Show Me The Money: What To Expect And When To Accept
How do you respond when an interviewer asks: “What are your salary expectations?”
For many anxious job seekers, it’s no doubt a little easier to think of a number than to say one. This is especially true if it’s your dream job that’s being served up and you don’t want to spoil your chances of employment.
While it may be a good idea to negotiate for a higher salary, you also don't want to veer too far away from the original offer and propose something completely unrealistic or inappropriate for your role.
The most important thing is to understand the corporate culture. Research the company and its reputation in the hospitality industry. Is the company competitive with salaries and wages? Do current employees have good things to say? If it’s all smooth sailing, then question whether you want to rock the boat with a bid to increase your pay.
Also, employers at this stage want to know that salary is not the most important factor in your decision-making process, because they'll then fear that you'll leave the company as soon as you find a higher-paying position elsewhere. Assure them during negotiations that, while important, salary is just one of many reasons you're excited to join their organization.
Why may you negotiate?
People negotiate salary, benefits, bonuses, and compensation to ensure financial stability and job satisfaction. The negotiation process is tricky and time-consuming. Self-confidence is a prerequisite. Negotiations involve researching, strategizing, goal-setting, communicating, and decision-making. But don’t fret. Hard work pays off.
Who may negotiate?
Never make demands unless you are in the position to do so. Goldberg notes that most hourly positions in the hospitality industry are fixed, whereas management positions offer more room for negotiations.
When can you negotiate?
Most interviewers are going to bring up salary early on in the interview process. This means you should have already done your research, comparing pay and work conditions for similar positions in the hospitality industry. Find out what the salary range is, or suggest a range.
It doesn’t do the interviewer or the interviewee any good to go through the entire interview process if the two parties are not in some basic agreement regarding salary. Certainly, by the second round of interviews you should already have a good sense of what the position pays.
How should you negotiate?
Candidates may also want to reiterate their relevant education and experience before quoting a salary, giving the employer more of a sense of the background and experience you're bringing to the table. It may also help to offer a range, or to say that you are flexible and will consider a fair offer for the right opportunity.
What can you negotiate?
Money is one of the reasons you take a job. A few things to consider here... Are you satisfied with the proposed offer? What is the length of your contract and probation period? How long until a pay raise? How content are the other employees? Will you receive a bonus? If so, how is your performance tied to the bonus amount?
- Medical, life, and disability insurance
- Vacation days and pay
- Sick days
- Personal days
- Flex time
- Vehicle mileage, gas and insurance
- Continuing education and professional training
- Professional or club memberships
Benefits will depend of course on your terms of employment. Whether you are fulltime, part-time, casual, or contract makes a difference.
3) Other Benefits
- Stock options
- Signing bonus
- Performance review bonus
- Discounts on hospitality services
- Severance package
Such benefits are usually more applicable to higher-paid management positions.
4) Moving Compensation
- Moving van fees and shipping
- Hotels or temporary accommodation
- Closing costs of buying or selling a home
Relocation costs are not always covered, but if you or your position is in demand, then take advantage. Companies understand that it’s pricey and time-consuming to move. They just might need to be reminded of it.