Negotiating Higher Pay Can Bring Debt Relief Faster

Try to negotiate good compensation

Many consumers who are finding jobs are looking to find debt relief as soon as possible. One of the keys is to not only get a job, but to also negotiate a good compensation package. According to the Bureau of Labor Statistics, the unemployment rate rose to 10.2 percent in October. This brings a highly competitive job market and funds are being spread thinly to say the least. In addition, companies who are hiring have the luxury of being extremely picky. The people who do get hired are coming in with the stingiest compensation packages the company can manage.

If job seekers are to manage, they need to be smart when the negotiations start. Although it’s tempting to take the job — any job — and settle for whatever offer is given, it will cost them in the long run. Here are some ways to negotiate wisely.

Do a market comparison

Once a person has the job, they need to do some research on the position. Salary.com is a great resource for finding not only salaries, but geographical listings of average salaries within certain areas. Job seekers can enter their area, education and experience to receive a general range of what their salary should be. Another resource is the Bureau of Labor Statistics’ Occupational Outlook Handbook. This publication, which can be viewed online also, lists salaries for hundreds of various jobs.

Another option is to find headhunters who knows what salary ranges are available. They normally are able to track average salaries and give valuable information on what types of additional learning or qualities employers are looking for in the field. Job seekers need to remember that the purpose of their targeted job search is to find debt relief and create savings for themselves. The key to doing this is education.

Know what they want on the position

Job seekers also need to see the employers as they are — competitively seeking the best candidate for the job. For this reason, people need to make themselves as marketable as possible. Robert Todd, head of compensation and benefits at Novartis, stated, “Applicants have to ask what the company is looking for and explain how they can fulfill those needs.” It’s key that applicants do some research on the company they are interviewing with, and possibly on the interviewer. “The more information people have,” Todd added, “the more I know they want the job and are willing to personally invest themselves into it.”

Lastly, taking extra courses or certifications can add tremendously to a candidate’s chances of making an impression. For example, when job seeker Karen Mileston of Cambridge, Massachusetts, was looking for a job as a secretary at a real estate firm, she immediately signed up for a “Legal Practices and Procedures in Real Estate” course at her local college. She made sure to bring her enrollment up to the interviewer. “I wanted them to know that I’m willing to do whatever it takes to contribute positively to their company’s vision.”

Job seekers after the recession

Although the recession has damaged the economy, employers still need qualified people to work for them. Job seekers have to be able to clearly state what they want, how they can contribute to the company and what salary and benefits package they want. Working on all three will help consumers manage their budgets, find debt relief and save up for their futures.

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