This is an opportunity for you to define what you want and what you can get, and then negotiate an employment package acceptable to you. You can negotiate the job responsibilities, base salary, bonus, relocation package, benefits, severance terms and anything else included in the job offer.
Preparation is the key to good negotiation. You have to research, consider alternatives, plan and effectively communicate with the employer. You have to know how far you can go, and when to pull back. When the job being offered to you is hard to fill, the employer will be more accommodating. If other candidates are available to fill the position, the employer may be less inclined to negotiate the terms of the job offer. Smaller companies are more willing to negotiate than larger organizations with firm policies and procedures.
Timing is a critical factor while negotiating. The ideal time to negotiate is when you have received a verbal offer from the employer or through an executive search firm. You should prepare a logical explanation for every change you want to request. Remember that negotiating is a two-way process when both you and the employer try to reach an agreement that will be beneficial to both sides.