Congratulations! You’ve received a job offer. Now that the difficult part is out of the way, it’s time to negotiate your salary. Although talking to your future employer about pay and benefits can be intimidating, it’s an important step in ensuring that you’re being fairly compensated for your skills and experience. Think about it this way:
· Scenario #1: you receive a job offer with a salary that doesn’t quite meet your expectations, but you accept it because of several reasons, including fear of the offer being taken off the table, uncertainty about whether the company would even have any wiggle room if you counter-offered, or self-doubt about whether you deserve higher compensation. If you start work on this basis, sooner or later, you’re going to be wondering whether you could have gotten a higher salary – this decreases your motivation to perform at optimal capacity, your employer isn’t getting the best version of you as an employee, and there’s a high chance you’ll soon be looking for another job. Sidebar – once you start at a certain salary range, it’s usually very difficult to jump to a significantly higher range. Essentially, both you and the company lose in this scenario.
· Scenario #2: you receive a job offer with a salary that doesn’t quite meet your expectations, but having considered your career from a long-term perspective and understanding your bargaining power as a professional, you counter-offer a salary slightly higher than what you are willing to settle for. What’s the worse that could happen – we can assume with almost complete certainty that the employer will not remove the offer entirely (if they do, that’s not an employer you would want to work for), so the worse that could happen is they advise that their offer is final. Under this scenario, you would potentially arrive at an offer that represents the highest salary the employer is willing to go to – after you start work, you will inevitably feel more at ease knowing that you are paid your worth, or at the very least, the maximum threshold your employer was willing to settle for. You are more likely to perform optimally and engage in a mutually beneficial working relationship with the company in this scenario.
Here are some tips to help you negotiate your salary after receiving a job offer.
Do Your Research
Before you start negotiating, it’s important to do your research on industry standards for your profession, the specific position, and location. Websites like Glassdoor and Payscale can provide you with information on salary ranges for your job title and location, thereby assisting you in determining what a fair salary range looks like for the job you’re being considered for.
Regardless of whether the company is offering you less or more than the ‘fair salary range’ resulting from your research, it doesn’t hurt to ask for more.
Consider the Total Compensation Package
When negotiating your salary, it’s important to consider the total compensation package, which usually includes benefits like healthcare, retirement plans, wellness accounts, and vacation time. These benefits can add significant value to your offer, so make sure to take them into account when negotiating your salary.
Be Confident
Confidence is key when negotiating your salary. Be confident in your skills and experience, and be prepared to explain why you’re worth the salary you’re requesting. Practice your negotiation skills with a friend or family member beforehand, so you feel comfortable and confident during the negotiation process.
Be Reasonable
While it’s important to be confident, it’s also important to be reasonable - make sure your salary request is within the industry standards for your position and location. More importantly, make sure you personally agree that your skills & qualifications align with the salary you are asking for! If you request a salary that’s way too high, it could cause the employer to question your judgement and could potentially cost you the job offer.
Don’t Be Afraid to Ask for More
Remember that the job offer is just that – an offer. You have the power to negotiate and ask for more. Don’t be afraid to ask for a higher salary or additional benefits. The worst that can happen is that the employer says no. An offer being pulled would generally only happen if your counteroffer is ridiculously high. Remember Scenario #1 at the beginning of this article: unless you want to live in regret, don’t be afraid to ask for what you deserve. Proper salary negotiations enable you to walk in the shoes of our candidate under Scenario #2 – you feel good about delivering quality work for your employer, knowing that you are being fairly compensated for your competence.
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