A common situation we’ve all been in at one point or another. You’ve had your brief correspondence after sending your CV, you’d smashed the interview out the park and now you’re down to brass taxes, talking about the salary. Should you accept the first offer that comes your way? Do you gamble and ask for more? From all the minor details, you should always make sure that you know the best way to negotiate your job offer. There are a number of areas to consider and below we will break them down and give you some hints and tips that have served us well.
The salary is the first step in your job offer negotiation journey. You should always try to research the position and similar positions so that you know what the standard or median package should include. As well as this, we’d always recommend you to have a ‘What you’re worth salary’, basically, the lowest price that you’d be willing to take a job for with all of your everyday factors involved (living expenses etc.)
The next would be the ‘Fair in your own mind salary’, simply put, what you believe – with your qualifications and experience – that you’re worth to that company, but in a fair way as to consider the market value of your role and the companies ability to offer you such a job offer. This price would normally sit between your ultimate dream salary and your ‘What you’re worth salary’.
Finally, you can explore your ‘Ultimate dream salary’. Everyone dreams of more money but you should always set goals which you consider reachable. You should, therefore, have conducted research into the market rates and industry to find out what the expected trajectory of your industries salary is. Remaining realistic is the key here, your ‘Ultimate dream salary’ job offer will be the earnings you can most expect to be paid given the job you’re applying for and your own experience level.
The Benefits Package is the next important point after take-home salary. You’d need to consider what is a part of the job offer and what benefits you may receive. You could get includes one or more of a number of things, such as health insurance, pension scheme, stock options, gym membership, travel vouchers or meals at work among various others.
After this, you should consider how much any of these benefits mean to you and do they alter/ sway your decision on the job offer. For example, meals on duty may drastically save you money throughout the month (as the average employee spends around £5 – £10 a day on food). Furthermore, if you worked in a Start-Up company for example and received stock options, having done your market research you may see that this – in the long term – may give you a comfy return. When a job offer is made, the benefits package are completely personal to each individual, you be sure to explore this aspect in the future.
The Negotiation stage is now upon us, you know your worth, you know what benefits you’d like and feel your overall experience and skills are deserving of such a job offer. Your potential employer will always have a figure in mind for the salary they want to offer you, but we’d recommend not to just accept or reject the first offer. You should ask what the flexibility is in the job offer, and ask specifically how often salary reviews are conducted. This would make accepting a lower job offer feasible if there are regular salary reviews in the company. Should the salary fall short of what you are expecting, explain simply and concisely that the job offer is below your expectations and back it up with why and why they should consider offering more.
The fun parts come when the package is actually around your expect salary, but as we said, don’t just rush to accept the first offer, explain your experience and why you’re the standout candidate for the role, your overall knowledge and what you can bring to the position and the market. In the event of being offered your dream salary, I’d recommend discussing what potential there is for future growth as you will not want to get stuck in a stagnant career path. One last point is that you should never fully refuse a job offer straight away (unless you have decided the role just isn’t for you anymore, then you should know when to back out). You should always state that you need more time to consider your options and the package.
Always remember to do your research and know your worth! Whatever happens, never sell yourself short as you’re entering into an agreement of work with the company. Follow these simple steps and you’ll be good to go! Keep an eye out for our future posts regarding what to wear during that dreaded interview! Until next time.