Negotiation 101

When it comes to the job search, nothing gives a person more angst than the negotiation phase. By the time you’ve applied for countless jobs, interviewed or been ghosted, and waited for things to fall into place, it’s difficult NOT to jump when an offer is received. I have one word for anyone in this place – PAUSE.
Yes, PAUSE. Don’t accept on the spot. Give yourself time to consider all the implications of this offer.
Here is a rundown of all you should do and consider BEFORE accepting an offer.

1. When you start your job search, spend some time reflecting on what is important to you. It can be any one of the following, and likely even more. Understanding what’s important to your situation is critical before you reach the offer stage.
   
   1. Salary/Bonus
      
   2. Stock Options/Grants
      
   3. Vacation Time
      
   4. Sick Time
      
   5. Benefits
      
   6. Work/Life Balance
      
   7. Cost of Commuting/Parking
      
2. Know which of the above is a non-negotiable. Determine this now, so you don’t get swayed in the moment. If you need a certain salary, don’t, I repeat, don’t settle for less. If being with your young children every night is key, don’t take the job that expects you to work 60+ hours each week. It’s easier to say no and keep looking than to start the job and want to start looking again. 
   
3. If you didn’t do it before you interviewed, be sure to thoroughly research the company before the offer. Is this the type of company you will be happy and successful at? Are the people the kind of people you’ll enjoy working with? It’s not all about the salary. You have to work with this company and these people at least 40 hours each week. 
4. GET THE OFFER IN WRITING! I stress this because I’ve seen too many people accept a verbal offer, only to regret it later when the salary offered is less than previously promised. If you receive a verbal offer, simply say, “Gee, thanks! I’m really excited to receive this offer. I’ll be happy to consider it once I receive it in writing”. No decent company should expect you to accept an offer that isn’t in writing. If they do, then I’d question the company.
   
5. Once you have the offer in writing, let them know how long you wish to take to consider it. I learned the hard way to ALWAYS sleep on it at least one night. If you are interviewing with other companies, or think you may be receiving another offer, give yourself the right amount of time to consider. After all, they took, what, 3 weeks to make the offer after the interview? Give yourself time as well. 
   
6. Sit down with whoever is important in your life and consider the offer. Here are key items:
   
   1. When you consider the salary and cost of benefits you pay out of pocket (healthcare, LTC) does it add up? If you were making $60,000 with $100/month in healthcare, and the offer you receive is $62,000 with $200/month in healthcare, your net increase is a mere $800/year. Make sure the entire compensation package is adequate.
      
   2. Which brings me to another issue. Don’t just think SALARY. Think COMPENSATION PACKAGE. This includes all of the items listed in #1 above.
      
   3. How low are you willing to go in your compensation? If you were making more than needed and you have decided to make a change that is worth a lower salary, know your numbers. I made this choice once when I made the choice to move from tech to non-profit. I calculated my ‘number’, and was willing to take a drop in salary for a career change that was the best choice of my life. In addition, the organization covered 100% of my healthcare and allowed me several educational benefits not available at my previous employer. At the end of the year, I actually made more money with a lower salary!
      
7. Once you’ve assessed the offer and given yourself time to consider it, respond with your counter…and I believe you should always counter! Thank them for the offer and provide your counter along with your justification. What is the value you bring to the job? What additional costs will you incur to take this position? I once had a client who asked for paid parking because she was going to have to drive into the city and park for this job. And she got it!
   
8. Still afraid to counter? Remember this. By this point, of all the candidates they have interviewed, they chose YOU. They want YOU. So, you ask for a little something more in the way of compensation? Likely, they expect it. Companies seldom offer the top dollar they are willing to pay. Is this a game? Sadly, yes, but things haven’t changed….yet.
   
9. Another situation that might arise is having multiple offers, or expected offers coming in. This is when it can really get fun! Companies love to win a candidate that other companies want too! Say you receive an offer from Company A, but you are a finalist with Company B. Tell Company A you would like time to consider the offer. Then immediately call Company B, explain briefly that you’ve received another offer, but they are your first choice and would they be able to move things along a bit quicker? If they want you, they may just be able to speed things up on their end so as not to lose you.
   
10. And finally, once you accept an offer, call any other company you’re interviewing with and withdraw. If your gut is having trouble with that, don’t accept the offer. While it is possible to walk away after accepting an offer, it causes bad blood and in most cities, the business community is small. You can avoid this by following the previous 9 steps and being sure the offer you accept is one you can live with.