Negotiating Your Salary

You got the job! Congratulations! Now they’ve offered you a salary and benefits package. Maybe it’s great, or maybe it’s just okay. Either way, you can ask for more without feeling like Oliver Twist with the empty bowl. While many companies build negotiation room into their benefits packages, only 33 percent of people negotiate them. This can be a costly mistake! Imagine your starting salary $10,000 higher. Not only would you have made $10k more your first year with the company, when asking for a raise a year or two later, you would have started from a higher salary. By not asking, you’re leaving tens of thousands of dollars on the table. 

The following tips will help you in making that first step the best one it can be. 

Do Your Homework on the Company 

Before you even walk into a job interview you should know the going rate for your position and the company’s salary history. Websites like GlassDoor, PayScale, and LinkedIn are great resources in seeing what other employees have made. Most companies aren’t posting salaries in their job listings, you haven’t done your homework, you give the folks hiring total control over negotiations from the outset. 

Don’t Accept the First Offer

But accepting the first offer given is lowballing yourself, plain and simple, and not only in the immediate future. Remember, you are not only sacrificing money up front, but in the long-term as well, as raises are often calculated as a percentage of your previous salary. In fact, most companies don’t actually expect candidates to accept their first offer, so what they present is lower than what is probably in the budget. Also, accepting the first offer could show a sign of weakness. By countering, respectfully, you could ern more favor and trust upfront. 

Ask for 10-20% More Than What Was Offered

When counteroffering, it is hard to know exactly how much to ask for. If the company low balls you, that just might a sign of things to come, and they might be cheap across the board. 

Let’s say you wanted $60,000 a year, and they offer you $55,000. A counteroffer of $10,000 more per year: $65,000 would bring you to $60,000 if they are serious about bringing you in. 

What if They Don’t Budge? 

If you present your counteroffer, but the company won’t budge and sticks with their original offer, you obviously have two choices: you accept the offer or decline. If you accept the first offer given, especially if you think it’s somewhat low, it’s possible you’ll come to feel resentful or you aren’t appreciated enough, and that can ultimately contaminate your contentment on the job. You have to be comfortable with your salary to feel comfortable on the job site. 

No matter what you choose, don’t let fear control your destiny. In today’s market, asking for more isn’t wrong, it’s the most right thing you can do.