Tips for negotiating your job offer?
Kavya here! I actually just went through this process last week and let me tell you, despite writing a piece about this for our blog and doing tons of prep, the conversation was still nerve-racking. However, I'm glad I went through it as it's only going to get easier the more I do it. The cherry on top: I was successful (increased my base pay post-remote work and negotiated for relocation support) 😃
Here was my process and tips I found helpful:
This is the most important step. You want to go into this conversation with all the data points you can possibly collect:
Market Data: Have a good understanding of what other people for your role are being paid.
I asked my mentors who have hired for this role and people who were doing similar roles. Unfortunately, I couldn't find much data online for my role, so I had to rely heavily on my network.
You want your research to give you 3 numbers:
Walkaway point: the lowest you'll go
Target: where you want to end up
Aspiration: what would make you sign on the spot
💭 Brainstorm The Conversation
Think of every single question that could come up in the conversation and every single response. In my conversation, they asked me "Where did you get your numbers from?".
Also, be ready to hear that this is the final offer and that there isn't anything they can do right now.
📝 Build A Script
With all of your market data research and potential Q&As, assemble it all into a script. Personally, I jotted down the main points I wanted to make rather than writing out a full-blown script. Do what works best for you!
Example script to start the conversation:
"Thank you for the offer. I just want to reiterate my interest and that I do want to work here. With that being said, based on my research for this role at this company, I see the range falls between X-X (Top 25% range of salaries for your role)."
I found it helpful to reiterate that this job was my number #1 choice and negotiating wasn't about the money but rather making sure I was being paid fairly.
💡HOT TIP: Being transparent and honest can go far. Keep in mind this isn't haggling at a night market. You are starting to build a relationship with the other side and this is just the beginning.
The more you practice the more confident you will be! I practiced in front of the mirror and did some mock negotiations with a friend and mentor. This allowed me to prepare answers for responses I didn't think of myself.
Focus on calming yourself as much as possible before the conversation. You want to sound as confident as you can. Remember they already want YOU for the job 😉.
💡HOT TIP: Remember it's not just about the base salary, you can also negotiate other benefits that will impact your total compensation. Relocation help, gym benefits, etc can all impact your bottom line. Learn More About Total Compensation
For more on why you should negotiate your first job: Read this in-depth piece on our blog (also includes more scripts).
Check out this incredible guide on negotiating: Step-By-Step Guide to Negotiating
Our friends at 81cents have put together this awesome resource: Check Out the Library
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Disclaimer: The content on Young, Not Broke is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor.