Your Job Offer: Don’t Leave Money on the Table

Nobody wants to leave money on the table, and securing the best possible job offer in a challenging job market requires strategic but conversational negotiation and a well-informed approach. I share this stat often with my clients; according to a 2023 report by Glassdoor, only 37% of candidates negotiated their salaries; however, 80% of those who did ask received higher pay and a better overall package. So, it’s worth the ask!

Tips for a more lucrative job offer:

1.?Do Your Homework: Before an offer is presented, research the average salary for your role, industry, and location using resources like Glassdoor, Payscale, and the Bureau of Labor Statistics. Negotiations will be more successful when you are able to present a realistic salary range and figures to back up your counteroffer,

2.?Ask for Time: When an offer is made, thank the company for the offer and let them see your enthusiasm for the role, company, and offer. Unless the offer is far above your expectations, ask for time to discuss the offer with your spouse/family/ financial advisor. Most companies will agree to a couple of days. If you’ve only received a verbal offer, ask them to send over a written offer that includes all compensation for your review.

3.?Consider Total Compensation: Look beyond the base salary. In a tough market, negotiating for additional benefits such as signing bonuses, extra vacation days, flexible work arrangements, commute assistance, or professional development opportunities can make a job offer more attractive.

4.?Timing and Approach: When it is time to counteroffer, restate your appreciation and excitement about the role and negotiate your salary compensation. For instance, “Based on my research and the industry standards, I believe a salary closer to $XX is appropriate for my experience and skills.”

5.?Practice Patience and Confidence: Remember that employers expect negotiations. By being well-prepared, confident, and patient, you can secure an offer that truly reflects your worth, even in a difficult job market. A 2023 LinkedIn study revealed that employees who negotiated their salaries reported 15% higher job satisfaction compared to those who did not negotiate.

6.?Be Prepared to Walk Away: Know your worth and be ready to decline an offer that doesn’t meet your expectations. This can be a powerful negotiation tactic, showing the employer that you’re serious about your value. However, in a bad job market, balance this with the reality of fewer opportunities.

By leveraging these strategies, you can effectively negotiate a job offer that maximizes your compensation and sets you up for long-term success despite the challenges of a bad job market.