It feels wonderful to get a job offer. This is what you were striving for when you started your job search. But do not rush to say “yes”.
When you receive a job offer, the roles are suddenly reversed. Now you have become the buyer. The employer is now trying to sell you on the career opportunity, salary, and benefits. They definitely want you, and in most cases, would like you to join as soon as possible. You have to decide whether you want them, and if so, what changes are needed in the job offer before you make a commitment.
You have probably determined, before a job offer is presented to you, that the company is a good place to work and you are satisfied with the position and advancement opportunities. If you have any concerns about the company or the position, this is the time to take another look at what you may be getting into. No amount of salary or benefits will make up for a bad career choice. Assuming you are satisfied with the company and the position, take a close look at the financial aspects.
Job offers are subject to negotiation.
You can negotiate the job responsibilities, base salary, bonuses, relocation package, benefits, stock compensation, severance terms and anything else included in the job offer. 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.
Timing is a critical factor in negotiating. The ideal time to negotiate is when you have received a verbal offer from the employer, or through an executive search firm. Prepare a logical explanation for every change you want to request. Remember, negotiating is a two-way process, where both you and the employer try to reach an agreement that will be beneficial to both sides.
Preparation is the key to good negotiations.
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 as compared to larger organizations with standard policies and procedures.
There is a big difference in salaries for the same jobs in different parts of the country.
You should look up cost of living data when researching salaries. Here are some websites for your research.
This is a wonderful resource for help on salary information. It helps you connect to over 300 free online salary surveys. The surveys come from several kinds of sources including: General periodicals; local newspapers; Trade and professional journals; Trade and professional associations; and Recruiters or employment agencies. This website also offers helpful links to advice on salary negotiation strategies.
This is a leading provider of on-demand human resources software to help businesses and individuals manage pay and performance, and achieve greater results in the workplace. The website includes quick links to compensation-related information: Salary Wizard; Benefits Calculator; Executive Pay Wizard; Cost of Living Calculator; Premium Salary Report; Salary Wizard Canada; Performance Self-Test; and Salary Negotiation Advice.
This website was launched in 2000 to provide reporting on salaries and cost of living. Tools available on this website help people make informed decisions when planning careers and searching for jobs. Following career tools are available: Search Jobs by Salary; Cost of Living Calculator; Education Planning Center; Job Search; Career Salary Potential Report; and Student Cost of Living Report.
Payscale is a market leader in global online compensation data. It has one of the largest databases of online employee salary data in the world. This website offers salary reports based on your job title, location, education, skills and experience.
The Occupational Outlook Handbook issued by the Bureau of Labor Statistics is revised every two years. It is a nationally recognized source of career information for hundreds of different types of jobs. For specific occupations, it tells you: the training and education needed; earnings; expected job prospects; what workers do on the job; and working conditions. In addition, it gives you job search tips, and links to job market in each state. Occupational Outlook Handbook is available online, and you can use the Search box to find out about a specific occupation or topic. Also you can go to the A-Z Index for a listing of all occupations in alphabetical order.