When planning on negotiating a job offer it is important to consider the full compensation package and not only the base salary.
Compute the dollar value of the benefits such as health care and retirement plans. Add this figure to the salary for a more accurate picture of the job offer. You also need to consider hidden employee benefits such as salary progression and training to properly assess the value of the offer.
Once you have an accurate evaluation of the whole job offer you can plan your negotiations around this. This guide to how to negotiate salary will help you get the job offer you want.
Compare the complete dollar value of the offer to your competitive market value in order to enter into successful salary negotiations.
Key to developing your negotiation strategy is to look at all the elements of the job offer. Decide what it will take to turn an unacceptable offer into an acceptable offer and which items you can negotiate.
1. Evaluate the benefits
Negotiating a job offer includes discussing the benefits.
Benefits can add up to 35 percent of the total compensation. At December 2016, average total benefit costs as a percentage of total compensation costs were 31.6% (US Department of Labor) in private industry.
value of these commonly offered benefits to you personally when
evaluating your job offer. Put a direct $ value on each benefit.
2. Evaluate indirect benefits
Also consider benefits that provide personal satisfaction such as the number of leave days provided.
Apart from compensation what else does this job offer include? Consider these aspects before you begin negotiating a job offer.
After considering the entire compensation package and all its aspects you are in a position to decide what is most important to you. You will now know which benefits you want to negotiate in addition to the salary itself.
Negotiating a job offer requires two major steps. The planning which involves information gathering to develop an effective strategy for your job offer negotiation and communicating effectively with the employer to get the offer you want.
Prepare by knowing your competitive market value and company-value. Go to the steps discussed in salary negotiations to determine this.
Use the salary negotiation tips to get the job offer you want.