Salary Negotiation – Deciding whether to accept the offer and other negotiable elements
Introduction
Having demonstrated in the interview process that you were the best person to meet the company’s needs, now is the time to negotiate to ensure that your needs are met.
To give yourself the greatest chance of getting the package that you want, here is the third of three articles in our series on salary negotiation for you to consider and build into your own negotiation strategies.
Salary Negotiation – Deciding Whether to Accept the Offer
Many people take jobs knowing very little about the company, its values and culture and not having met more than a couple of people who work there. Working at a place is not the best way to find out if it is right for you, so before you accept the job make sure you know what it’s really like. Ideally talk more informally with the manager and ask for a chat with someone else on the team and perhaps your key internal contacts.
If there are changes you want to make to the job description or targets, now is the time to propose them. Make sure you have well thought arguments and evidence to support your case: you should show a benefit to the organisation from these changes, not an attempt to make your job easier.
Maintain a positive, constructive attitude during any negotiation: you are aiming to make the position work as well as possible for both you and the employer and this needs to be apparent to them.
Make sure you understand how your performance will be measured and the terms of promotion or salary increases. Check whether there is a probationary period and what conditions attach to it.
Assess the offer from a number of perspectives:
- Is the role enjoyable in itself – does it offer the right level of challenge?
- Does it fit with your long-term goals?
- How does it affect you and your family?
- Do you get on with the people and the culture: does it fit with your values?
- Is the package right?
- Take rational and emotional factors into consideration.
Summary
To a large extent your success in negotiating what you want will be inextricably linked to the time and effort you put in.
By preparing ahead, remaining calm and confident in your own abilities; knowing your worth and negotiating in a way that is congruent with your values and beliefs will position you well for greater success.
Before you know it, you will have not only negotiated a package that was higher than you originally anticipated, you will have also negotiated your success in the role.
Other Negotiable Elements
Having got the base salary agreed, you can move on to discuss whatever else is important to you, perhaps:
- Which bonus scheme you are on, the rate and terms
- A guaranteed first year bonus
- A guaranteed first salary increment
- A signing-on or starting bonus
- Share options or equity
- Pension contribution, taking some of your salary as employer pension contribution can be more tax efficient
- Relocation costs
- Working from home a certain number of days a week
- Home office costs, including computer equipment
- Medical insurance for yourself and your family
- Life cover
- Extra holiday
- Car allowance or band upgrade
- Higher grade (most benefits increase at a higher grade)
- Training costs, e.g., sponsored MBA degree
Remember if you don’t ask you won’t get. But pay attention as to how you ask and when; where possible, link your request to a benefit to the business. Think win-win.
If you would like to find out more about this topic, contact us to book your free 90 minute personal 1:1 career consultation: