Wednesday

Salary Negotiation

Most people believe that once they have a job offer, their career search has come to a successful end. Instead you should consider the initial offer and ask whether you are getting the best deal. The last thing you want is to realize a couple of months into a new job that you are underpaid or made a mistake. It is therefore important to take some time to consider all offers and learn the ins and outs of salary negotiation.

Even before you receive an offer, you should have some idea on what salary range you are seeking. It is also a good idea to do some research to find out the average salaries in the industry and geographic area. Once you obtain an offer, companies usually allow several days for you to review it and provide your decision. Analyze the offer and ensure that it contains details on all your compensation, not just the salary. This means clarifying aspects like vacation, bonus, medical and dental benefits, etc. If any of the information is missing, ask the employer.

If you have job offers from multiple companies, ask for additional time to assess and compare the offers. Contact the other companies and indicate that you are considering an alternate offer and give them the opportunity to match or beat it.

Once you have the complete compensation package, evaluate it against your life needs and goals. Getting advice from someone not else who has been through a negotiation process can also provide helpful tips. Once you are ready to present a counter offer, schedule a face to face meeting with the hiring manager. Begin by re-iterating the items that you agree upon. Emphasize the contributions you will be making to the organization and ask if the compensation can be re-evaluated from the current levels.

It may take several iterations of the offer-counteroffer scenario before you agree upon a suitable compensation package. Obtain the final offer in writing and establish a start date.

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