How To Negotiate Your Job Offer
Getting The Compensation You Deserve
You’ve received a job offer, but the compensation package isn’t exactly what you had in mind. Do you accept it, or do you negotiate?
According to a recent survey by CareerBuilder, 56% of candidates don’t negotiate job offers. A potential cause could be the inherent fear that an offer would be rescinded if you tried to negotiate. However, negotiation is part of the hiring process – in fact, 53% of companies polled are more than happy to entertain a counteroffer.
We’re strong proponents of candidates getting paid what they’re worth. So, if you’re rYou’ve received a job offer, but the compensation package isn’t exactly what you had in mind. Do you accept it, or do you negotiate?eady to negotiate, use these strategies to get the salary you deserve.
Know your Worth
A big part of negotiating is knowing your worth. You’ll have to do some market research. Luckily, there are many tools and websites that you can leverage to come up with an appropriate wage.
- Glassdoor’s Know Your Worth tool is a favorite. It lets you input your information and will compare your current salary with market rate.
- Glassdoor’s Salaries tool will help you pinpoint the average salary for the region. You can even drill down by years of experience.
- LinkedIn’s Salary Insights tool is a great place to research salary averages.
- Lastly, Salary.com is a good tool for calculating average salaries in your geographical area.
Think About The Total Compensation
Keep in mind that salary isn’t the end all be all. Good benefits can certainly balance out a smaller salary. Remember to review the total compensation package:
- Other monetary incentives: Does the company offer any bonuses or commission?
- Vacation time: The average US employee receives 10 days of PTO. If another week would make you more comfortable with the total compensation package, ask for it. In addition, more and more companies are adopting unlimited PTO policies. If the company has unlimited PTO, that’s a huge benefit, and should definitely be taken into consideration.
- Retirement accounts: Does the company offer a 401(k)? And does it provide a match? Company matches could net you a few extra thousand dollars per year in your account.
- Health, vision, and dental: What health plans does the company offer? Do they cover medical, vision, or dental, even partially?
- Remote / flexible work: Does the company allow remote work, or a flexible schedule?
- Education: Does the company offer educational support, such as career development opportunities, continuing education, or tuition reimbursement?
- Ancillary benefits: Does the company pay for a fitness club membership, cover mental health, or childcare?
After carefully considering benefits, you may find that the total compensation is satisfactory. However, if you still need more to make the move, read on!
Responding To The Offer
After you’ve taken time to research market rates and come up with your “drop dead” number (the minimum salary you’d accept), you should reach out to the person you’ve been corresponding with.
A word of advice: don’t make it personal. The hiring manager doesn’t need to hear about your financial situation. Your counteroffer must be professional and polite. Explain that due to market rate research, your years of experience, and what you bring to the table, you find X salary more in-line with your skills.
Here is an example communication you can send your hiring manager:
Dear [Hiring Manager],
I would like to take this opportunity to thank you for offering me the position of [job title]. I am very excited to join the team.
After carefully reviewing your offer, I was wondering if there is any leeway when it comes to compensation. I have researched market rates and find [your desired salary] to be more in line with my experience, skills, accomplishments, and cost-savings I would bring to the company.
Can we jump on a call today to discuss compensation?
Thank you again,
What Comes Next
The company may not be able to offer you more money. Startups often have limited funds, and large corporations have salary bands they must adhere to. In either case, you’ll need to decide if you’re ok accepting the salary they offered, or if you need to move on and find an opportunity that more closely aligns with your needs.
Looking for business solutions?Explore System One