HOW TO NEGOTIATE YOUR COMPENSATION PACKAGE

/HOW TO NEGOTIATE YOUR COMPENSATION PACKAGE

Receiving a job offer is exciting, but it is only the beginning!

When you are considering taking a job, the compensation package is important. This informs how your work will be rewarded. If you are a good prospective employee, you deserve fair compensation.

How to Negotiate Your Compensation Package
How to Negotiate Your Compensation Package

Many people shy away from negotiating their compensation package for fear of scaring their possible employer away, but you should know that it is acceptable to negotiate to get the benefits and salary you deserve.

Wait For the Right Time
In your interview, you may have discussed salary expectations. This means that you and your interviewer are aware of your expectations, which opens the door to further negotiation once an offer is extended. You should wait for the offer before you start bargaining, to ensure that the focus is kept on your qualifications, and your questions about the company.

Do Your Research
When it’s time to start talking about compensation, come into the conversation prepared. Research how much people in similar positions make, and use that to your advantage. You should be compensated fairly, so it helps to know what the average range is for that role.

Some companies make their range known during the interview process, so you can use that as a starting point to determine if you should be near the top or bottom of the pay scale to begin.

More Than Just a Salary
Remember that a compensation package involves more than just a salary. Benefits and other job perks are an integral part of negotiation, so even if you have to scale back your salary expectations, you could ask for benefits like increased vacation time, flexible hours, Sign-On Bonus, Profit Sharing or other add-ons that increase the overall value of your compensation package. Employers may be more willing to use their discretion in these areas.

Know Your End Goal
You should go into negotiations with an ideal scenario, and an acceptable scenario. Hopefully, your bargaining will leave you somewhere in the middle or better. You can go back and forth with an employer until you reach that satisfactory level of compensation, but bear in mind that you should not settle for a compensation package that will leave you unhappy. There is nothing wrong with walking away from a position that does not compensate you fairly, so be aware that you could end up having to decline the offer.

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