Should You Negotiate Your Job Offer?
(Originally posted on LinkedIn)
Negotiating salary or hourly rates can be challenging for candidates who don't hold a firm grasp on the total compensation packages that their prospective employers are willing or able to pay. Often candidates who ask for salaries or hourly wages that far exceed a company's budget for the role will leave them with little room to negotiate. In which case, this may jeopardize the job offer! On the contrary, it's important to get paid what you and your expertise are worth. If you’re about to receive an offer that doesn’t align with the role requirements, as well as your background, here are some helpful tips on deciding if you should negotiate an offer.
1. Appraise the Offer
Once you get a job offer, make sure to evaluate it thoroughly. There are many contributing factors that come into play other than just the base salary or hourly rate. For example, you’ll want to understand any possibility of bonuses, salary increases, or commissions. There will be other contributors, such as benefits, flexible working hours, certifications, remote time, promotions and future growth opportunities. All of these factors can affect your net income for the year. For example, the offered position may pay less than you'd hoped for as a base, but if you're offered an annual bonus or if the medical benefits are generous, that could potentially save you thousands of dollars a year!
2. Do Your Research
Make sure you've really taken the time to research salary or hourly wages based on location, years of experience, educational background, number of certifications, growth opportunities within the organization, etc. for the particular job you've been offered. Once you've done your research on the marketplace, you'll be better equipped to discuss a counter offer.
3. Consider a Counter Offer
After appraising your offer and doing your research, consider if you'd like to counter. If so, the best way to open up a discussion is to ask for a meeting to discuss the offer. From there (especially if you're working with a staffing firm) you can discuss what's possible.
4. Tips for Negotiating the Offer with your Potential Employer
Should you decide you want to move forward with a negotiation, come prepared with the total compensation that you would like to counter with and why. Be sure to explain the value you can provide and why your experience and/or background warrants the increase. One big tip: do not compare yourself to others! Keep it focused on you and your expertise. Be prepared with any questions you may have in regard to benefits, bonuses, commissions, salary or hourly increases, certifications, etc. During this time, you can ask questions that will help guide you and your recruiter or HR representative in the right direction.
In the end, it all comes down to what's most important to you and your family in accepting a new role! We hope these tips help you navigate your future job opportunities.