Your job hunt is not over when you receive a job offer. In fact, the offer represents one of the most important times in the process – the negotiation phase.
If the position interests you, be cautious in planning your next move. Remember that you are creating the foundation for your success with the company and for satisfaction with your career. Your response to their offer will demonstrate your professionalism, confidence, patience and financial worth to the organization.
Preparation is the key to successful negotiations, so do your homework. Research the standards for your industry and typical salary range for the role. If you are moving to a new part of the country, understand the average compensation deal for your position, industry and region.
This information will give you insight into the company’s expectations and will allow you to navigate the discussion effectively. It will also help you secure the highest possible starting salary, without over-stepping – a mistake that can cost you the job.
Calculate your worth
Assist the hiring manager in determining your financial worth to the company. Using your work history and prior accomplishments as a guide, put a number on the amount of money you expect to make or save for the new company.
Will you increase profits? Secure new business? Handle expensive projects in-house? How? This information will serve as leverage in your salary | discussion.
Let’s say the employer plans to create a new position for you, combining sales manager and marketing director into a single role. By hiring one person instead of two, the company saves a significant amount of money each year in salary and benefits. They also save on training costs and may even cut down on personnel and facility requirements. Figure out how much they may be saving, and use it to boost your base salary.
Also, don’t be shy about presenting examples of your performance in past positions. For instance, if you captured $300,000 in new accounts within six months at your last company, say so. Utilize actual figures from your background to prove that you will add value to the company.
Identify your deal-breakers
Take the time to define your needs and expectations before you enter into negotiations. Do the math in advance, and know your limits so that you can present yourself with clarity and confidence.
Identify your bottom line on various issues, such as salary, benefits, location and workload. For example, imagine that your salary goal is $95,000, but you are willing to accept $80,000 with fringe benefits. If the company offers a comprehensive $75,000 package, will you accept it? What about $79,000? Decide on your goals and requirements before you begin the discussion. Then stick to them.
Be patient
Negotiations take time. After you present a counteroffer, the organization will step back to review your terms. Every company has its own timeline, so be patient. Make the most of your time by preparing for their response and continuing with your job search.
In negotiations, knowledge is power. Know the industry standards. Know your worth. Know the value that you will likely bring to the company, and know your bottom line. Then, present yourself with both confidence and patience to your potential employer. They’re sure to respond.
Send your job search questions to eve.getajob@gmail.com.
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