Negotiating your salary in a lateral move
Here are some interesting tips on how to gain maximum leverage in negotiating your salary when you are making a lateral move:
If you’re about to make a lateral move, you should list and monetize everything your employer has to pay for in order to secure your services. You may not have stock options, but you probably get a yearly bonus, vacation time, medical and dental benefits, life and disability insurance, free or low-cost parking, continuing education, professional fees and dues, subscriptions to professional journals, and the like.
To escape the strong anchor of your current salary, estimate how much each of those benefits would cost if you had to obtain them in the local market. The final number you calculate will be your “total compensation package.” That is the figure to use when your prospective employer asks you what you’re making now. And the term to use is “my total compensation package” or simply “my compensation.”
When you’re asking for more money than you’re currently making, you’ll also want to take a look at what you’re leaving behind. You might, for example, be giving up retirement benefits that haven’t yet vested, earned vacation, or a year-end performance bonus. You’ll want to ask your new employer to compensate you for the benefits you’ll be leaving at your old firm by making the transition to your new one. In Mayer’s case, that accounted for $14 million of her total compensation.
Read more about using that power and information to your advantage.
Posted in: Your Career, Your Compensation
Tags: continuing education, earned vacation, free or low-cost parking, how to negotiate salary, lateral career move, life and disability insurance, maximize your salary, medical and dental benefits, negotiating your salary, performance bonus, professional fees and dues, retirement benefits, salary, salary issues, subscriptions to professional journals, vacation time, yearly bonus
Which Careers Require Continuing Education?
Continuing education is usually mandatory for jobs that require a license or certification. Continuing education may consist of a few courses or an entire program which can be taught online, on-campus or other location. The different types of careers that require continuing education are in the medical field, education, real estate, law, engineering and construction, to name a few.
Continuing education is not only important to keep up with changes in the law, it is also important to keep up with competition and modern developments. Many companies also require continuing education as a condition of employment. For example, many human resources professionals must attend continuing education classes to stay current with employment laws, salary trends, and other employment related issues.
Although many continuing education courses or programs are mandatory, some are 100 percent voluntary. Many of these programs are for personal development only, so they do not have to be accredited. Courses or programs that are required as a condition of employment or for maintaining licensure or certification must be accredited. Accreditation is a voluntary process. However, only an accredited program or course will meet the requirements of employers and licensing agencies.
There are literally dozens of recognized accrediting agencies covering hundreds of specialized programs and courses. For example, the Commission on Collegiate Nursing Education (CCNE) is recognized by the U.S. Secretary of Education and the Teacher Education Accreditation Council Committee is recognized by the U.S. Department of Education. Before signing up with any given continuing education course or program, especially if it’s a requirement for an employer or licensure, please verify that it’s accredited and that the agency is recognized.
To find out if an agency is recognized by visiting the U.S. Department of Education Database of Accredited Postsecondary Institutions and Programs.