Know the Truth and Tell the Truth in Salary Negotiation
It’s a great debate. Do you show your cards and tell your potential employer your current salary? Or do you dodge the question and let them make the first offer?
Watch the video below to see advice from Suzy Welch.
Suzy Welch: Here’s the best answer to ‘What’s your current salary?’ from CNBC.
Know the Truth
If you’re a new PA and don’t have a current salary to base an offer, there are multiple salary reports for PAs that can help you determine market value.
Do your research and come into any negotiation prepared with what you think is a fair salary. With that said, base salary and bonus are not the only things to look at. There are plenty of other ways that you can be compensated besides your salary. Knowing what you value is also important.
Maybe you have a family and a potential employer pays health insurance for your whole family. That can be a huge savings. Even though the base salary might be lower, medical insurance premiums can be worth thousands of dollars. The same benefit for someone who is single is not worth as much.
Know what benefits are important to you and know what others are getting. Do your research and come into any negotiation prepared. Be willing to give a little on the things that are not as important to you.
“Demonstrate your candor, awareness of reality, preparedness, and integrity by knowing the truth and telling the truth”
– Suzy Welch
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Tell the Truth
“My salary is X, my bonus is typically Y, for a total package of just about Z”
A very important part to telling the truth is to know exactly how your compensation is calculated. Do you have a base salary and bonus? Are you paid by workRVU’s? Is your bonus based on how many patients you see?
Telling the truth does not mean you can’t ask for more than what you are currently making. Most employers know that people aren’t making a change to take a lower salary. If you believe you deserve a higher salary than what you’re currently making, be sure to have data to back you up.
If you’re negotiating a bonus, tell them how you can bring value to the organization – “At my current position I see X amount of patients a day/month.” “I am able to increase revenue by providing X services.” “At my current position I generate X amount of workRVU.”
Telling the truth shows the employer who you are as a person. In the same way you would want a potential employer to be upfront with you, be upfront with them. If you find that they are difficult to work with starting with the negotiation process, let that be a warning sign with how they are going to treat you in the future.
What do you think? What’s the best strategy for discussing salary? Please comment below the original post, sign up to receive future posts by email and share with your friends!
