Salary Negotiation

Congratulations, you’ve received an offer and all your hard work has paid off. By now you should have researched what similar jobs in the industry pay or at the very least have an idea of what the range for the position is to evaluate the offer. You also need to consider what the additional benefits are so that you can really evaluate the total compensation package.

For example, what does the employee pay for health care and is it pre-tax? What is the waiting period for coverage? Does the employer have a 401K and what is the employer contribution if any? What about other benefits (dental, vision, childcare, etc.)?

To make an informed decision about whether or not the offer fairly compensates you in this position, as compared to a previous position or the industry in general, you need to have all the facts. There is nothing wrong with asking for the benefit information and it also demonstrates that you have a real interest in the position.

What you don’t want to do is to say yes immediately as you now have lost any opportunity for negotiation. Even if you think it’s a terrific offer, take some time to think it over and ask if you can have the time to get back to them first thing in the morning with your answer. You could say that you think it’s a great offer and I’m probably going to accept it but I’d like to sleep on it or perhaps there is still some additional information that you’d like to know before accepting.

Either way, see if you can buy yourself a little time but be prepared to counter, just in case. Depending upon the level of the position, there are other things to counter with than just an increase in salary so consider all your available options.

The more you know about what the job entails and what similar jobs in the industry pay, the stronger your position to make a case for increased compensation or additional considerations.