Phase 6: Negotiate the Salary
You received an offer!
Congratulations! Your hard work has paid off. Ensure that you:
Thank the recruiter - their job is to hire talent, and they’re likely excited to tell you the news you were chosen above all other candidates.
Ask the recruiter how long you have to make a decision - you want to ensure that you have all the right information.
Here are some things to consider before you accept/reject the offer:
Research Market Value of the Role
To gain insights into market value for the role, utilize open-source platforms such as Blind or levels.fyi. It's crucial to have a solid understanding of the market value to avoid being underpaid for the work you will be undertaking. By leveraging resources like Blind, you can gather valuable information and ensure that you receive fair compensation commensurate with your responsibilities.
Take Time to Understand ‘Total Compensation’
Total compensation encompasses the entire package of benefits and rewards an employee receives, including base salary, bonuses, commissions, stock options, health insurance, retirement contributions, paid time off, and other perks provided by the employer. It represents the complete value an employee gains for their work and services. Remember that base pay is just one component of your compensation in the civilian world.
Decide Your Acceptable Salary
After researching the average market value for the role, don't hesitate to advocate for yourself if you believe you deserve more. A helpful guideline is to request around $15k above your desired salary, allowing room for negotiation. This approach not only provides flexibility for the employer but also increases the likelihood of securing a higher compensation package than you initially anticipated.
Be Prepared for a Lengthy Negotiation Period
Negotiations typically span from a few days to a few weeks. During this time, it's essential to exercise patience and keep exploring other interviewing opportunities as a contingency in case the offer falls short of your expectations. By maintaining an active interviewing process, you can ensure that you have multiple options available to you and increase the likelihood of securing a satisfactory outcome.
Decide Your “Walk ” Number
Occasionally, the role may not have the necessary budget to offer you the compensation you truly deserve. In such situations, it's crucial to establish a salary threshold that you are confident in walking away from. This proactive approach helps prevent emotional decision-making and ensures that you don't settle for an offer that falls short of your true worth. By setting a firm boundary beforehand, you can navigate negotiations with clarity and confidence.
Always Negotiate
Regardless of whether the initial offer meets your "acceptable" salary requirement, it is crucial to engage in negotiation. By skipping this step, you risk leaving potential compensation on the table. Keep in mind that even if the company cannot adjust your base pay, there may be room for negotiation in areas such as stock/equity, vacation days, and sign-on bonuses. Therefore, it is always worthwhile to inquire and advocate for your interests.