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Salary Negotiation Tips for Professionals
By Ron and Carlyn Krannich, Ph.D.s.
129 pp. Manassas Park, Virginia: Impact Publications, 2005
Paperback Edition: (US) $16.95
Some negotiations are far more consequential than others. Cutting a few hundreds or thousands of dollars off the price of the next car sends many people into careful preparation and research to achieve "the best deal." They arrive at the car dealership having researched market values, trade-in prices, the dealer cost of accessories and packages and a myriad of financing options. We know that everyone must do their homework and that the results can be reduced auto payments of $50 or $100 or even more every month for four, five, even six years into the future. It is a major negotiation and almost everyone prepares for the event.
The focus of the Krannichs' book is on another type of negotiation that almost all of us participate in many times in our lives: the determination of our own salary. Compared with an auto purchase, our salary negotiation will produce far greater immediate and long-term economic consequences for our lives. And yet, many of us come to this negotiation terribly unprepared.
We know from salary research that many graduates of even our finest universities fail to negotiate their first salaries at all and receive substantially less pay than their contemporaries who did negotiate their salaries. We know also that those who do negotiate often do so without proper information and preparation. The results for the non-negotiators and the unprepared negotiators when contrasted with lifetime earnings for prepared negotiators are staggering, easily running into differences of hundreds of thousands of dollars lost or gained in lifetime compensation.
The Krannichs' have created a guide to salary negotiation that strips away many of the mysteries and provides well-illustrated how-to tips on salary negotiation most readers will find sometimes surprising and always useful. Let us look at a few of the areas this work explores.
Early in the book, the authors' provide a comprehensive self-test for readers to determine if they are "savvy salary negotiators" (pp.22-23). It is a very useful exercise, followed immediately with solid advice and examples of how to fill in the knowledge gaps and achieve the best possible salary outcome. This is one book you need to read to prepare for what will be some of the most valuable negotiations in your life.
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