For many people, talking about money is very uncomfortable. In fact, 31% of women and 23% of men don’t negotiate for a larger salary because they are uncomfortable having the discussion. However, of the people who do ask for an increase in salary, 75% receive one. People who at least attempt to negotiate are also perceived positively as a valuable potential employee with the necessary communication skills to be effective. At Personal Capital, we believe people should be equipped with the right financial software and tools and the know-how to put themselves in the best financial position possible. When preparing to negotiate a job offer at a new company, follow some of our negotiation tips:
1. Research Your SalaryBefore responding to a job offer (ideally before having the interview), do your research on the company, its benefits, and the salaries currently offered there. Sites like PayScale and Glassdoor are great resources for gathering this information. Additionally, research salary information for the type of job you are interviewing for, specifically for the area where you’re interviewing. Lastly, consider your own individual skills and experience. Do you offer more than the current role is asking for? Understanding your own worth and having the location-specific salary information will help you understand how to counter-offer with a reasonable and realistic salary in mind.
2. Take Time to Consider the OfferCongratulations! You have a job offer! Don’t let your excitement cloud your judgement, though – take time to consider the offer on the table. Let the hiring manager explain the offer fully, ask any questions about items you don’t understand, and then ask if you can take time to consider the offer. Additionally, ask when the hiring manager would like an answer. Armed with this information, you now have time to consider the offer fully and to put together a thoughtful counter-offer.
3. Prioritize Your NeedsWhen negotiating, consider what is most valuable to you. Do you want a larger salary and more vacation time? A flexible schedule? Remember that salary isn’t the only item that can be negotiated, and adding benefits to your offer package is a good way to get more value from a company that isn’t able to offer more income. There are a lot of other items to consider asking for, too – transportation reimbursement, a stipend for moving (if you need to move to your new job), and additional personal days are just a few examples.
4. Stay PositiveWhether you are negotiating in person or writing an email to the hiring manager, be sure to express your gratitude for the offer. Reaffirm your excitement for the position and the opportunity to work together with the organization. Expressing your message with positivity reassures the hiring manager that you want to work together and not walk away from the position. Your positivity and willingness to have a direct conversation about your benefits will also reflect well on your character as a potential employee.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer