How to Negotiate the Salary for Jobs in Marketing
Both employers and candidates for jobs in marketing face challenges in negotiating salary and compensation. While companies want to get the best people for their open positions, they also need to balance their needs with their budget restrictions. Potential employees want to maximize their earning power, but may be restricted based on their experience and the impression that they make on the hiring manager.
Here are some key points to consider no matter what side of the fence you’re on.
For Employers
Employers want to hire employees that produce the best results in their marketing departments. However, many don’t consider the costs involved in getting those results. As marketing has changed significantly over the past five years, competition for top talent has increased. Increased competition has come with a commensurate increase in compensation, which most employers have not caught up to. Employers tend to underestimate the salary necessary for high performance marketing professionals with a significant disconnect in the world of online / digital marketing.
The old adage “you get what you pay for” applies to marketing professionals. The chances of an organization being able to get the results they are looking for increases along with the salary. It’s essential to take a look at market rates for the position that you are hiring for, and then consider your budget. A marketing recruiter can also help you source these industry rates and develop a detailed salary range. This way you can offer a realistic and reasonable rate for the position.
For Candidates
Candidates should know their asking price when they walk into a salary negotiation, but should also do research to see what the market can bear. Overshooting your salary requirements is a fast way to lose out on a great opportunity. Use Salary.com or LinkedIn to check in on salary ranges for your position.
In addition to knowing the right “price tag” for your work, you also need to understand the value of the impression that you make. Jobs in marketing aren’t just about your marketing skills. As impressive as your past results may be, you won’t get the job unless you are someone people want to work with.
The likeability factor is a big part of negotiation. Harvard Business school professor Deepak Malhotra offers 15 tips for negotiation in this lecture – and the first is that they need to like you. Negotiate in a way that balances your need to be respected for your value and your need to be likeable.
You can do this by continuing to demonstrate your value during the negotiation. Keep selling yourself by volunteering ideas and strategies that you’ll use to hit the ground running during your new job. This will paint the picture of you as a successful employee at their firm.
What negotiation tips have you used as an employer or a candidate?
