With companies always looking to attract or retain top talent, more employees are looking to get the best possible results out of their package negotiations. Once a company, that you either work for or would like to work for, makes an offer, it is not the end of the process and there is one sticky matter that still needs to be ironed out… the salary. While the confidence of employees is increasing, many people are still not quite comfortable asking for more money. So let us explore how to negotiate a salary on a job offer.
Why Negotiate a Job Offer
These days interviews generally take more than 1 round for companies to determine if a candidate is a suitable fit for their organization. After 2 or 3 (and in some cases 4 or 5) rounds of interviews, candidates have an expectation of what they would like to see on the offer. In reality, candidates rarely have their expectations matched, and may even be disappointed by an initial offer in some cases.
In the quest for fair compensation, candidates then have to engage in the negotiation process with the company and, in many cases, are on an uneven playing field. The companies looking to obtain or keep the valued talent offer a whole lot more than just money. They make no secret of the fact that they offer a certain level of security, and certain perks that make you lucky to be here.
Compensation packages often comprise of more than just a salary and based on a candidate's experience level and role they are applying for, there will be a number of additional benefits in the package. Some additional aspects of a package that are negotiable may include:
- Leave days;
- Health insurance packages;
- Flexibility in working hours;
- Job title/promotion;
- Signing bonus and performance bonus;
- Commission (if applicable);
- Stock options;
- Payment for further education;
- Reimbursement of certain expenses;
Top tips on Negotiating the Job Offer
Tip #1: Research the Position
It is important to carry out research on the job role, what it entails and the general market value for such a role. This gives you a better idea on the benchmark and typical package range for the position, location and industry. It prevents you from making unreasonable requests and losing the offer unnecessarily.
Tip #2: Look at the Package as a Whole
With the benefits that come along with a lot of jobs it is important to be mindful of what the entire package entails. This means that you not only take the monthly salary into consideration but other factors as well, such as bonuses, more flexible work times, opportunities for development and more. While you should be willing to compromise on a few aspects, companies are also generally willing to remain flexible on certain requests.
Tip #3: Identify Your Most Important Requests
Going into the interview you should outline what your ‘must-haves’ are and ensure they are addressed during the interview or expressed in the offer. If your most important requests are not being met, it is okay to decline the offer and continue to look for other more suitable positions (provided you are in a position to do so).
Tip #4: Make Sure Your Requests Are Reasonable
The negotiation process should not be looked at from an adversarial point of view, as both parties should both work towards the common goal. When asking for a higher salary or additional benefits, you must ensure that your requests remain reasonable. If you have a request make sure it is in line with market standards or ensure you have good leverage to justify your request.
Requests that seem unreasonable to the people interviewing you can be counterproductive to the goal you want to achieve. This is why it is advantageous to find and negotiate a job through a recruitment agency, as they have a good understanding of the job market and how to negotiate salary packages with organizations.
Tip #5: Display the Value You Can Provide
The easiest way for you to have your requests met in a salary or contract negotiation is by illustrating the additional value you may bring to the role. When you reflect on your skills, experience, achievements and unique personality traits that are relevant for the role you increase the potential value you can add to the organization, which in turn increases your own value.
Many candidates often forget to clearly illustrate the value they can bring to a particular role and as a result may not fully get their needs met from a job offer. Showing your value can lead to you having more leverage in the negotiation, allowing you to have your needs met in an offer.
How to Negotiate Your Way to Success
As a leading recruitment agency and HR services provider, Career Pond can help businesses find the most suitable candidates for businesses and help candidates land their ideal roles. Our team has helped companies and their employees establish or grow their team in the. Our experts have in-depth understanding of the overall recruitment landscape, and how to best navigate the relationship between organizations and candidates they wish to employ.
We match you with our specialised recruiters based on your hiring needs - so you can reach your goals faster in a competitive market.
