disappeared. Opportunities exist if you are willing to create a flexible job search that includes developing a great resume, being open-minded about where you work and dedicating significant time to networking. You can open doors, create your opportunities, and get a great role despite the current environment.

More About Coronavirus Job Loss Recovery

• Guide to Coronavirus Pandemic Job Search
• How Hiring Happens During This Pandemic Quarantine
• How to Job Search Effectively for Remote Jobs
• Effective Job Search Networking During the COVID-19 Pandemic
• Top 100 Employers Hiring Right Now
• What to Expect in a Job Offer
• 4 Things to Know About Your Job Loss
• 3 Tracks to Accelerate Your Recovery from Job Loss
• Handling Job Loss Worries
• Beating the Job Search Blues
• Guide to Surviving Layoffs
• Guide to Career Change

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post 5 Steps to Successful Job Search During the COVID-19 Pandemic appeared first on Job-Hunt.

But, that simply is not true. Why?

You still have the offer, the role, and the opportunity if you do not negotiate.

Potentially leaving money on the table might be a “mistake,” but it is not the worst mistake you could make.

People make even bigger mistakes while negotiating that lead to offers being reconsidered or — worse — rescinded.

Negotiating compensation mirrors game theory. You want to create a win-win approach in order to get the most from your compensation discussion.

Successful compensation negotiations occur when both sides feel empowered, productive, and respected.

But when you don a more adversarial approach, or do not take time to really gauge the employer’s responses, you put yourself in a position of potentially LOSING the offer.

As a compensation consultant, I have created the offers and helped my clients (the employers) negotiate with their new hires. I share this experience with my clients when I help them negotiate.

The Top 3 Mistakes People Make When Negotiating Job Offers

After supporting hundreds of individual clients in their negotiation process – and witnessing the outcomes – I recognize what it takes to succeed.

I also know how people stumble and fall during the negotiation process. Consistently, these are 3 clear tactics that result in poor outcomes for you: no additional adjustments to the offer, a delayed offer because the company decides to keep interviewing, or (yikes!) a rescinded offer.

The top 3 biggest mistakes people make when negotiating offers:

1. Talking too much during the discussion
2. Telling the company how they should be paying employees
3. Missing the forest for the trees when negotiating restrictive clauses

Each one on its own can lead to a lost opportunity to negotiate a term, learn something about your new employer, strengthen your relationship with the company, or close the deal even sooner. All 3 together can be a recipe for disaster.

  Mistake #1: Talking Too Much During the Discussions  

The issue:

Chalk it up to nerves. Some people talk — incessantly — for numerous reasons. In my experience, people who talk continuously are generally nervous.

Sometimes it feels more personable to keep talking, filling in conversation gaps, a way to strengthen the relationship. Other times, people exercise dominance and retain control of the conversation (or try to).

The implications:

As a result of oversharing, the other party (a.k.a. the employer) does not have an opportunity to provide potentially valuable information you might need or want as part of the negotiation process. This information could help you decide if there are other items you would be willing to negotiate and/or accept to sign on the dotted line.

By talking, you are MISSING the opportunity to learn important information – what is important to the company and what is not. This information could help you find a solution that works for both parties when negotiating.

The remedy:

If you know you fall down the rabbit hole when you are nervous, put stops in place to help you breathe and listen. Practice your questions and answers with a friend beforehand.

Get advice on when to stop and listen. Focus on active listening and asking questions rather than providing answers.

Silence is golden and a powerful negotiating tool.

No one likes silence. The other party will be more likely to share and fill in the silence with information you need (rather than you!).

  Mistake #2: Telling the Company How They Should Be Paying You  

The issue:

In this scenario, you tell the companies what they should be willing to pay or, when looking at their revenues and profits, what they should be willing to share.

In this case, you honestly believe you know more about the company than they do…and you are letting them know that.

The implications:

People who try to tell companies what they should be paying — and why — appear self-interested and pompous.

In reality, you cannot decide how much the company is willing to allocate to the bonus pool, equity pool, or other compensation expense. Telling an employer they should be following “market practice” does not prove your point or make your case.

No matter what industry or financial experience you have, “sharing your experience” does not strengthen your negotiating position. In fact, your advice does the exact opposite.

This approach is generally a one-way ticket to a rescinded offer.

The remedy:

The long and short of this approach? Don’t do it.

Focus on the market value of the role, what is important to you in terms of compensation and benefits and the rewards items (base, bonus, vacation, benefits, etc.) you are willing to accept, concede, or negotiate during the discussions.

  Mistake #3: Missing the Forest for the Trees When Negotiating Restrictive Clauses  

The issue:

Restrictive clauses make people uncomfortable. The most common clauses restrict your rights to work for a competitor, to solicit clients, or to poach employees during a specific time period after you leave this employer.

The legal language can be far-reaching and imposing.

The main concern it raises for job seekers? Sometimes the languge is so broad, it seems as though you won’t be able to find employment anywhere for years and years after leaving.

Therefore, people tend to focus on the nitty gritty language, deleting legalese and clauses left and right in order to protect themselves.

The implications:

You don’t appear to understand the business need of the clause: to protect the employer. Instead, you appear self-interested and difficult.

The remedy:

Articulate your understanding regarding each clause’s importance.

Focus only on the terms or phrases that give you the most angst, and ask if the company can redefine the terms rather than slashing and burning the language.

Make sure the company understands that you recognize their business need to be protected, but you want to balance their need without severely limiting your future employment opportunities.

The Bottom Line on Job Offer Negotiation Mistakes

The biggest mistakes when negotiating compensation are made during the negotiation process. At best, these mistakes sprinkle a layer of doubt in the company’s mind about whether you are the right hire. At worst, these mistakes can lead to offers being rescinded. Focus on developing a long-term relationship with your potential employer based on trust and respect. If you do, you will create a win-win solution when discussing compensation.

More About Successful Salary Negotiation

• Guide to Salary and Compensation
• 5 Steps to Negotiate the Best Job Offer
• What to Expect in a Job Offer
• Very Important Elements of Your Compensation Negotiation
• BEFORE You Accept a Job Offer, Know the Details!
• Winning Negotiation Strategies for Your New Job (free ebook)
• Salary Negotiation Strategies for Stay-at-Home and Working Moms
• Answer This Interview Question: What Is Your Current Salary?
• Answer This Interview Question:What Are Your Salary Expectations?

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post 3 Disastrous Job Offer Negotiation Mistakes to Avoid appeared first on Job-Hunt.

“Base salary” is the driving force behind a total compensation package.

Companies use base salary levels to calculate other compensation elements – like bonuses, supplemental benefits, and even vacation time.

For example, the higher the base salary, the higher the bonus, and the greater the future income.

These different elements can really add up. Quickly.

What some people forget is very important:

Base salary isn’t the only force impacting total compensation.

In fact, people often overlook other elements – critical elements – when negotiating an offer. These other elements can mean significant money – and risk – in your total compensation.

Before agreeing to a job offer or promotion, consider these three hidden elements of compensation to maximize your total earnings:

  1. Take time to read any restrictive clauses you are being asked to sign.  

These clauses limit your ability to work for a competitor of the employer for a specific period of time which may be several months or even years.

• With a New Employer:

Companies want to protect their intellectual capital and competitive advantage. So they ask prospective employees to sign agreements restricting where they work after leaving the company.

These are often called “non-compete clauses,” and they limit your employment options after you leave.

It may seem odd to think about where you will work when you leave – before you have even started – but you should carefully review these clauses before signing.

If you aren’t offered severance to compensate for the restriction, you may want to ensure the clause isn’t too broad. You could end up financially strapped, altering your career path for months (or years), if you leave your job.

• With a Promotion:

Your new role might include more exposure and more risk to the company – if and when you leave. Even if you never signed a non-compete agreement, you might be asked to sign one now. So, make sure you review it carefully.

  2. Before agreeing to relocate to a new city, find out what it will REALLY cost you.  

Whether you are starting with a new employer or being promoted by your current employer: This is a BIG one!

When being asked to move, people typically ask – and even receive – some cash compensation to cover the move.

But don’t forget! That additional allowance is taxed – heavily.

Plus there are numerous hidden costs associated with moving.

If you have a house, you need to consider the cost to pay realtor fees, renegotiate your mortgage, service cancellation fees, or utility initiation costs. Plus the cost of the move itself!

The money adds up much faster than people realize, and, usually, you have a limited time period (typically 6 months or less) to submit your expenses to be paid or reimbursed by your employer.

  3. Sometimes the biggest hidden compensation element is not salary – it is benefits.  

Most of the time, people assume the way one company approaches benefits is how they all do it. Not true.

Some offer a many benefits, and some offer very few. Many offer a mix.

One employer may pay for vacation, sick days, personal days, 401(k) contributions, life insurance, medical benefits, dental coverage, tuition reimbursement, maternity/paternity/family leave when a new baby is born, childcare, free meals, free parking, free transportation, and more.

Other employers and jobs just offer the basics (vacation and sick days) or, even, none.

One employer might not pass along much of their costs to its employees while another slices a chunk out of your paycheck each week as your contribution to cover the costs. And that chunk can be huge.

• With a New Employer:

Even if you aren’t a big “user” of benefits, you should ask for a copy of the benefits plans.

Find out what your monthly cost to pay for your benefits will be – how much cost is passed from employer to employee.

Then, find out if your doctors are in-network or out-of-network. You should even check the costs of co-pays or cost of prescriptions you use. You might pay $5 for a prescription at one company, and then be charged $50 somewhere else.

• With a Promotion:

If you are at the same company, a promotion might mean you are entitled to more benefits (or perks like a car allowance, stock options, commissions, bonuses), depending on your level.

The Bottom Line on Compensation Negotiation:

Not only is compensation more than just base salary, the total package (benefits, perquisites, etc.) changes throughout your career – even if you are at the same company for YEARS. Stay on top of what you are being offered. If you aren’t sure, ask!

More About Successful Salary Negotiation

• Guide to Salary and Compensation
• What to Expect in a Job Offer
• Winning Negotiation Strategies for Your New Job (free ebook)
• Salary Negotiation Strategies for Stay-at-Home and Working Moms
• Answer This Interview Question: What Is Your Current Salary?
• Answer This Interview Question:What Are Your Salary Expectations?

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post Very Important Elements of Your Compensation Negotiation appeared first on Job-Hunt.

Caution: Be sure that the offer is in writing, preferably on the employer’s letterhead, or it is easy for an employer to deny/forget.

The excitement of having a job overshadows the time it takes to carefully review and consider an offer.

The job offer is often the first step in the negotiation process, and, likely, is not the final offer.

How to Evaluate a Job Offer

As they say, the devil is in the details. An offer – a GOOD offer – is more than just base salary.

What is agreed in the job interview process may not make it into the job offer letter (location, salary, job level, etc.) regardless of assurances and handshakes. Very carefully read the offer and note what was promised but not included.

How do you avoid this mistake that could mean leaving money on the table? Simple. Follow these key steps in analyzing the job offer:

1. Learn what you COULD be getting

This is probably the biggest mistake people make. They don’t take the time to learn everything that’s out there – all the rewards they could be getting.

“New hires” assume the company means something they don’t. For example, they assume they will be eligible for a bonus, but then are disappointed to find out they are not eligible.

And you know what happens when you assume. You may be wrong.

There are several terms I recommend having included in all offers (the “must-have’s”). Other elements of the offer will depend on the employer (for profit, nonprofit, private, etc.), industry, and the level of the position (the “nice-to-have’s”).

Before you accept an offer – or even negotiate – find out what the job offer should include.

2. Confirm your offer includes these 4 “must-haves”

Legitimate job offers should have several key components you should review and discuss with the employer before accepting, or signing, the offer:

•   The correct job title and brief description  

  Many people interview for a role thinking they will be doing a certain job. Unfortunately, after showing up for the job, they find out they are being asked to do something completely different. It happens.

  When you receive the offer in writing, ask for the role to be briefly described. In case something changes, you will have the written offer to use when talking with your company about your role and how to transition into what you were actually hired to do.

•   Salary, level, and timing of your first raise  

  Of course, everyone wants the annual salary front and center on their offer letter. But what most people assume is that they will be automatically eligible for an increase at the company’s next review cycle. Not true!

  Depending on when you are hired during the year relative to when salary increases are given, you may not get an increase. You will want to confirm when you are eligible for the next review and raise in your offer letter.

•   Job location and start date  

  The offer letter should include the job location you expect, and the start date for the job should be acceptable to you (hopefully discussed in the job interview). Note that if you are currently employed, you probably are required to give your employer two weeks (or more) of notice before you leave your job.

  Avoid agreeing to start working before the amount of time required for notice has expired. Your current employer may allow you to leave sooner when you resign, but they may not.

  Leaving without giving sufficient notice may impact future references.

•   Benefits and your share of any costs  

  Most people assume benefits will include certain provisions like paid vacation days (or weeks) and holidays, personal/sick days, cover many of their doctors or prescriptions, and more. Some of these will cost the employee a certain amount on a monthly basis.

  It is a worthwhile time investment to understand how much employees are charged on a monthly basis for benefits and review the co-pays and deductibles. Benefit costs add up quickly and can significantly dent your monthly take home pay.

3. Depending on your role and the employer, ask for the “nice-to-have’s”

Particularly if the salary offered is lower than you expect, the “nice-to-have’s” can make a compensation package that is acceptable.

Depending on the job, the job’s level, and the applicable laws, good offer letters should cover the “must-have’s”, but fewer cover the “nice to have’s,” such as:

• Profit sharing
• Bonuses (how much and in what form, when, and what do you need to do to get it)
• Equity (stock options, restricted stock, etc.)
• Supplemental benefits and/or 401(k) matches
• Severance pay for a specific period of time if you must sign a “noncompete agreement” (or other restrictive clauses like confidentiality agreements) restricting your ability to work in a similar job for a different employer for a specified period of time.

How do you find out?

Search Google to learn more about the employer. Ask around.

Get answers to important questions like:

• Is the bonus amount listed the target or the max? How do you qualify for a bonus? How are you disqualified?
• How much are those stock options worth and when can I exercise them? Will I get more?
• Is that noncompete clause fair? How much severance should I be expecting?
• What about relocation – am I receiving a fair package?

Again, ask around. Some of these questions you can discuss with your employer by asking them more about their rewards programs. Or you can ask friends, colleagues, and experts.

4. ALWAYS get the offer in writing!

A verbal job offer is not useful or reliable. Particularly if you must quit your current job or invest in moving or making other investments to do this job, get the offer in writing. This is important if you are given a counteroffer by your current employer or if you are choosing between multiple job offers.

Without a written offer, you don’t have any real “proof” that you have a new job. The final job offer letter should include everything you have negotiated.

The Bottom Line

The offer letter is your written agreement regarding the terms of your employment. It also confirms both parties’ understanding and expectations regarding the role and how it will be rewarded. Always discuss your questions or concerns on the phone (rather than email or text), and constantly reaffirm your interest in the role and the job. These discussions are the beginning of your relationship and should be positive and professional.

More About Successful Salary Negotiation

• Winning Negotiation Strategies for Your New Job (free ebook)
• Salary Negotiation Strategies for Stay-at-Home and Working Moms
• Answer This Interview Question: What Is Your Current Salary?
• Answer This Interview Question:What Are Your Salary Expectations?

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post What to Expect in a Job Offer appeared first on Job-Hunt.

You negotiated, confirmed key terms, and, most importantly, trust the people you have met.

You are ready to update your LinkedIn profile and start working. However, one more hurdle exists: reviewing and accepting the written job offer.

This may seem obvious and ALMOST like an unnecessary formality. After all, you negotiated all the terms – or so you thought – and are ready to start work.

Everyone seemed professional — honest, trustworthy, and committed.

You cannot possibly imagine people changing their minds, changing any of the terms you negotiated, rescinding the offer, or walking away.

But. It. Happens.

5 Reasons to Only Accept a Written Job Offer

I have seen offers rescinded, terms changed, and people’s lives turned upside down because they accepted an offer based on a handshake or back-of-the-envelope discussion. They quit an existing job, moved, announced their great new opportunity to the world, and then, the new job disappeared or changed unacceptably.

They just could not imagine the employer would not follow through and provide them with the compensation they had negotiated — NO inkling that the employer would change the rules of the game.

Yet in other situations, what was promised was not delivered (like the promise of stock options that are never granted) for numerous reasons:

• Companies get acquired or merge.
• Divisions are sold.
• Or, companies promise “giveaways” to get you to start — you will be eligible for stock options in the future, but do not include any language as to when and how they will be granted (leaving it unclear whether you will actually receive anything).

Promises are not always kept — accidentally or on purpose.

The best defense: You need to get the offer in writing. Email counts, but letters are better.

There are 5 reasons you should only accept a final offer that is in writing (a letter on the employer’s letterhead):

1. A written offer documents the agreements reached during negotiations.  

The issue:

Throughout the negotiation process, many aspects of the job may be discussed, including the financial terms, of course, and also the nonfinancial terms like job location (which employer’s location, if more than one), the remote versus in-person work split (if applicable), what equipment is provided when working at home (laptop, Internet, etc.), start date, and other onboarding items.

You may have very detailed notes, but you have nothing from the employer that documents their agreement to your points except a nod or a verbal “yes” during the discussions.

The implications

These aspects of the job can be very important for job satisfaction and are often key aspects of accepting the job offer — or not. If these important details are not documented and honored, they can be the difference between staying in this job and looking for another job sooner than you anticipated.

2. A written offer generally includes more terms than are discussed during negotiations.  

The issue:

Many salary negotiations only focus on key terms and conditions – title, base salary, start date, vacation time, and/or equity.

Benefits may sometimes be referenced but people rarely ask to see the health and welfare-benefit plan information unless the company provides it to them. Benefits can be substantial: the amount of employer-paid versus employee-paid benefits, whether eyeglasses or prescriptions are covered, and more.

The implications:

People overlook a potential contract term that they later wished they had negotiated. Money can be “left on the table” or the employee may feel being taken advantage of or just naïve.

Some of the terms (like benefits) cost money, and reduce your take-home pay.

Some of the potential terms might not have any short-term implications but could have potential long-term consequences (i.e., restrictive clauses precluding you from working for competitors or clients for two years after being terminated). You are not bound to these restrictive clauses unless they are in an offer letter that you sign.

You want to use the opportunity to understand what you might be asked to sign on your first day of work and the potential risks associated with them.

More: What Is Included in a Job Offer?

3. Some of the negotiated terms may still be vague and require further discussion.  

The issue:

One party is convinced the negotiations resulted in one outcome while the other party is convinced everyone agreed to something entirely different. If the item is not in the letter, the company is not legally obligated to provide you with what was discussed.

Common miscommunications occur regarding equity. The hiring manager might promise an equity grant in the future. But the actual value, date, and terms of the grant are never discussed or written in the letter, leaving a lot up for grabs.

The implications:

When the future actually comes, the employees either do not receive a grant or receive significantly less than what was promised. Equity grants may need to be approved by the board of directors and the final grant – if awarded – could fall short of the anticipated value.

In this situation, the letter should include language indicating that the grant is based on board approval but should also include the target value to be delivered.

4. The hiring manager might leave before any promised compensation is delivered – leaving no paper trail or evidence that you deserve anything else.  

The issue:

You negotiate terms with one person who promises you compensation in the future – i.e., a raise in six months for various reasons (the company was not able to pay more, they did not want to disrupt their internal equity, you had to prove yourself, etc.). And the person who promised you the raise has left the company before the raise is given.

The implications:

You are not owed anything. No one else at the company agreed to this arrangement and will not follow through on any “supposed” agreements. You are left high and dry without any recourse.

5. The written offer sets the stage for a professional working relationship.  

The issue:

Work situations never stay the same. They are always evolving. Without a written offer, the relationship is based only on mutual trust.

People might want to honor a verbal agreement but cannot because of situations beyond their control — you might accept a job without a written offer, but then a pandemic hit, changing everything.

The implications:

Work situations change, as we have seen with the coronavirus. A written letter provides a foundation from which to discuss situations and negotiate future compensation.

By maintaining a professional working relationship from the beginning, expectations can be clearly managed, and, more importantly, high-risk situations can be avoided or at least mitigated.

The Bottom Line

Written offers provide more information than verbal discussions, and ensure all parties clearly understand the terms of the agreement. If something changes after you start working, the written offer becomes your documentation — and only recourse — to ensure you receive what you were promised. If these important and agreed terms are not included in the offer letter, ask to have them added.

More About Successful Salary Negotiation

• Guide to Salary and Compensation
• What to Expect in a Job Offer
• Winning Negotiation Strategies for Your New Job (free ebook)
• Salary Negotiation Strategies for Stay-at-Home and Working Moms
• Answer This Interview Question: What Is Your Current Salary?
• Answer This Interview Question:What Are Your Salary Expectations?

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post Avoid a New Job Disaster: Get a Job Offer Letter! appeared first on Job-Hunt.

As if interviewing isn’t stressful enough, the more stressful part of the job search often comes next — negotiating the offer.

After the thrill and excitement at receiving the offer wears off, anxiety brews.

Many job seekers feel the same about negotiating an offer as they do about buying a car from a dealer — nervous, anxious and concerned. Negotiating compensation conjures images of an “us” (a.k.a. the job seeker) vs. “them” (a.k.a. the company) mentality.

Unfortunately, a competitive mindset usually proves counterproductive to the entire process. In fact, an ultra-competitive mindset can result in a job offer being rescinded.

Key Truths About Successful Job Offer Negotiation

Don’t waste your time:

Negotiation Truth #1:

Negotiating compensation offers is NOT like buying a car. This is not a one-time transaction, and you have more power than you recognize.

Negotiation Truth #2:

Negotiating the best job offer means not negotiating at all. In fact, getting a great offer means developing a partnership with your future employer and viewing the discussion as Step 1 in your ongoing relationship.

Negotiation Truth #3:

Once you change your perspective — how you think about negotiating — the process becomes much less stressful and you WILL feel better about the outcome.

Remember, in a new job, you have much more than just the salary to negotiate. This gives you many options for discussion and lays the groundwork for a long-term relationship.

5 Steps to Successful Compensation Negotiation

This may be the beginning of a long relationship which should be mutually beneficial.

1. First – Communicate your compensation requirements up front.  

When you work hard to evade questions regarding your salary expectations or to get the company to “go first,” you are setting the stage for a more confrontational discussion.

Instead, be confident in your compensation needs and requirements.

When asked about your salary requirements, answer truthfully without fully committing to a number.

Provide the compensation range (base salary PLUS bonus) you are expecting for the role, based on your research and the information that is currently available.

By providing a range that includes both salary and bonus, you aren’t committing to a specific salary or limiting your earnings. Rather, you are setting the stage for your employment in this firm, how you will be viewed, and how you will be rewarded for your contributions.

So start off on the right foot. After providing a range, you should explain that you would be happy to have a more detailed discussion if the interview progresses — and you hope it does — when you receive an offer.

2. Second – change your perspective. Don’t “negotiate.” Discuss.  

This part is mental. As I mentioned, if you relieve the pressure, you will be more successful with your discussions.

Don’t consider the person on the other side of the phone an adversary — view them as your partner.

You want them on your side. You want them to value you. You need them to help you be successful.

I recommend my clients always express their gratitude for the person’s time and efforts. And, without a doubt, reiterate your interest in the role and the company.

Without question, you always want to be positive and polite.

More: What to Say When Negotiating Your Salary (Examples)

3. Determine what is important to you – what you must have or would like to have in your offer.  

People have different needs. Some people would rather focus on vacation time, training, or relocation assistance than base salary.

Some companies can’t budge on base salary but can offer more in terms of bonuses and equity.

What you can request depends on the company, its stage of growth, and its business structure.

Not every company can provide the same level of salary, bonuses, benefits, or other types of rewards.

As much as possible, learn about the company’s approach to compensation and benefits to better understand what you can expect and request. Use this information to prioritize your compensation needs.

Having a laundry list of potential items gives you and the company options for developing a mutually agreeable package.

4. Discuss the entire package – not just salary – once you receive it in writing.  

Depending on the company’s industry and stage of growth, they can — and will — offer you more than salary. You may be eligible for annual or sign-on bonuses, equity like stock options and restricted stock, relocation packages and more.

Even though the company will start with base salary, ask to learn more about the entire package.

When the time comes to discuss compensation, thank them for the job offer (again!), and ask to review the offer in writing, including benefits.

While you should never accept before reviewing the entire offer, you should always be thankful and express your desire to ask questions once you have had a chance to review everything.

More: What Is Included in a Job Offer?

 5. Discuss the offer verbally – not over text or email.  

Finally, don’t ever discuss compensation offers via email.

Emails can be misconstrued and, more importantly, are a missed opportunity.

Talking on the phone allows you to develop your relationships, reiterate your interest and keep the conversation moving positively. Verbal discussions always yield more information regarding what a company can – and cannot – do regarding compensation.

The Bottom Line on Negotiating a Job Offer

You will have many conversations regarding compensation with your employer throughout your employment. Set the stage up front for how you view the relationship — as a collaborative, respectful partnership. Be positive. View the first conversation as a discussion, one of many, where you will be able to increase your earnings potential and rewards as you progress in your career. Consider the entire package and be willing to ask for different things in order for you — and your employer — to both feel good about the final result.

More About Successful Salary Negotiation

• Guide to Salary and Compensation
• What to Expect in a Job Offer
• Winning Negotiation Strategies for Your New Job (free ebook)
• Salary Negotiation Strategies for Stay-at-Home and Working Moms
• Answer This Interview Question: What Is Your Current Salary?
• Answer This Interview Question:What Are Your Salary Expectations?

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post 5 Steps to Negotiate the Best Job Offer appeared first on Job-Hunt.

Receiving a promotion is a big deal — a very big deal.

Promotions mean more responsibility, new challenges, and an inherent recognition of an employee’s abilities and potential.

But what about the raise?

Promotions are a means to an end — the way up the career ladder.

Two critical drivers — employee retention and employee engagement — fuel base salary increases and promotion decisions from the employer’s perspective.

Promotions provide individuals with rewards and recognition, career advancement, and job growth. Promotions keep employees challenged, engaged, and committed to the company and its business strategies.

Raises communicate a deeper message — “We value you. We recognize the work you are doing is worth more in the marketplace and at our firm. We want to keep you here.”

Not all promotions come with raises attached.

3 Reasons Companies Typically Grant Promotions Without Raises

Many times, companies offer promotions to manage internal change and restructurings, to reward employees during an “off-cycle” (when pay adjustments do not typically occur), or to prevent a highly valued employee from leaving.

 1. No Funds  

They can’t afford a raise. During difficult financial times – when many companies freeze base salaries to control costs – employees may be promoted with the promise of raises when the economy improves.

These companies still value their employees and need them to reverse the slump.

Promotions given in these situations mean “we really value you and want to pay you but we can’t right now.”

2. Bad Timing  

The timing is not quite right, but the “people manager” recognizes it is time to promote an employee.

The employee might be “at risk” for leaving, ready to handle more responsibilities (or already handling more responsibilities) and an asset that can’t be undervalued. However, there may be other organization changes on the horizon and doling out raises would rock the boat.

In this case, a promotion may be given to bide time until all the changes are announced and the raise can be awarded.

3. Poor/Inept Management  

Some companies do not value their biggest assets (a.k.a., their employees)

Sadly, in some organizations, promotions without raises are mishandled, cheap forms of recognition.

Companies without formalized HR programs or a deep understanding of the importance of culture and recognition hand out promotions like candy. Promotions are awarded without a consistent set of standards, expectations, or requirements.

In the end, these companies are left with compression, inequity, higher turnover, unengaged employees, and poorer financial performance.

Considerations Before You Accept

If you are offered a promotion without an accompanying raise, ask yourself these questions before accepting the promotion.

1. Why am I receiving this promotion? Recognition for past efforts or because I am already performing the responsibilities of the new role?
2. Is the scope of this job materially different than my current role? Am I being promoted laterally to expand my skill sets and “stretch” professionally or does the scope of my role materially expand to include more P&L responsibility, additional direct reports, etc.
3. Is anyone receiving a raise or am I the only one receiving a promotion without a raise – is this normal company practice?
4. Why isn’t an increase associated with the promotion?
5. Can I expect to be given an increase within the next three months?
6. What do I have to lose by accepting the promotion?
7. What are the other — intangible — benefits received from the promotion? Exposure to new leaders? Enhanced learning? Future career opportunities?
8. How will I feel or respond if the eventual raise does not match the promotion, especially after waiting and doing more work for the same money?

Employees receiving promotions without raises may find their engagement with their job and employer teetering. After hearing about a promotion AND learning that there will not be an accompanying base salary increase, digest the news, and unearth the reasons behind the decision before accepting.

Your Options

Once you have answered the questions above, you have these options to choose from:

1. Accept the promotion and stay.  

Leaving the firm may pose greater risk than staying. The promotion could be offering the opportunity to work in a new field, expand current relationships, develop new relationships or launch a career further.

The foregone pay increase might be worth the opportunity. If this course of action suits your situation, consider asking for other forms of compensation (e.g., additional vacation, higher incentive opportunities or equity).

2. Decline the promotion and stay in your current role.  

While the new role may significantly expand your responsibilities — additional direct reports or functions or increased P&L accountability — if accepting the promotion without a raise negatively impacts your personal career objectives, self-confidence, or self-worth, your personal dissatisfaction outweighs the value provided by the promotion.

3. Accept the promotion and reevaluate later.  

Consider whether the promotion benefits you developmentally and promotes your ultimate career goals and objectives. If it does, embrace the new role and responsibilities, and reevaluate the situation in a few months.

Revisit the money discussion or leapfrog to a desired role and pay level elsewhere using the newfound job title, roles, and responsibilities.

Selecting Your Best Option

At this point, assess your career and the company’s situation. Determine whether (a) there is long-term career advancement and growth with this firm and (b) you actually want a long-term career with this company. Or consider whether the promotion will help you in a job search, even without the raise.

If the title and responsibilities increase your marketability, it may be worth it for the short term.

The Bottom Line on Promotions Without a Raise:

Accepting a promotion without a raise — or promise of a raise in the near future — can have both positive and negative personal consequences, depending on the employee’s attitude and reasons for accepting the promotion. Understanding the reasons behind a promotion without a raise — and its potential benefits — requires some investigation and soul-searching before saying “yes.”

More About Successful Salary Negotiation

• Guide to Salary and Compensation
• When to Ask for a Raise
• What to Expect in a Job Offer
• Winning Negotiation Strategies for Your New Job (free ebook)
• Salary Negotiation Strategies for Stay-at-Home and Working Moms
• Answer This Interview Question: What Is Your Current Salary?
• Answer This Interview Question: What Are Your Salary Expectations?

About the author…

Stacey Hawley is a salary and compensation consultant and career coach. She helps companies reward and recognize their people effectively and helps individuals like you earn more money. You can connect with her on LinkedIn, Twitter, or via her website.
More about this author…

The post Should You Accept a Promotion Without a Raise? appeared first on Job-Hunt.