It’s a great feeling to be offered a job, but resist the temptation to accept the offer immediately. Right now, the employer wants you but does not have you, which puts you in a privileged position. Now is the best time to try to negotiate a good salary and pay package after interview. It is far more difficult to achieve pay rises and bonuses when you are working for an employer. Job changes provide most people with the best opportunity they will ever have to achieve a better deal at work. So ask now, or regret it later.
Set up a face-to-face meeting with the employer. Explain that you are pleased to have been made the offer, but that you have a few more questions to ask about the company before deciding whether to accept. The following steps may help you to negotiate:
1. Estimate your worth If you have been working for one employer for a number of years, your pay may be out of line with the going market rate. So check beforehand what someone of your experience could be making in other companies. To establish a realistic salary range, you should do the following:
- Read job advertisements in the press.
- Talk to recruitment consultants and agencies who specialize in placing people with your skills and experience.
- Look at salary surveys on recruitment websites.
- Ask friends and colleagues in similar lines of work for their opinions.
- But do not get too fixated on the salary. There are many other elements of a remuneration package that you should think about.
- Pension contributions, medical benefits, life insurance, and other benefits.
- Season ticket loan, car allowance or company car.
- Bonuses, share options, or profit share.
- Gym membership and expense accounts.
- Payment of course tuition fees or time off to study for external exams.
- Mobile phone and laptop computer.
- Flexible working such as the number of hours or days that you work a week, or the freedom to work from home on certain days.
2. Decide on your wants and needs Negotiation is a process of trading off some of your superficial wants to achieve what you need. Prepare by thinking through the following questions:
- What do you want? In an ideal world, what would you like the employer to offer you?
- What do you need? In a more realistic world, what is the minimum that you are willing to accept from the employer? If the employer’s offer is too low, you should have a lower limit in mind at which you will decline the job.
- What benefits can you deliver to the employer? Why should the employer give you what you want? What are your arguments going to be? What can you do for the employer to justify an increased pay package?
- What minor concessions are you willing to make? What would you be willing to give up or trade off to ensure that you get what you need? For example, you might be willing to put up with a smaller base salary for a bigger pension contribution and bonus.
3. Prepare to negotiate courteously You have little to lose if you ask for a better deal. However, there is a big difference between asking and demanding. Asking politely and listening to the employer’s responses and reaching a compromise is acceptable to most employers, while demanding more in an aggressive manner could lead the employer to retract the job offer entirely.
Giving ultimatums could appear adversarial and turn the employer off.
4. Wait for the employer to mention money When you meet the employer, use the meeting as an opportunity to find out more about them. Ask questions to check whether this is a company that you would like to work for.
The employer will eventually broach the subject of salary, perhaps by asking you how much it would take to get you. If you possibly can, try to get the employer to mention a figure first. Negotiating a pay package is like playing poker: whoever reveals their hand first is in the weaker position.
If the figure is too low for your liking, try to express your desire for more by selling the benefits that the employer would gain by employing you. For example, ‘I would have thought that with my IT skills, I’d be worth more than that.’ Then put the pressure back on the employer with a question, ‘Do you think that’s reasonable?’
But don’t forget to offer some concessions while negotiating too.
5. Get it in writing
Once you and the employer have reached an agreement, ask for a letter to confirm the details in writing. It does not have to be a formal contract, just a letter outlining all of your terms of employment. Receiving an offer in writing avoids mistakes or misunderstandings later.
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