How to handle a salary counter offer
Have you ever wondered how to approach a salary counter offer?
It can be quite an awkward process if you have never done it before. Negotiating money for future work is a battle of wit’s but there is no reason why you should give up on what you believe you deserve.
If you are curious about what the pay range should be, take a look at PayScale before you go back to your employer.
So how should you start..
As exciting as a job offer can be, it might also mean negotiating a counter offer, particularly if you are discontented with the offer that is on the table. A counter offer is an essential part of negotiating your salary with your potential employer.
At most companies today, compensation typically comes in the form of bonuses, stock options, and the actual salary. These factors, as well as working location (from the office or from home), time off, benefits, healthcare and so much more, are on the table during negotiations on a counter offer.
This period of the interview process is often characterized by doubt, anxiety, and fear; however, there are some tricks that can help you go through the process successfully.
If you approach the process too aggressively, you may cause the employer to repeal the job offer. If that happens, have a read of how to deal with a rescinded job offer.
Here is how approach a salary counter offer
Send a thank you note
Immediately after you receive your job offer and before making any counter offers, ensure that you send a thank you note to your employer.
A typed thank you note will work, but a handwritten one is a nice touch, and during a counteroffer negotiation, you can use all the help that you get.
This is obviously a very old school approach, but this can go a long way in your favor.
Be firm and sure
When making a counter offer, it is important that you are firm and sure about EXACTLY what you want.
Do not just state what you want; for example, a 20% increase in salary or a chance to work from home occasionally. Explain in detail why you deserve what you are asking for.
If you cannot justify your desires in a firm and persuasive way, you may be better off bypassing the counter offer process.
Be serious and know your value
The counter-offer process can be more daunting than the interview process; especially if you do not know how to handle yourself. This process is extremely difficult, and it requires a lot of seriousness.
The best way to ensure that you get what you want is to root your demands in fact, which will help to present your case.
A successful counter offer requires that you know your value; you must remind your employer why you are a good match, and why your experience and proficiency is more valuable than anyone else’s.
Remember that you made it this far for a reason.
Assess the situation carefully
You may want to negotiate your counter offer differently based on the circumstances. For instance, if you have been out of a job for a long time, you may want to skip the process entirely.
The point is, this process is extremely sensitive and you should not bluff unless you are willing to walk away from the offer. Alternatively, if you have more than one offer at the table, you may want to use this as leverage to get exactly what you want from the job title.
To help you further, here are some common questions and answers:
Q – After the first round of negotiations they said the job has no flexibility around salary, How can I prove it does?
A – Basically, what you need to do is prove why you deserve your asking wage. A good way to start is getting a comparable wage at PayScale and fine where you currently fit in that scale. Then with you experience and background, you can start forming a position on why you should be paid more.
Another thing you can do is start talking about where you would like to take the company. The employer will value your vision for the role and may be in a position to accept your offer based on this.