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systematized salary negotiation process can help an organization hire the best candidate and fill the position more quickly, minimizing productivity losses stemming from reduced staffing levels. Salary negotiation is a critical step in the hiring process. Professionals with high qualification levels and desired practice area expertise may already be evaluating other opportunities by the time your organization make an offer, so it's important to handle this stage in a timely and effective manner.
Try to keep these basic tips in mind when negotiating, for a better deal.
Research is key
Firms that want to hire the best employees may expect to pay slightly well than their competitors, regardless of the business environment. A review of existing salary levels for similar positions in the industry and local area is the first step toward determining the offer.
Anticipate the employees Interests
Just like you, your prospective employee also has needs and concerns. To persuade him to say yes, your ideas will have to address those things that are important to him.
Once you have selected the prospective hire, make the offer as soon as possible. A delay can cause you to lose the best applicant.
When presenting an offer, be sure to highlight the reasons someone would want to work at your firm. Prospective employees are interested not only in their career development, but also in staff recognition and bonus programs, advancement possibilities and unique aspects of the office culture.
Set a Time Frame
Give entry-level legal professionals a few days to consider the offer, and allow up to a week for attorneys and more experienced candidates. Applicants who will need to relocate may require additional time.
If a promising candidate seeks a higher salary than budgets allow, explore alternatives. Flexible scheduling is one option gaining popularity among applicants that represents little cost to the organization.
Create Several Options
Joint brainstorming is the most effective way to find ideas that satisfy everyone's interests. It works best when you separate it from commitment, first create possible solutions, and then decide among them.
Focus on Objective Criteria
It is far easier to persuade someone to agree with your proposal if he sees how that proposal is firmly grounded on objective criteria, such as what similar firms pay people of like experience or what others in the company make.
Know When to End Negotiations
When faced with a candidate, who is reluctant to accept an offer, try to discover the source of the hesitation. Consider the potential impact of any changes required to address these concerns or issues.
Think through Your Alternatives
In case you cannot persuade the employee to say yes, you need to have a backup plan. Part of preparation is creating a specific action plan so you know what you will do if you have to walk away from the table.