Negotiating your job offer is likely a very close second to actually looking for and getting that initial job. With typical annual salary increases of 3% to 4% this is your opportunity to make sure you’re starting at a benchmark where you’re not having to spend a couple of years catching up to where you probably should have started.
- Earning Potential Boost:
Negotiation sets the stage for higher future salaries and benefits throughout your career. - Market Standard:
As a previous hiring manager myself this is common practice – research shows 70% of managers expect it! Don’t leave money on the table. - Confidence Builder:
You’ve been building up to this. Negotiation demonstrates your value and confidence in your skills.
Before You Negotiate:
- Gather Intel:
Research salary ranges for your role and location using sites like Indeed or Glassdoor. I can personally share that I researched salary data for a company where I was recently employed and much of the data was submitted by current and previous employees. In many states the salary range is required to be posted in the job listing. - Know Your Worth:
Many employers may state that they start “every new hire” at a particular starting point, but if you don’t value what you bring to the table, then how can you expect to sell it to a prospective employer? Consider your experience, skills, and certifications that make you a valuable asset. - Develop a Strategy:
Practice your talking points and prepare concrete examples of your contributions. - Set a Range:
Determine your minimum acceptable salary, your ideal target, and a stretch goal.
Negotiation Tips:
- Negotiate Once:
Address all your concerns (salary, benefits, etc.) in the initial conversation. An average counteroffer to salary can range between 5%-10% over the initial offer. - Be Direct & Professional:
There’s no point in beating around the bush, unless that bush is made of money. Be clear about your expectations based on the scope of work and what you can offer. - Consider Alternatives:
Explore options beyond salary, such as vacation days or a signing bonus. - Be Prepared:
Anticipate questions and have a few questions ready for your employer. If the offer comes in lower than expected, ask the hiring manager how this number is determined and see if this is what the market rate is based on the work and your skillset. - Stay Positive:
Maintain a professional and appreciative tone throughout the conversation.
Remember:
- Negotiation is a collaboration. Aim for a win-win situation for both you and the employer. If they decided to meet your request, be sure to prove to them that you are in fact a very good investment in the organization.
- Thank the hiring manager for their time and just like in the point above, express your enthusiasm for the opportunity.
By following these tips, you can approach your job offer negotiation with confidence and increase your chances of securing a compensation package that reflects your worth.