After weeks of interviews, finally getting an offer from a company that you’re excited to work for is exciting! But not many unemployed candidates prepare for what’s coming next. Is the offer you received everything that you’re hoping it to be? While salary negotiation is a daunting process, it’s also necessary to ensure that you’re getting what you deserve & what you’re worth. After successfully negotiating my offer package with my new employer, I’m ready & eager to share my tips for salary negotiation.
DO YOUR RESEARCH
Sites such as Glassdoor & Payscale will give you a good idea of the salary range of your role based on your years of experience & location. This will give you a good idea of the expected salary. If you’re given salary ranges from other companies in similar roles, make a note of it to better understand the current compensation market rates.
Use your initial offer as a starting point to negotiate. If the initial offer you’re given is outside of your range, use that as a green light for further negotiation. It’s a general rule of thumb when changing companies to aim for at least a 10% base salary increase when moving laterally. If taking on new responsibilities, aim for 15-20% base salary.
DON’T PROVIDE YOUR SALARY EXPECTATIONS FIRST
Most employers don’t publicly list their salary budget. So to get the most lucrative salary range, ask for the company’s salary range first. For example, if the recruiter or hiring manager asks for your salary expectations, simply turn the tables back onto them.
Say this: “I expect to be paid reasonably considering my work history & years of experience, so my salary range is flexible. What’s your current salary range?” Once they provide their range, if it’s far below your expectations, ask: “Is there any flexibility with that range?”
If there’s not, inform the recruiter or hiring manager that you don’t want to waste their time by continuing. If the salary range provided is within your expected salary range, you can respond with: “Ok, great! The higher end of that range works for me.”
This way, you’re getting the salary that you need to live comfortably. Don’t waste your time or the company’s time continuing through a hiring pipeline that you’ll reject at the end of the day.
CONSIDER THE ENTIRE OFFER PACKAGE
While your base salary is an important part of your offer, other benefits are equally important. Are you being given equity in the company? Are you getting great health, vision, & dental benefits?
My new employer offers great parental leave & even fertility support. Our company has mental health recharge days, generous PTO, cell phone reimbursement, & even a learning & development stipend. All of these additional benefits & perks were like a cherry on top of a delicious ice cream sundae.
KNOW THAT THEY ALREADY LIKE & WANT YOU
If you receive an offer, know that everyone that you’ve interviewed with thus far likes & wants to work with you. Use it as a confidence boost. As someone who the team is already eager to have join, they won’t shun or rescind your offer for wanting to negotiate.
Approach negotiation as a collaboration to create an offer that you & your employer are happy with, rather than “being greedy”. Even if you’re in other hiring pipelines or have other offers on the table that pay more, emphasize that you’re not just driven by the cash component of the offer. Reassure them that they’re your number one choice & ask if they’re open to discuss where in your offer there is more leeway or wiggle room.
Using my tips for salary negotiation above, I was recently able to increase my base salary by 18%! While salary negotiation can be daunting, it’s a necessary part of your job search. Most companies expect future candidates to negotiate salaries. By not negotiating, you might unknowingly be leaving money on the table that they already had ready to give you. Take charge of your career & ensure that you are getting what you’re worth!