It sounds crazy, that you’re looking a gift horse in the mouth when you attempt to negotiate a salary upon receiving a job offer. The thing is, why would you shortchange yourself when someone is simply looking for you to make a case as to why you should receive more money than initially offered?
Negotiation is not to be entered into lightly. Make sure that you have all your ducks in a row. The key is doing research, having a fair price and being willing to walk away if the offer isn’t what you’d like. Let’s say the offer is within your acceptable range, still negotiate. You never know what you can get if you don’t ask.
The key, though, is knowing how to ask. There are many mistakes that can be made when negotiating. If these mistakes are made, not only will it result in you not getting the salary that you desire, but also could result in the offer itself getting pulled.
The following mistakes could cost you massively, so pay attention and avoid them:
- False Offers:Â A great move is to play one offer against another. This is a savvy veteran move. The key is making sure you have an offer in hand before playing the other offer. If the false offer is too good to be true, the potential employer will probably sniff it out and tell you to take that offer. The best way to play offers against each other is get them written out. Because you’ll have a written offer the employer is more willing to negotiate.
- No Research:Â Before you ever speak to an employer, know the average salary in a specific marketplace. This prevents you from undervaluing or overvaluing your expectations. It’s ok to ask for something above what the marketplace normally bears, but make sure that your experience and qualifications warrant that, and that the offer isn’t outlandish. Research helps you negotiate from a position of strength.
- Disregarding Benefits:Â Many prospective employees get hung up on how much money they’re making and disregard important benefits like retirement accounts and health plans. Retirement is especially important. Depending on your age, having the right retirement account could mean the difference between retiring at the top of your game and hanging on long after your sell-by date. Like the previous tip, do your research, should you get a Roth IRA or a 401(k)?
Negotiating a compensation package is a great thing to do when getting a job offer. If you refrain from making the mistakes listed above, you’ll find that you get the package that’s best for you in both salary and benefits.