What to Expect During a Salary Offer Negotiation
Did you know that in order for the average American to feel happy in their job, they need to be earning at least $75,000 a year? If you’re not making that much money right now, then you’re probably on the hunt for a job that can help you get there.
Once you have a job offer in hand, though, how do negotiate your salary? Thankfully, the process doesn’t have to be a mystery. Read on to learn what to expect from the salary offer negotiation process!
What Does the Candidate Have to Offer?
When a job offer is made, it’s because the company sees potential in a candidate. This is typically the point where salary negotiations begin. Candidates can mention their salary expectations on their resume, but they won’t have as much leverage.
Both sides need to consider exactly what the candidate can bring to the table. Do they have years of relevant experience? Can they give you more than what you were asking for?
Candidates should emphasize these qualities when countering their salary offer.
Know the Market
Every employer and potential employee should have a working knowledge of the average salary range for the position in consideration. What factors impact where on the salary range a candidate falls? Things like years of experience and the cost of living in the area all have an impact.
If you’re an employer, expect these topics to be brought up. If you aren’t already familiar with average salary ranges, do your research or hire a company to perform a market study on your behalf.
Negotiating a salary is a stressful situation for both sides of the equation. Keep that in mind when you’re moving through the process. Job-seekers should understand that not all employers have the ability to be super flexible with salaries. Employers should understand that not all potential employees can afford to take a lower salary.
Approaching your negotiation with kindness and respect is the best way to come out of it in a positive manner.
Consider the Benefits
When we talk about salary, we often fail to consider how the benefits factor into the overall compensation package.
This is a key component, though. A $60,000 salary offer that comes with paid health insurance and a pension is a much better offer than $70,000 with no health benefits or retirement plan. Other things to consider include payroll taxes, paid time off, and the potential for bonuses.
Both sides need to consider the benefits whenever they’re discussing salary to get a more holistic view of the offer.
Follow These Steps for a Successful Salary Offer Negotiation!
It doesn’t matter whether you are an employer or a potential employee, everyone needs to know what they can expect to happen during the salary offer negotiation portion of the hiring process. Remember to always be respectful of the job applicant or the company you’d like to join. With a little work, you’ll be well on your way to a happy career!
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