Evaluating the offer
As you are interviewing, clearly identify what you want and what you need – and know the difference between the two. You must also determine what your skills are worth in today’s marketplace.
When considering an offer, do not feel that you have to come to a decision quickly or on the spot. Most employers will allow you time to think about the offer. As you consider things, reaffirm your interest in the position to the employer.
Job specifics
Here are some aspects of the job to weigh:
- Position: Consider details such as job title, duties, work environment and advancement opportunities.
- Compensation: Research the appropriate pay range for someone with your degree, skills and experience in your chosen field.
- Performance Reviews: Learn about the timeline for reviews and merit-based salary increases.
- Moving Expenses: Inquire about relocation expenses or upfront costs associated with a move.
- Work Setting: Learn whether your work is remote, hybrid or 100% in-person.
- Bonus: Depending on the industry you are in, a signing bonus may be negotiable. Ask and have a monetary value in mind.
- Benefits: Insurance and retirement packages vary widely in terms of what is offered and how much is covered. Determine what your needs are and treat it as a financial consideration.
- Other: You may also consider negotiating professional association fees, company car, work schedule, time off, tuition reimbursement, flexible hours, and more.
As you weigh all of these considerations, use this resource from the Office for Financial Success:
Negotiating offers
Successful salary negotiations embrace five principles based on the knowledge that your beginning salary reflects your value to an organization and typically determines future salary increases. This following steps will help you negotiate both professionally and effectively:
Justify to your future employer why you deserve to receive a higher salary. To do this, you will need to spend some time researching your market value. Once you have determined the appropriate salary range for the type of job you are being offered, you can more effectively negotiate. You also need to research who in the company has the ability to negotiate salary.
You won’t have all the information you need from every employer that you applied to. An offer can come at any time and you may have to accept or reject an offer without knowing your status for another job. While you can inquire about an application or interview, you won’t be able to rush a process or force a hiring decision. To help you weigh your options, reach out to career services.
Understanding both your needs and the employer’s needs helps you gain empathy, respect and negotiating power. Put yourself in the position of the employer to appreciate their interests and perception of you. Recognize what the employer can and cannot negotiate. Often, the employer cannot negotiate on company policies like the number of vacation days you might receive, but they may be able to negotiate your salary or flex time.
Carefully detail how your attributes, skills and experience equal or exceed the initial offer. Ask thoughtful questions during the recruitment process and demonstrate your value by acting with integrity and transparency during the negotiating process.
It is crucial to display self-confidence in negotiations. Know what you want in terms of salary, including the least amount that you will accept, based on thorough research.
When you approach the employer with your request for a higher salary or different terms, be confident that the amount you are requesting is what you are worth. Confidence is needed to persuade the employer to consider your counteroffer.
In most cases, employers will introduce the salary discussion. If they don’t, it’s appropriate to revisit the job posting and initiate the conversation.
Make a value proposition. This should include what you know about the appropriate salary/benefits, what value you will bring, and what you would like the offer to be. Give the employer a range, rather than a specific number.
When speaking with an employer, be direct, concise, polite, and positive. Show your research and provide your rationale for a counteroffer. Remember, a job offer opens the lines for salary discussion and possible negotiation.
Respectfully decline an offer once you decide it is not for you. Tactfully state your reasons for not accepting the job. Convey your appreciation for the interview and job offer since the employer is likely to be part of your professional network.
If accepting, notify the employer as soon as possible! Be on the lookout for an official confirmation message with the terms of employment. Details of your offer may also come during the initial steps of the onboarding process.
